{"id":106235,"date":"2020-03-24T19:02:06","date_gmt":"2020-03-24T19:02:06","guid":{"rendered":"https:\/\/uitac.com\/inthenewsblog\/10450-2\/"},"modified":"2025-04-15T21:37:53","modified_gmt":"2025-04-15T21:37:53","slug":"covid-and-socioeconomic-status","status":"publish","type":"post","link":"https:\/\/uitac.com\/inthenewsblog\/covid-and-socioeconomic-status\/","title":{"rendered":"COVID-19 – The Great Equalizer Between the Rich and Poor?"},"content":{"rendered":"

COVID-19 is now a global pandemic, the likes of which the world has not seen in generations. While the medical toll was expected, the economic impact has been swift. Experts say it will take decades to recover financially. Businesses large and small have shuttered their doors, and workers are anxiously awaiting news of financial relief from the federal government. Some have gone so far as to say that COVID-19 is the great equalizer between the rich and poor. In reality, that is far from true. From a sociological perspective, how a person copes with this crisis will greatly depend on their socioeconomic status<\/strong>, an individual\u2019s social position based on education, occupation, income, and place of residence.<\/em><\/p>\n

\"A<\/p>\n

Across the globe, orders to shelter in place, self-isolate, or quarantine are being issued by governments on the local and national levels. Calls to stock up on basic supplies, such as food and medicine, have come from all sides. However, what happens if you do not have the money to heed the warnings? Stocking up on supplies means buying more than you normally would and setting it aside. Yet, 78 percent of American workers live paycheck to paycheck.<\/a>\u00a0Some of these individuals are part of the working poor<\/strong>, individuals who spend more than 27 weeks per year in the paid labor force and live below the poverty line<\/em>. For many, their life before COVID-19 was one of relative poverty<\/strong>, a subjective level at which an individual or family experiences a deprived lifestyle.<\/em> The real concern now is that the impact of this virus could result in more people being forced into absolute poverty<\/strong>, a threshold in which an individual does not have enough resources to meet their basic survival needs.<\/em> Those individuals are not only forced to choose between buying extra food or paying bills like rent, utilities, or medication, but they are also at risk of having none of the above.<\/p>\n

At this point in the crisis, over 84 million American workers have been told to stay home<\/a> in an effort to reduce the spread of the virus. For millions, that means no paycheck whatsoever. Unemployment claims have skyrocketed, and are expected to continue to climb. If all this was not bad enough, the U.S. government is poised to eliminate food stamp access for 700,000 Americans<\/a> in the coming weeks. For those who fall ill with the virus, healthcare costs for treating someone hospitalized with COVID-19 costs $34,927.43<\/a>. Estimates are 27.5 million Americans<\/a>, and untold numbers of undocumented workers, are without health insurance. Even for those with insurance, the cost of the co-pay during tight financial times could be prohibitive. The extent of this crisis is far-reaching, to say the least.<\/p>\n

\"Scrabble<\/p>\n

Is this crisis the great equalizer between the rich and the poor? To answer that question, consider that tests for COVID-19 are scarce and, in some places, being rationed for high-risk groups like emergency personnel, medical personnel, and the elderly. Yet, some athletes and celebrities have been tested. <\/a>This has led to conversations about wealth buying access during these dire times. Additionally, much of the media and government attention has been on how this virus has affected the stock market. Most Americans are not heavily invested in the stock market. The average person who has lost their job and is being told to shelter in place is more concerned about the daily necessities of food and shelter, not their stock portfolio. These extremes of haves and have-nots highlight the wealth distribution in the U.S. The United States has a massive wealth gap<\/strong>, an uneven distribution of financial assets and resources in a society that results from the concentration of money in the hands of a small segment of the population<\/em>. This wealth gap means that some people can easily afford the aforementioned $35,000 medical bill, but many others cannot. This viral video<\/a> helps put the wealth gap into perspective.<\/p>\n

\n

Thompson is a co-owner of\u00a0<\/i><\/b>UITAC Publishing<\/i><\/b><\/span><\/a>. UITAC\u2019s mission is to provide high-quality, affordable, and socially responsible online course materials.<\/i><\/b><\/span><\/p>\n

 <\/p>\n

Images used in this blog:<\/p>\n

    \n
  1. “Pile of toilet paper rolls during quarantine period at home<\/a>” by Erik Mclean<\/a> is licensed by Pexels<\/a>. This image has not been altered.<\/li>\n
  2. Photo<\/a> by\u00a0WOKANDAPIX<\/a> is licensed by Pixabay<\/a>. This image has not been altered.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    COVID-19 is now a global pandemic, the likes of which the world has not seen in generations. While the medical toll was expected, the economic impact has been swift. Experts say it will take decades to recover financially. 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