It wasn't called the great reset for nothing. It's a given that companies in field related to the pandemic are going to profit (ppe and test kid manufacturers, etc) but another way this made the rich richer is that large businesses had smaller competitors got wiped out from the economic fallout of the lockdowns, for example look at all the smaller restaurant chains that closed.
It is indeed the biggest wealth transfer in history and we haven't even talked about the massive money printing with which they basically stole our money.
Topic: COVID had widened the gap between world's richest and poorest - page 4. (Read 1422 times)
You are totally right. Pandemic brought upper class net worth into a higher level in almost every country. While low wage earner and even some middle class struggled.
What concern me the most is 3rd quarter especially 4th will be critical as economy shows a continuous decline. People from low class will be hit even harder. As long as oil price won't back to normal which likely not gonna happen even next year. Everything will worsen further as time passes by.
What concern me the most is 3rd quarter especially 4th will be critical as economy shows a continuous decline. People from low class will be hit even harder. As long as oil price won't back to normal which likely not gonna happen even next year. Everything will worsen further as time passes by.
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I totally agree with the OP, it is very evident in our economy today, even in my country, i could remember, a Clinic nose mask used to be sold at a price of 15 Nigerian naira, but as soon as the covid-19 hit, the price went up to over 250 Nigerian naira, some parts of the country even sold it for 300 Nigerian naira, that's is over 15x increase over night, citizens started using all sort of materials to produced local nose mask, some persons even used women bra to produce nose mask (yes, it was that bad).
Today, covid-19 seems to have disappeared from the country as no body talks about it anymore, but the impact it left is still strongly felt in the entire, a simple nose mask which once sold for as little as 15 Nigerian naira now sells for 100 Nigerian naira as the final price after the covid-19 has supposedly come and down.
It is rather unfortunate that a pandemic that supposedly affected everyone turned out to be a source of wealth for many others.
Today, covid-19 seems to have disappeared from the country as no body talks about it anymore, but the impact it left is still strongly felt in the entire, a simple nose mask which once sold for as little as 15 Nigerian naira now sells for 100 Nigerian naira as the final price after the covid-19 has supposedly come and down.
It is rather unfortunate that a pandemic that supposedly affected everyone turned out to be a source of wealth for many others.
This is the theory of money working for us, whoever has strong capital it will be easier to increase his money, of course there is nothing wrong with this, the big task of the state is to make the gap between rich and poor not far away, there will be big problems such as riots if The poor cannot fulfill the most important basic need, namely consumption.
It did work both ways, some fortunate enough to make some good cash from the high sell of nose masks, the demand for it alone was way pass what I have seen. Some good government helped their citizens where some embezzlement was the norm for them as also hiding paletive for her citizens. Inflation is here more to come, how should inflation should be tackled have been going to and fro, it's best they let go of some sanctions on Russia ? A lot was really learnt during Covid.
When Covid occurs, it is certain that social restrictions will occur, the number of limits makes various businesses and investments stop so that the economy is not normal, this is what we fear because inflation continues to increase while income stops, and naturally if it causes poverty.
Covid-19 really brought a whole new level of challenge to us. It brought every worse possible scenarios in a short span of tjme especially to those countries that aren't prepared enough for a pandemic. With this, a lot of negative effects happened in the economy of most countries in the world. Not only the third world country were negatively affected, but also the soaring ones. It was indeed a challenge to contain and at the same time fight the effects of the virus to the economy.
Additionally, the actions and lack thereof of the government took a great role in shaping the nation of what it is today due to the pandemic. Some government which aren't competitive just made it even worse for the average and working classes to survive the pandemic due to mishandling of funds and prioritizing other activities instead of the relevant ones. Hence, resulting to decline of economic growth and inflation rate hitting higher rapidly.
I do not think there is a single person around the world which can afford the high inflation we are going through, if you are poor then you will have a lot of problems to feed yourself, if you are middle class then you will have problems paying your debts and if you are rich then you need to invest in the right assets which will go up faster then inflation in the future,
I can afford it and I don't even consider myself rich, although it depends on who I compare myself to, but I am clearly above average in terms of income. It also happened that when inflation started, I saw my income increase considerably, so I see everything more expensive, but I can afford it.
