COVID Lockdowns Make Rich Richer

California’s wealthy elite have been doing very well during the coronavirus pandemic, despite economic shutdowns that have devastated small businesses and caused widespread job losses and disruption. With Today's ALG Minute, I'm Catherine Mortensen. The Associated Press recently reported: At the end of 2020, California had lost a record 1.6 million jobs during the pandemic. Nearly a half-million people stopped even trying to look for work. Business properties saw their value plummet more than 30%. With the pandemic forcing the closure of bars, restaurants, theme parks, sporting events and small businesses, lower-wage workers bore the brunt of the losses while the wealthier worked from home. The economic losses started at the bottom of the income ladder and so far they haven’t made their way up to the top. With the rich doing well, thanks to the growing dominance of Silicon Valley, the rising stock market, and the health of Hollywood’s streaming entertainment industry for a stay-at-home nation, state revenues have soared far beyond expectations. For more, check us out at the Daily torch.com.

https://www.breitbart.com/politics/2021/03/01/california-rich-get-richer-during-coronavirus-pandemic/

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