“wealthier people and those with white-collar jobs are doing fairly well during this — their jobs are sticking around, they’re cutting some spending, and life is generally fine. Stockholders’ wealth is even going up.
But for less well-off Americans and people who have lost their jobs, it’s different. The stock market isn’t helping them, and for those who are unemployed, expanded unemployment benefits dried up at the end of July. With Congress not in a particular hurry to provide fiscal support, that means a drag on the economy.”