Will Covid cause huge transfer of wealth out of hands of middle class?

[Emergent, RN]

I foresee a bleak future for the middle and working classes in America. The government relief efforts I've already proven inadequate. Opportunists will swoop down to buy up foreclosed on real estate, and other assets people will be losing in 2020. Even the upper-middle-class will be affected.

I predict increased power in the hands of the already powerful. There are influential billionaires who will continue to increase their wealth.

There may be unrest, as various factions feel the pinch. I don't think we've even seen a small part of what could be possible in the near future.

Our infrastructure is definitely starting to unravel a bit. Here in Washington State, the largest potato producer in the nation, there have been huge free giveaways of potatoes by farmers who cannot get their product to market. This is because the food distribution has been disrupted with this crisis. I had trouble finding potatoes in the store. There are problems in the warehouses that are distributing our food and other necessities. The shortages we are seeing in the stores are not because people are hoarding.

Unless the authorities start releasing the economy, I don't think things are going to be well by the end of the year. The deaths from the coronavirus might pale in comparison.

[guest1068029]

We're just pawns in their games. Just a massive cash grab, nothing more.

[A Hit With The Ladies, BSN, RN]

I've given up on politics altogether. I observe it, and voted in the primaries for Bernie, but will not be participating in November or any future elections. America is a democracy in form, but a plutocracy in function. Everything is meant to legitimize class divisions.

[Emergent, RN]

2 minutes ago, A Hit With The Ladies said:

I've given up on politics altogether. I observe it, and voted in the primaries for Bernie, but will not be participating in November or any future elections. America is a democracy in form, but a plutocracy in function. Everything is meant to legitimize class divisions.

This isn't really a political post oh, it's a post about the economic impact of covid-19.

One thing I have to say is, the American propensity to be in debt is going to hurt many people. I'm glad I've been on the Dave Ramsey lifestyle for a while.

[A Hit With The Ladies, BSN, RN]

I'm really rooting for the states' economies to be opened up already. Here in Texas I expect things to be essentially back to "normal" by mid-May, if not the end of May. There's no point in continuing the shut down at this point. Nurses aren't going to work for free if the economy collapses altogether and we're in Great Depression 2.

[Kitiger, RN]

55 minutes ago, Emergent said:

One thing I have to say is, the American propensity to be in debt is going to hurt many people. I'm glad I've been on the Dave Ramsey lifestyle for a while.

Same here. Debt-free is liberating.

And for those who have debt, freedom will be harder to achieve for a while.

[InTheLongRun]

1 hour ago, A Hit With The Ladies said:

I've given up on politics altogether. I observe it, and voted in the primaries for Bernie, but will not be participating in November or any future elections. America is a democracy in form, but a plutocracy in function. Everything is meant to legitimize class divisions.

Encouraging people not to vote because "they're all the same" is a classic strategy to reduce voter turnout of left leaning voters.

I will be voting even if it means I have to crawl over glass and corvid corpses to do so.

[InTheLongRun]

That money was a cash grab for big business, political donors and the connected. Precisely why some people wanted tight oversight of the distributions....

[Daisy4RN]

1 hour ago, Yokohama said:

We're just pawns in their games. Just a massive cash grab, nothing more.

Cash and power grab!

[Daisy4RN]

Unfortunately I agree with you because that is always the way the cookie crumbles, like it or not. I read a article earlier that was talking about how the billionaires got even more billions just in the last few months Bezos, Zuckerberg, Musk) . The poor will still get the gov assisstance that, yes, the middle class will pay for. The rich protect each other and find tax loopholes all the while keeping us "all the people" fighting over things (everything!) so we are preoccupied. I already see large cracks and you know it is just the beginning. I think with all the protests they will start to reopen, some already are, hopefully all very soon.

[A Hit With The Ladies, BSN, RN]

I actually upped my contributions on my 403b and 457 because if the economy tanks I do want to buy equities at rock-bottom prices. By virtue of being an employed nurse in America you already have it better than most of our fellow working adults. You might as well capitalize it on to your advantage. Sure, you might not get up to billionaire plutocrat status, but you'll definitely be higher up in the pecking order when the dust settles. Who knows, maybe you can be a landlord off the dirt-cheap foreclosed homes, too?

[Emergent, RN]

I am a landlord. I'm giving rent discounts to my tenants. I'm keeping in close touch with them regarding their situations.

We are all interconnected.