When Covid occurs, it is certain that social restrictions will occur, the number of limits makes various businesses and investments stop so that the economy is not normal, this is what we fear because inflation continues to increase while income stops, and naturally if it causes poverty.
On this I would qualify and not say it as impersonally as you and the OP do. It is not the "COVID", which is the main cause of certain economic situations, it was the political decisions that were taken in this regard. Whether they were justified would give for a debate in another thread.
When Covid occurs, it is certain that social restrictions will occur, the number of limits makes various businesses and investments stop so that the economy is not normal, this is what we fear because inflation continues to increase while income stops, and naturally if it causes poverty.
Unfortunately, this is "normal". Covid has greatly changed the value of many things we are used to. Why do you need a car if you can't use it? And no matter what you can't use - a budget car or a Maybach. What's the difference - you have a laptop and remote work - if you don't have the Internet or money to pay for it? And so on... It's very sad, it's very difficult for all of us to readjust and adapt to new realities. BUT ... we have no way out, we must change, we must evaluate this negative experience (by the way, the most valuable experience is the negative one), and in the future build our lives taking into account the possibility of similar risks.
They are those who rule the world. People like me are doing 2 jobs days and night to make both ends meet.
Unfortunately, this is "normal". Covid has greatly changed the value of many things we are used to. Why do you need a car if you can't use it? And no matter what you can't use - a budget car or a Maybach. What's the difference - you have a laptop and remote work - if you don't have the Internet or money to pay for it? And so on... It's very sad, it's very difficult for all of us to readjust and adapt to new realities. BUT ... we have no way out, we must change, we must evaluate this negative experience (by the way, the most valuable experience is the negative one), and in the future build our lives taking into account the possibility of similar risks.
They are those who rule the world. People like me are doing 2 jobs days and night to make both ends meet.
Covid that occurs for more than 2 years makes many changes, poverty increase and is difficult to find formal work, in my country many factories and business affected by social restrictions, and if the Covid does not end soon then it is certain that the economy of my country will be chaotic and will sell a lot Assets such as airports, harbour and so on.
In my country Covid is again on the rise. But the aftereffect of COVID are horrible. I have a small car which consumes less petrol and other friend of mine who drives mercedes is also very upset because he is unable to afford the prices of the patrol now and also the grocery. So there is very difficult situation both for the middle class and upper middle class.
So, I have to say that the best thing we could do right now would be just focusing on mass transportation like bus and metro and so forth. Certainly a period where everyone is hating the economy, the rich, the poor, the middle class we all hate it and we just need to survive and if we can handle this, we are going to be doing much better later on for sure.
Unfortunately, this is "normal". Covid has greatly changed the value of many things we are used to. Why do you need a car if you can't use it? And no matter what you can't use - a budget car or a Maybach. What's the difference - you have a laptop and remote work - if you don't have the Internet or money to pay for it? And so on... It's very sad, it's very difficult for all of us to readjust and adapt to new realities. BUT ... we have no way out, we must change, we must evaluate this negative experience (by the way, the most valuable experience is the negative one), and in the future build our lives taking into account the possibility of similar risks.
Covid that occurs for more than 2 years makes many changes, poverty increase and is difficult to find formal work, in my country many factories and business affected by social restrictions, and if the Covid does not end soon then it is certain that the economy of my country will be chaotic and will sell a lot Assets such as airports, harbour and so on.
In my country Covid is again on the rise. But the aftereffect of COVID are horrible. I have a small car which consumes less petrol and other friend of mine who drives mercedes is also very upset because he is unable to afford the prices of the patrol now and also the grocery. So there is very difficult situation both for the middle class and upper middle class.
The rise of the oil is I think caused by the Russian and Ukraine war. Here on our place, many people are used to be riding on a motorcyle but now they are switching to bicycle so that they won't deal with the expensive oil price. Maybe you guys can do the same thing? I won't advice commuting over a public vehicle since there's also a fare hike that have happened lately.
So, I have to say that the best thing we could do right now would be just focusing on mass transportation like bus and metro and so forth. Certainly a period where everyone is hating the economy, the rich, the poor, the middle class we all hate it and we just need to survive and if we can handle this, we are going to be doing much better later on for sure.
