Stimulus check update: A fourth payment would be critical for many, study says – Portland, Oregon

Portland, Oregon 2021-10-14 07:51:30 –

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(NEXSTAR) – Americans who need the most stimulus checks at the start of a pandemic continue to suffer the most, according to a new study, as the United States faces rising inflation, slowing job acquisition, and supply chain inconvenience. is.

A three-round stimulus check that spans two presidents was important for low-income earners. Capital One Insight Center I found it, but it didn’t go enough.

The survey, which began in the spring of 2020, will be conducted every four to eight months by a nationally representative group of Americans, from how to use stimulus checks to how the U.S. economy recovers. I learned more about the impact.

Respondents were categorized into three annual income groups: less than $ 25,000, $ 25,000, $ 100,000, and more than $ 100,000. Studies show that low-income earners were far more likely to spend the final invoice on invoices than other groups.

Researchers said part of the reason was the lack of recovery for the country’s poorest people.

Biased recovery

Studies show that during the COVID-19 wave in the spring of 2020 in the United States, work and income losses were devastating, but how Americans have faired that year since then. It was very different due to several factors.

During the spring, 32% -36% reported loss of income. This is a number that hasn’t changed much for the bottom third of income earners. However, for the other two groups, the survey found that only half of the respondents still reported loss of income. Underemployment was also likely to be 12% higher among black and Hispanic / Latino workers than white workers.

However, economic instability was also a common theme among middle-income earners. According to the survey, one in five respondents in the spring of 2021 had higher debt levels than before the pandemic.

By 2020, real income and the number of full-time workers had already plummeted.

according to US Census ResultsThe median household income in the United States fell 2.9% from $ 69,560 in 2019 to $ 67,521 in 2020, the first significant decline since 2011. Median real income fell 1.2% from $ 42,065 to $ 41,535. -Hourly workers decreased by 13.7 million.

4th stimulation check required

For many Americans, finding money on looming mortgages, credit cards, and utility bills is a cycle of monthly anxiety. According to a survey, in April 2021, 46% of low-income earners said they couldn’t afford to pay without a stimulus.

After the third stimulus check ($ 1,400 payment under the American Rescue Program), the act of balancing became more difficult for many low-income earners. Almost one-third of low-income earners reported in August 2021 that they had to borrow money from friends and family to process their invoices.

Childcare costs exacerbate the struggle to invoice many, and in August 50% of low-income earners and 30% of middle-income earners reduce or completely work to care for their children. He said he was forced to give up his job. This is compared to 18% of high-income earners.

Congress is unlikely to approve a fourth round of stimulus checks as Republicans and Democrats fund the government’s and Biden’s current $ 2 trillion spending package, improve social services, and combat climate change. It seems, but researchers at the Capital One Insight Center are not. Only one is calling for payment of the stimulus that is essential to the recovery of the United States.

September, Independent Advocacy Group The Senior Citizens League (TSCL) Warned that the cost of goods and services is rising A few months before the rise in federal living costs next year for those with bonds.

Government economic experts have estimated that the recent rise in inflation means that the 2022 cost of living adjustment (COLA) will approach 6%, a significant increase from the 1.3% COLA awarded this year.

Currently, the Federation of Senior Citizens is launching a campaign to urge Congress to pass the fourth round of stimulus checks, which only pay $ 1,400 to social security recipients.

Stimulus check update: A fourth payment would be critical for many, study says Source link Stimulus check update: A fourth payment would be critical for many, study says

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