The COVID-19 Recession Has Been the Most Unequal Recession in Modern U.S. History. The Jobs Plan Can Help.
Economists didn’t talk about a K-shaped recovery until 2020. After previous recessions, where the economy would “dip,” we could expect a united recovery for a significant portion of Americans — sometimes this manifested in a “U-shape,” a “V-shape,” or even in a “W-shape” in the case of a second “dip.”
Today, after decades of exercising economic dogmas like shareholder primacy and prioritizing economic growth over inclusion, economists have realized: We’ve created two distinct economic realities. Otherwise put, despite a significant rise in GDP this past quarter, tens of millions of Americans are still suffering from the economic impacts of the pandemic.