No Income. Major Medical Bills. What Life Is Like for Millions of Americans Facing Financial Ruin Because of the Pandemic

The contrast isn’t just between low-wage workers and billionaire bosses. Bills are mounting for small restaurants and retailers as their applications for the federal Paycheck Protection Program go unanswered.

News Story (NATIONAL)

Alana Semuels
Time
May 7, 2020
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Tags: Coronavirus, COVID-19, Medical Debt


DETAILS

The growing gap between America’s rich and everyone else is hardly new. But the extra-ordinarily rapid economic collapse catalyzed by COVID-19 has made the chasm deeper and wider, with edges that keep crumbling under the feet of those crowded on the edge. Since mid-March, more than 30 million people have filed for -unemployment—more than three times as many as lost their jobs during the two-year-long Great Recession. Meanwhile, after a steep but brief dip in March, the stock market rallied. The richest and most well–connected are seeing their wealth reaccumulate, as if by magic, while middle- and working–class families drown in debt that deepens with every passing week.