Here's how much financial trouble Americans are in -- and why $1,200 stimulus checks are only a Band-
Published: May 19, 2020 at 3:10 p.m. ET
By Quentin Fottrell
Economic impact payments would cover less than half of the average family’s monthly expenses, a new study found
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More than 130 million stimulus checks are already winding their way to millions of Americans. They’re a key part of the government’s $2.2 trillion CARES Act, but furloughed and laid-off workers say a maximum $1,200 payment is not nearly enough to see them through what could be an even bigger economic crisis than the Great Recession.
LendingTree TREE, +1.53% analyzed income data in the 98 cities with the highest number of families per capita to determine their monthly expenses and estimate how much of a household’s monthly expenses $3,400 in economic impact payments would cover. That’s two $1,200 stimulus checks, plus $500 each for two dependents.
That size stimulus check would cover 45% of one month’s average $7,531 budget for two-parent, two-child families, according to the study.
Families in McAllen, Texas, will benefit the most, with the stimulus checks covering 96% of their $3,500 monthly bills. Families in San Francisco, Boston, Bridgeport, Conn. and Washington, D.C. make between $158,000 and $189,000, and would only qualify for a small stimulus payment.
https://www.marketwatch.com/story/heres-how-much-trouble-laid-off-americans-are-in-and-why-1200-stimulus-checks-are-only-a-band-aid-2020-05-19?mod=home-page
While this is happening #Moscow Mitch and his gang of neophytes are doing absolute nothing.....trying to keep the deflection racket up and running .........and he is only worried about trying to slip language in the new House bill to help out oligarchs again...........and children are at home going hungry..............
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