Almost as if COVID caused a huge redistribution of money from the poor to the wealthy.
Spend $800B so the poors can eat? Hand-wringing and pearl clutching up and down the air waves. Just think of the inflation!
Spend $3000B to pump real estate values? Complete silence, relatively speaking.
This experience made it very clear who was in charge and who wasn't. These are US numbers, but I tend to suspect the same story repeated itself all around the world.
The poor still spent most of their money, the rich did not buy more yachts and expensive meals and attending "charity" galas etc. so what would usually be a circular flow became a direct increase in the wealth of the rich and direct decrease in the wealth of the poor. The inflation we see now is going to remain for a while but in the end prices over the next 3-5 years will nearly double and wages will remain the same.
The rich just increased their wealth and the working person got dramatically poorer. Poor people in the UK can't even afford food and Internet but at least the rich have never had it so good. Tax the rich.
I had been waiting to time the market, I ended up only buying 30% down rather than the 50-80% down I was hoping.
What happened in 2020 changed my understanding of markets. Politics>Economics for politicians.
Tougher time absolutely, but almost all the visible small businesses in my area survived lockdown.