America has an inequality problem and the coronavirus crisis is making it worse.
The pandemic is leaving few people untouched, but America's weakest demographic groups are shouldering the worst burden through job losses and frontline work, against a backdrop of a higher risk of infections and lower savings.
Lower earnings: The average black and Hispanic families are already bringing in less income, earning between 71 cents and 74 cents for each dollar earned by the median white family, according to a new report from the JPMorgan Chase Institute.
Fewer safety nets: Minority families also have a smaller buffer of liquid assets like savings and investments, meaning they have a much thinner cushion to fall back on to weather the storm of economic shocks.
Vulnerable to layoffs: Black and Hispanic workers are also more likely than white workers to be in jobs that pay by the hour, making them more susceptible to layoffs.
A total of 22 million Americans have filed for unemployment benefits over 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.
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