By: Michelle Conlin
Source: Reuters
Date of Publication: October 31st, 2020
Professionals are thriving, thanks in part to pandemic-induced policies by the Federal Reserve that have buoyed the stock market and fueled industries such as real estate with record-low interest rates. For many lower-wage workers, meanwhile, the crisis has delivered a cruel shove, toppling families who were already living on the financial edge. Economists call this phenomenon a “K-shaped” recovery, in which those on the top continue to climb upward while those on the bottom see their prospects worsen.