Orla McCaffrey
speaker
593 appearances
13 recordings
1 series
first heard Mar 2020
last heard Jun 2022
Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.
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Appearances
So unemployment benefits have been really important for people who have been out of work long term during the pandemic.
And that's been the main driver, along with stimulus payments of the modest but notable wealth increases we've seen among those income groups.
But in contrast to the long term gains that people with assets realized during 2020, people at the lower end of the income spectrum, their wealth gains are much more fleeting, right?
Because stimulus checks are probably mostly gone right now and unemployment benefits are ending later this year.
So those will peter out.
Right.
So the people who missed out on wealth creation during the pandemic, so those on the lower end of the income spectrum who didn't have as much wealth creation,
they will actually be less equipped to handle the next financial crisis, right?
The next major strain on their finances.
Because if they had been able this time to gain wealth, maybe see the value of their home go up or just gain wealth in a more substantial way, then they would have that cushion next time something happened, next time they unexpectedly lost a job or there was another financial strain.
But the fact is that more than a third of adults still say that they wouldn't be able to cover a sudden $400 expense in cash, according to the Fed.
So there's still a large group of people out there who will always kind of be on the edge when it comes to financial emergencies.
Yeah, so wealth inequality has been an ongoing trend, right, that's been getting more pronounced.
And the pandemic basically just exacerbated that.
So the long term effects are just that for people without wealth, it's going to be harder to build wealth because now the price of entry into something like, let's say, the housing market, one of the most important ways to build wealth, one of the most effective ways to build wealth in the U.S.
is that much higher because prices are so much higher because of the rapid asset inflation we've seen over the past 16 months.
So, yeah, it just becomes that much harder to get financially stable or to kind of reap the benefits of asset ownership.
Thank you.
With the rate of black homeowners in forbearance, those who have agreed with their mortgage companies to postpone payments is double the rate of homeowners overall and double the rate of white homeowners.
You know, it's been pretty effective for homeowners, allowing them to get back on their feet.
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