Covid and the subsequent recovery was and is definitely K shaped. Someone with a house and assets has crushed it. Those without have only fallen further behind.

You nailed it. This was the case across all developed economies, a direct result of money printing.

You did especially well if you had assets bought with borrowed money since your gains were leveraged and your loan principal inflated away.

COVID only made it worst, as companies took advantage of COVID to inflate prices.

Exactly. And I'll brag and be frank at the same time. I couldn't afford to buy my house today in the US. I have no idea how new people afford to move into my neighborhood. But since I bought it at the end of the GFC and refied to 3% at some point, I have that house and now a house in Europe that I paid cash for that I'm in the process of renovating. That one bit of leverage I was able to grab onto in 2011 led to big changes over 10-15 years. I don't see that same opportunity for a lot of young people now, and that's a problem.

Yes, COVID made it even worst. But this has been happening since before COVID.

Yes, I would say COVID accelerated what was already happening.