In this report, submitted in response to resolution 44/13 of the Human Rights Council, the Special Rapporteur argues that the world was ill-equipped to deal with the socioeconomic impacts of this pandemic because it never recovered from the austerity measures imposed in the aftermath of the global financial crisis of 2008-2011. The legacy of austerity measures is severely underfunded public healthcare systems, undervalued and precarious care work, sustained declines in global labour income shares, and high inequality rates coupled with average decreases in statutory corporate tax rates. With public services in dire straits, one-off cash transfers are a drop in the bucket for people living in poverty, whether in developed, developing, or least developed countries.