US millennials were grappling with the inequality of a K-shaped economy long before Covid-19

In a speech on Dec. 1, president-elect Biden spoke about the need to “address the structural inequities in our economy that this pandemic has laid bare” and referred to the “K-shaped” economic recovery, where the letter’s two diverging strokes depict two different economic outcomes facing Americans. The haves and the have-nots.

While the recovery from the pandemic may be the first time the population at large will experience a bifurcated economy, data and research show that some Millennials have been living in a K-shaped economy their entire professional lives. Some Millennials have been able to graduate from college, build their careers, purchase homes, and save for retirement. However, many are struggling due to rising tuition fees, higher costs of living, stagnant wages, and mass layoffs in industries like hospitality.