As 3 million more Americans sought jobless insurance benefits in the last week, the numbers reflected a well-established fact: When the economy stumbles, the pain falls first and hardest on those least able to bear it.
A study released Thursday by the Federal Reserve suggested that 1 in 5 adults with jobs in February were hit with layoffs by early April and that those at the lower end of the income curve were at least twice as likely to be thrown out of work.
“It’s like we have the same storm, but we have very different shelters,” said Mary Daly, president of the Federal Reserve Bank of San Francisco. “Some of us are well-sheltered. We can tele-work. We [have] college degrees. The work we do is more