The corona virus pandemic is even more dangerous to Americans and the American economy because so many Americans don’t have funds to survive for six months without income. It’s been reported that four hundred dollars is the average American’s savings. That is not accurate. But these are accurate stats.
The top 1% of households in the U.S. by income have a median savings of a whopping $1.1 million across a variety of saving accounts. They will be fine financially and they don’t need a handout. The bottom 20% by income have no savings and the second lowest 20% of income earners have just $26,450 saved. This is the same group that are losing their jobs now. It was never a great economy for 40% of all Americans. That’s been a GOP lie all along.
Great financial disparities exaggerate the dangers of this pandemic. If 90% of Americans could afford to stay home for six months, the virus would not spread as much – and the impact of this pandemic on life, finances and quality of life would be minimized. So the finances of the average America affects the health and well-being of all Americans, rich, middle-class or poor.
The virus does not know or care how much money you have. So those who get sick in the lower 40% of the economy will spread it to the top 60% – and vice-versa. We are fighting a virus – not each other. We are all in that fight together.
It’s clear that the financial fortunes of the top 60%, and particularly the top 1%, have been built of the backs of those in the middle and lower financial classes. That has all come crashing down in just a few days as we adjust to an economy with no large gatherings or close contacts and which now includes shutting down many workplaces. The gig economy, which was never very secure to begin with, will be hit hard – though food delivery may pick up. So what do we expect those who are hurt the most to learn from this pandemic?
This much should be clear. The grievances with the status quo among those hurt the most by the pandemic with be greatly magnified when compared to the grievances of the financially secure. I don’t think it will take long for the working class to conclude that Bernie’s social-financial revolution is the medicine they need most.
There may soon come a time that the working class collectively figures out that those who have been taking the greatest advantage of their work have always been a danger to their lives and the lives of their families. They sort of know that anyway, down deep. – But if their situation gets truly dire, that’s when a more violent revolution becomes a very real possibility. That’s also why we see gun sales going up.
It’s becoming clearer every day that the Trumps will not willingly be left to control this country’s destiny. My sense is that Trump family will soon be categorized much like Marie Antoinette and Louis 14th were during the French Revolution – as a danger to the commonwealth. But Trump will try to take credit for any recovery we make as a society, even though his efforts came at least 30 days too late, largely due to his ego being his most important consideration. We must be careful not to be cast as being uncooperative to the corona virus relief effort, which Trump will try to do. Though we should and will work with him on corona virus relief acts, that does not give him a pass for his past crimes, nor for anything his will do – and predators like Trump will try to take advantage of the crisis and the disadvantaged – as he as always done.
The more it becomes clear that Trump will not win re-election, the more it bodes well for Bernie Sanders’ ideas. We all know Joe Biden cares, but also that he is not a revolutionary thinker. Joe is there to be a Trump slayer. If a Trump slayer is not needed, Bernie’s messages that promote more financial parity among American classes is going to gain traction. Watch this space.
PS. Yes. I know it’s coronavirus. I just think that’s a weird long word. I prefer to use corona virus as two words. That’s how most people think about it anyway.