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How COVID-19 Widened America’s Wealth Gap

Posted On: Jun 30, 2020

June 30, 2020 | INEQUALITY | The novel coronavirus pandemic has only exacerbated income inequality, experts say, stretching the racial wealth gap in the United States and making the richest wealthier while leaving many of the poorest without jobs. As the COVID-19 pandemic overtook the U.S., it brought with it an unprecedented financial crisis and unemployment rates at their highest levels since the Great Depression, especially among Black, Hispanic and Asian workers (16.8%, 17.6% and 15% in May compared to 12.4% for whites). At least 45 million people have filed for unemployment since the pandemic began. Yet between March 18 and June 17, as the pandemic raged, the combined wealth of the 614 U.S. billionaires increased by $584 billion… ABC News