How We Got a Lot Richer
The Wall Street Journal ran a column on December 4th entitled “Who Got a Lot Richer During the Pandemic,” https://www.wsj.com/personal-finance/savings/who-got-a-lot-richer-and-who-didnt-during-the-pandemic-8dd238ab . I read it with great interest and found a gaping hole in the analysis. The column starts by telling us the pandemic made Americans richer which many might think counterintuitive to reality. After all, 2020 saw many businesses were shut down for extended periods of time at the beginning of the pandemic. Depending on the state in which you live, the period many businesses were shut down was extensive. I am sure that you saw the permanent closure of retail businesses and restaurants in your local community. Big businesses were allowed to operate, but smaller retailers were closed along with many service businesses. The column cites that home values went up during the period. People had fewer opportunities to spend money in the absence of concerts, shows or amusement parks; less eating out; travel, etc.; so, they… Read More