We need to remember that this real terms cut in living standards is NOT being caused by "robber baron" employers dumping on the workforce or (for the most part) rapacious capitalists pushing up prices to increase profits.
99% of people and organisations are losing out from this crisis. Employees, including top executives, are getting salary increases well below inflation. And most companies and their shareholders (i.e. most folk who work/worked in the private sector and have a pension) are suffering an erosion of profit margins as their costs are shooting up and they can't pass on the full impact to their customers. And the public finances, having taken an epic hit from COVID are exposed to increased interest cost and lower economic growth.
Yes, the energy companies are doing very nicely but in general, this crisis is $h1t for everyone. Thanks, Vlad.