"....Rich people have stopped going out, destroying millions of jobs."
"....The 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."
That's one of the key insights of a blockbuster study that was dropped late last week by a gang of economists led by Harvard University's Raj Chetty.
If you don't know who Chetty is, he's sort of like the Michael Jordan of policy wonks. He's a star economist. He and his colleagues assemble and crunch massive data sets and deliver insights that regularly shift core economic debates about inequality and opportunity. This new study focuses on the economic impact of COVID-19 and the government response. To us nerds, this is like Game 7 of the NBA Finals, and Chetty just swooped in at a crucial moment to drop some threes...."
For more details, here is the link to the Princeton webinar.