I attended public school with a strange mix of students. Some were from real affluence and some were one step above poverty. When I exaggerate, I note that some kids in our school got Porsches for their 17th birthdays and some kids were taught to steal Porsches for their 17th birthdays! That would be the reason why anyone with family money did not advertise that fact and why I loathe the thought of being characterized as an elitist.
But… as I mentioned to my wife today, I don’t know anyone who has been laid off due to the Coronavirus. Given that 36 million Americans have lost their jobs, this is statistically highly unlikely.
But there is a cringe-worthy elitist explanation: most everyone I currently know attended college and a disproportionate number attended top colleges and graduate schools.
How does this explain why I don’t know anyone who is unemployed?
While there certainly have been “white-collar layoffs” and sadly more are to come, the overwhelming majority of initial layoffs have devasted those who did not attend college. If there ever was doubt regarding the value of a college degree, Covid 19 has made the case irrefutable.
My guess is that most of our clients in Guilford, Madison, Old Lyme, Essex, Old Saybrook, East Lyme and other Shoreline towns have the same experience of not knowing the economic devastation on a personal level.
Read this Forbes article for full discussion.