The Inequalities of Covid-19’s Economic Recession

By: Rayya Hadisurya

Edited by: Fiorina Siamir

As our fear of the Covid-19 virus slowly depletes, the deadly global respiratory illness’ effect on the economy has beaten the world’s financial stability into a pulp. Covid-19 statistically has pushed hundreds of thousands into death and over 120 million people into extreme poverty. In this dire situation, how much can the government provide as welfare to save millions of people? Without a doubt, an overwhelming amount could be provided. However, how much does the government want to provide welfare in this dire situation? Proven in their actions, we can say it’s less than the bare minimum. But when it comes down to our precious, beloved billionaires that have a tough time paying small percentages of their vast profits as tax for the people, the government will automatically go out of its way to clear it up for them. In fact, during this Covid-19 pandemic, there is solid data to verify that there are massive increases in the wealth of billionaires. It was detailed to roughly about 637 Billion dollars in total. This is ironically insane. 

To say the least, these billionaires don’t need another billion dollars. They don’t need another dime for the rest of their lives to sustain luxurious lifestyles. Yet one single hundred dollar bill can feed an impoverished family for a week. Can you see the disparity? The profuse wealth gap that is expanding larger and larger each day? It boils down to our capitalistic society.

The system we were brainwashed into thinking was so high and mighty for our economy, hides behind a pretense of inequality, damage to the environment, excess materialism, and ultimately market failure. Everyone strives to become someone, but as a community that should sustain a sense of morality, how far is too far? How much is too much? And if too much means I’m sacrificing a family’s food on the table for my greed and personal benefit, what becomes of me? 

The rich get richer, and the poor get poorer. That is the bottom line of capitalism. Governments are more preoccupied with the interests of the private sector’s demands rather than the needs of people in their workforce. Therefore, creating an even more significant expanded income gap between the rich and the needy. Not to mention the excess materialism that has caused society to promote thousands of trends at a time that have extremely short life spans. This causes our economy to fluctuate unstably. People are becoming increasingly reliant on material possessions to purchase their happiness due to the surreptitious belief that owning an excess of material goods would help ameliorate their traumas. Not only is this way of coping incomprehensibly unhealthy, but it is also misleading to the people who work hard to achieve these materialistic goods.

Let’s dig a little deeper. Why do we want so much when we need so little? By nature, humans are greedy. Like any other animal who leads its life with instinct, we are drawn and influenced by the pursuit that rewards us. Thus, making us believe that we are rewarded for our greed and identically to animals, we will most definitely behave correspondingly when compensated. According to Niebuhr, an American theologian, to cope with the awareness that we will die one day, humans are inclined to reach for whatever sources of security are available to them, such as knowledge, material objects, or even status

People want assurance in inherently uncertain situations. This is where our unjust system takes advantage of our greed and uncertainty. We are taught that in order to be rich and successful, we must be outrageously hard working. And the proof? People who work day in and day out, slaving their lives away to the corporate world, have far less spending income in comparison to people who were born with silver spoons in their mouths. These people make months and months' worth of your income in an hour whilst they sleep. They have the advantage of nepotism, connections, and the status their parents have paved for them. A financially stable, set path down the road.

Tracing back to the Covid-19 Outbreak, one of the main reasons why the prices of gasoline, fuel, food, and basic necessities have spiked in price is because large corporations have utilized the excuse of pandemic-related supply chain bottlenecks to raise a massive profit surge for themselves. Moreover, during the pandemic, more than 40 million Americans were unemployed even after companies pledged that they wouldn’t fire them in order to sustain an ethics code of conduct. However, even after the pledge, they still “laid off” hundreds of employees as “reconstruction” for the firm. Large companies and corporations have been taking advantage of the panic and fragility of the people. Pledging just to break promises. Billionaires and politicians alike, they scheme, they scam, and they lie. 

Although the Covid-19 infection rate has started to reduce, we have yet to recover from this immense economic recession, and it seems like we will not recuperate anytime soon. Gasoline prices are still sky-high, the overall price of food has not reduced after the sudden spike, and rent prices are only inflating by the day. This economic recession has led many families into extreme poverty, tragic losses, and an overall disadvantage