Political Quotes

“Last summer, when Donald Trump was pressuring governors to ignore the advice of health experts and reopen their economies, he was predicting we would lead to a ``V-shaped'' recovery, in which the recovery would be as steep as the catastrophic decline. Others predicted a ``U-shaped'' recovery, a more drawn-out version of the ``V.'' And even others predicted a ``W-shaped'' recovery, an uptick, followed by another drop due to a probable second wave of the coronavirus, and then hopeful improvement. Even Ian Bremmer talked about a scalloped recovery. Mr. Speaker, there has been recovery, but with two big caveats. It has been a ``K-shaped'' recovery. It has come at the cost of over 440,000 American lives. As the Trump administration pressured States to relax measures needed to control the coronavirus, the virus exploded. And this does have incredibly long-term cost on families, on generations in the economy. But this ``K-shaped'' recovery, which has really come into vogue right now, is some are doing quite well and some are doing pretty poorly. High-income workers have been able to work from home and save record amounts of cash--I think a 33 percent savings rate in the second quarter. The savings rate has gone through the roof because the paychecks, the stock gains, have kept coming in for those folks; but they can't spend it on restaurants or movies or travel, flights, entertainment. American billionaires picked up $1.9 trillion in net worth in 2020.…”