Inequality Everywhere You Look
The gains in employment for food services and drinking establishments is now below where it was in January 1990 when the Federal Reserve first began tracking this data. And it’s not just restaurants. The entire hospitality sector is feeling immense pain right now, with an unemployment rate fast approaching 40%.
The restaurant industry is one of the many areas where the virus is hitting people on the low end of the wealth scale more than anyone else. People who make the least amount of money are losing their jobs at a higher rate than anyone during this crisis.
The people being hit hardest by this crisis own few or no stocks. Roughly 85% of the wealth in the stock market in the United States is held by 10% of the population. Wealthy people have most of their money in financial assets while everyone else has most of their money tied up in their home.