Economic recovery: one step forward, several steps back

In positive economic news, President-elect Joe Biden announced his “American Rescue Plan” Thursday — a $1.9 trillion proposal to stabilize the economy and get COVID-19 under control. But pandemic unemployment continues to be a tale of two economies. The unemployment rate among the highest-paid workers is around 5%, while the rate among low-wage employees is as high as 20%. Sustained unemployment could lead to increased homelessness, with one study predicting homelessness could be twice as high as it was after the Great Recession. On today’s show: Economic recovery depends on your wage bracket. Plus, the economic significance of last week’s insurrection and a look at China one year after the first COVID-19 lockdown.