The pandemic economy continues to shape our financial landscape. Many of us may wish to erase those years from memory, but the repercussions of COVID-19 remain significant.
Women faced unique challenges during this period; an estimated two million women exited the workforce due to the dual pressures of caregiving and full-time jobs. Furthermore, women have been disproportionately affected by COVID-19, as noted by WHO, which reported that women made up 72% of COVID cases among healthcare workers in the U.S. Nearly four years on, many are questioning the effectiveness of the U.S. response and the ongoing impact of policies like stimulus checks and unemployment extensions.
Bethany McLean, co-author of: “The Big Fail: What the Pandemic Revealed About Who America Protects and Who It Leaves Behind,” argues that the pandemic exposed pre-existing issues within America, particularly flaws in our health care system that left vulnerable populations without necessary care. She also highlights the challenges posed by reliance on global supply chains for critical PPE during the initial months of the pandemic.
On a brighter note, McLean contrasts the pandemic response in 2020 with the financial crisis of 2007. “Unlike before, the government recognized the need for fiscal stimulus, not just monetary remedies,” she explains, emphasizing that this time, we invested directly in the economy. However, she points out that while median American wealth rose by 37%, the benefits were not evenly distributed, with the wealthy gaining significantly while low-income individuals struggled.
McLean's key takeaway from analyzing the pandemic's effects is the necessity for financial self-protection. She observes a prevalent mindset among women that finance is complicated and uninteresting, leading them to disengage. “The truth is, it’s quite fascinating! It’s not as complex as it seems. If you invest some time to grasp these issues, you’ll understand them better,” she asserts.
In the Mailbag segment, we address a listener's inquiry about the 2026 changes to the estate tax exemption and evaluate whether transferring credit card balances to a zero-interest card is advisable. This week’s money tip discusses why the “set it and forget it” strategy for monthly credit card payments could be detrimental to your finances.
