A sort of a trickle down...not working:
First up, consumer spending. Typically, Chetty said, recessions are driven by a drop in spending on durable goods, like refrigerators, automobiles and computers. This recession is different. It's driven primarily by a decline in spending at restaurants, hotels, bars and other service establishments that require in-person contact. We kinda already knew that. But what the team's data show is that this decline in spending is mostly in rich ZIP codes, whose businesses saw a 70% drop-off in their revenue. That compares with a 30% drop in revenue for businesses in poorer ZIP codes.
Second, jobs. This 70% fall in revenue at businesses in rich ZIP codes led those businesses to lay off nearly 70% of their employees. These employees are mostly low-wage workers. Businesses in poorer ZIP codes laid off about 30% of their employees. The bottom line, Chetty said in his presentation, is that "reductions in spending by the rich have led to loss in jobs mostly for low-income individuals working in affluent areas.
https://www.npr.org/sections/money/2020 ... he-economy