Tag: coronavirus

Who benefits from covid?

While most of the world suffers death, illness, job losses, and pay cuts, the super rich are getting richer. In fact, billionaires’ wealth has hit a new high, increasing by more than a quarter during the height of the pandemic. Just over two thousand people now control more than ten trillion dollars.

Ten trillion dollars is around half of the United States GDP. Just under the entire GDP of China, or double the GDP of Japan.

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Are landlords the bad guys?

In my first post in this series on the economic fallout of covid-19, I asked whether banks are the heroes of our current economy. The answer was a resounding no. But now, as thousands across Australia are losing income, either from reduced hours, a decrease in business, or even a complete loss of employment, many are now struggling to afford the basics. Including rent. As a result, many have turned their attention to landlords.

The Prime Minister has announced a six-month moratorium on commercial and residential evictions, with renters encouraged to contact their landlords or real estate agents if they’re facing financial hardship as a result of the coronavirus shutdown.

But (surprise!) it seems that simply expecting tenants and landlords to work it out themselves isn’t working.

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