One should be very wise in dealing with inflation. I don't go out for one task - when I go out I do multiple work and come straight back home.
Covid that occurs for more than 2 years makes many changes, poverty increase and is difficult to find formal work, in my country many factories and business affected by social restrictions, and if the Covid does not end soon then it is certain that the economy of my country will be chaotic and will sell a lot Assets such as airports, harbour and so on.
In my country Covid is again on the rise. But the aftereffect of COVID are horrible. I have a small car which consumes less petrol and other friend of mine who drives mercedes is also very upset because he is unable to afford the prices of the patrol now and also the grocery. So there is very difficult situation both for the middle class and upper middle class.
So, I have to say that the best thing we could do right now would be just focusing on mass transportation like bus and metro and so forth. Certainly a period where everyone is hating the economy, the rich, the poor, the middle class we all hate it and we just need to survive and if we can handle this, we are going to be doing much better later on for sure.
Covid makes many businesses and industries die, only 2 years now there are many poor people in my country, many rich people don't care and they go to Europe or USA to waste money, of course this is a big problem that can make the global economy more difficult.
Covid that occurs for more than 2 years makes many changes, poverty increase and is difficult to find formal work, in my country many factories and business affected by social restrictions, and if the Covid does not end soon then it is certain that the economy of my country will be chaotic and will sell a lot Assets such as airports, harbour and so on.
In my country Covid is again on the rise. But the aftereffect of COVID are horrible. I have a small car which consumes less petrol and other friend of mine who drives mercedes is also very upset because he is unable to afford the prices of the patrol now and also the grocery. So there is very difficult situation both for the middle class and upper middle class.
Covid that occurs for more than 2 years makes many changes, poverty increase and is difficult to find formal work, in my country many factories and business affected by social restrictions, and if the Covid does not end soon then it is certain that the economy of my country will be chaotic and will sell a lot Assets such as airports, harbour and so on.
Covid has changed the lifestyle of the whole world. People has started taking care of their chores. The family time and meet and greet has increased.
Now there is more trend of online zoom meetings and online work. But this has also made the rich realise that life is so unpredictable. Life has changed all together.
I agree that home working did increased during this period, but not as much as I imagined stayed that way, majority went back to regular office work. I am not saying that it's bad, but I never liked working in an office, and I have been a freelancer for many years, and I feel a bit of pity towards people who stay at home. Think about it this way, there are so many people who would love to stay at home and keep on working that productivity literally went low because of this.Now there is more trend of online zoom meetings and online work. But this has also made the rich realise that life is so unpredictable. Life has changed all together.
During the period people were at home, the productivity rate increased, but for some weird reason, companies still wanted to get those people back into the offices, no idea why.
Covid has changed the lifestyle of the whole world. People has started taking care of their chores. The family time and meet and greet has increased.
Now there is more trend of online zoom meetings and online work. But this has also made the rich realise that life is so unpredictable. Life has changed all together.
I agree that home working did increased during this period, but not as much as I imagined stayed that way, majority went back to regular office work. I am not saying that it's bad, but I never liked working in an office, and I have been a freelancer for many years, and I feel a bit of pity towards people who stay at home. Think about it this way, there are so many people who would love to stay at home and keep on working that productivity literally went low because of this.Now there is more trend of online zoom meetings and online work. But this has also made the rich realise that life is so unpredictable. Life has changed all together.
During the period people were at home, the productivity rate increased, but for some weird reason, companies still wanted to get those people back into the offices, no idea why.
Covid has changed the lifestyle of the whole world. People has started taking care of their chores. The family time and meet and greet has increased.
Now there is more trend of online zoom meetings and online work. But this has also made the rich realise that life is so unpredictable. Life has changed all together.
I agree that home working did increased during this period, but not as much as I imagined stayed that way, majority went back to regular office work. I am not saying that it's bad, but I never liked working in an office, and I have been a freelancer for many years, and I feel a bit of pity towards people who stay at home. Think about it this way, there are so many people who would love to stay at home and keep on working that productivity literally went low because of this.Now there is more trend of online zoom meetings and online work. But this has also made the rich realise that life is so unpredictable. Life has changed all together.
During the period people were at home, the productivity rate increased, but for some weird reason, companies still wanted to get those people back into the offices, no idea why.
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