The COVID-19 recession is basically over for the rich and Wall Street, but not for the working class

Food bank in California
(Image credit: Frederic J. Brown/AFP/Getty Images)

Welcome to the "K-shaped" recovery.

The U.S. stock market has recovered most of its sharp losses since the COVID-19 pandemic hit the U.S. economy in February, housing prices are reaching new highs, and "jobs are fully back for the highest wage earners," The Washington Post reports, citing an analysis of Labor Department data by Opportunity Insights. "But fewer than half the jobs lost this spring have returned for those making less than $20 an hour," the federal supplemental unemployment checks keeping the jobless afloat have run out with no deal on the horizon, small businesses are shutting down nationwide, and lower-income renters are facing a wave of evictions.

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