Covid-19 is leaving the weakest demographic groups shouldering the worst of the burdens through job losses and front-line work. The average black and Hispanic families are already bringing in less income that the average white family leaving them the most vulnerable to the aftershocks of the coronavirus crisis.
More Black and Hispanic workers are in jobs that pay by the hour which makes them more susceptible to layoffs, as twenty-two million Americans have filed for unemployment in the past month.
"As families face job loss and income uncertainty resulting from the Covid-19 pandemic, this report shows that black and Hispanic families will bear the brunt of this economic crisis," said Diana Farrell, President and CEO of the JPMorgan Chase Institute.
This also means that government programs to help the country through the outbreak — including the expanded unemployment insurance and stimulus payments are extremely important for the black and Hispanic communities.
The racial gap in liquid assets between is larger and minority families have a much thinner cushion to fall back on to weather the storm of economic shocks.
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