Teachers will be able to:
- Explain the immediate impact the virus has had on our economy and way of life.
- Recognize that American recovery from the pandemic has been disparate, creating different experiences along demographic and socioeconomic lines.
This video is available to view for EconEdLink members only.
In this economics webinar, explore how dissimilar financial circumstances of households affects recovery from a pandemic- fueled recession.
The recession that arrived on the coattails of the COVID-19 virus is unique because of the starkly contrasting experiences Americans are having during the pandemic.
Recessions typically illuminate the income and human capital disparities that exist in our stratified economy, but generally all parties experience some economic hardship. In this case, from income, production and consumption angles, certain segments of society have seen their wealth increase while others have suffered devastating losses that could alter the trajectory of their lives for years.
While there is no question that the health effects and loss of life have been felt universally, the bifurcated economic impact has not. Additionally, a significant number of American households were already financially distressed before the pandemic.