By Malcolm Glenn/New America
Record unemployment claims are beginning to illustrate the stark economic reality of the COVID-19 pandemic. We knew they were coming, but the numbers are still staggering – and we’re nowhere near a sustainable respite from the damage.
Indeed, for some groups, the greatest pain is yet to come. The 2008 economic downturn is a sad, recent example of this: A 2015 report from the ACLU and the Social Science Research Council projected that, by 2031, the decline in black household wealth resulting from the downturn would be almost 10 percentage points worse than the decline of white household wealth. That’s worth restating: While overall wealth will be down across all racial groups, the gap will be massively wider for black families 23 years after the start of the crisis.
Posted on May 12, 2020