04-09-2020, 10:14 PM
The US can beef up its social safety nets to help ride this out. In the first years of the Great Depression, there was virtually no safety net and no fiscal injections. The dislocations will not be born equally. In the working class and middle class, many will be worse off and some will be better off. In the top 5-10%, people who have set aside the suggested rainy day funds can emerge relatively intact. Many will contribute their time and resources to worthwhile causes, but there will be some of the wealthy who will be stingy, while benefiting from historically low tax rates.