By George Roberts III
The recovery from COVID-19 has been very heterogeneous. Compare California and Florida. California has been hit nearly twice as hard in the lowest income range (less than $27,000 per year). The middle income range in California (between $27,000 and $60,000) is still suffering nearly double-digit declines in income. If you head out to the website cited above, you will see that although California was only hit about 50% harder in the middle-income range (bottoming out at around 25% in California vs. around 17% in Florida), it’s the slowness of the recovery that provides the sharpest contrast. In many states such as Florida, the high-income range ($60,000 and above) has completely recovered, or in some cases experienced small increases.
You can find more fascinating charts here. If you would like to go in-depth, take a look at the manuscript which details many fascinating details including the fact that the data used to construct this public database comes from private sources.
This article has been prepared for informational purposes only, and is not intended to provide, nor should it be relied upon for legal, tax, or accounting advice. You should consult your own legal, tax and accounting professionals. Do your own due diligence.