Axios, August 19, 2020: The triumph of capital over labor
Why it matters: The recession has caused the size of the American economic pie to shrink substantially. But the share of that pie going to capital rather than labor has continued to rise.
Driving the news:Â The S&P 500 closed at a record high of 3,390 on Tuesday, a gain of 55% from its March low point in the space of just 105 trading sessions.
The big picture: It’s easy to view the stock-market rally as happening despite the fact that more than 28 million Americans are claiming unemployment benefits. But perhaps the stock market is soaring in large part because of the continued unemployment crisis.
