Coronavirus Plunges Millions of Americans Into Poverty

[appalachiablue]

Source: The Guardian

As Congress remains deadlocked on a new coronavirus economic stimulus package, two new studies show at least 6 million more people in the US are in poverty due to the effects of the Covid-19 pandemic. A study from Columbia University published on Thursday found that the number of Americans in poverty grew by 8 million since May.

Looking at the monthly poverty rates for American families from October 2019 to September 2020, the study found that the number of families in poverty has been gradually rising since March, but the Cares Act, the original coronavirus economic relief package, prevented 18 million families from going into poverty in March and April.

Without that stimulus package, the poverty rate would have jumped from 12% in March to 19.4% in April. Instead, it was 13.9%, the study found. The effects of the Cares Act’s direct relief to Americans – a one-time maximum $1,200 stimulus check to individual Americans and an additional $600 in unemployment insurance a week on top of their state benefits – has rapidly diminished since the end of the summer, when the additional unemployment insurance expired.

Since then, monthly poverty rates have grown closer to what researchers estimate rates would have been without the Cares Act. The poverty rates in August and September were 17.3% and 16.7%, respectively. Without the stimulus package, researchers would have expected rates of 18.7% and 18% in those months, respectively...

Read more: https://www.theguardian.com/us-news/2020/oct/15/coronavirus-pandemic-plunges-millions-of-americans-into-poverty

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The study shows that the growth of poverty has been most acute for Black and Hispanic Americans who have seen unemployment rates almost twice that of white Americans during the pandemic. The poverty rate for Black and Hispanic Americans is about 25%, up from 23% for both groups in January; White Americans have a poverty rate of 12%, up from 11.2% in January.

[sfstaxprep]

1. But, The Stock Market.... nt

[CrispyQ]

9. This.

I know people who were barely making ends meet before all this hit but still believed the economy was doing great because The Stock Market. I'll bet some of them still do, even if they've been crushed by this pandemic.

[canetoad]

2. People will rise up

When they are hungry and homeless. It will be ugly.

[llmart]

3. The holiday season is going to be bleak this year.

I was out and about yesterday, passing by several of the big shopping areas nearby. Since I hadn't been going too far from my home in the last several months I was absolutely shocked at the number of stores that are closed/gone out of business. If anybody even thought they were going to be doing the Black Friday sales or in person shopping this year, they are going to be out of luck.

I have always thought that Americans were very short sighted when they allowed one shopping center after another to go up, never taking into account that a deep recession and/or a growing number of older people who have everything they need would eventually lead to this.

However, I was happily surprised that Gander Mountain is gone. Guess the deplorables will have to look elsewhere for their gunz. Nothing says "Christmas" like buying weapons and ammo.

[ck4829]

4. K&R

[keithbvadu2]

5. Half of Americans over 55 may retire poor

Half of Americans over 55 may retire poor
COVID-19 job losses, early withdrawals may decimate retirement finances

By Howard Gold

How badly is COVID-19 hurting Americans on the cusp of retirement? Maybe worse than we thought.

In an interview, economist Teresa Ghilarducci, a professor at The New School in New York City and one of the nation’s leading experts on retirement, told me that half—that’s right, half—of Americans aged 55 and up will retire in poverty or near poverty.

“Our data is showing that, because of the COVID recession, about 50% of workers over the age of 55 will be poor or near-poor adults when they reach 65,” she said.

How poor is that? “A person who’s 65 will be near-poor or poor if they’re living on less than $20,000 a year,” she told me. “I think we could all agree that means chronic deprivation for the rest of your life.”

https://www.marketwatch.com/story/half-of-americans-over-55-may-retire-poor-2020-10-01?mod =home-page

https://www.google.com/search?q=Half+of+Americans+over+55+may+retire+poor&sitesearch=democraticunderground.com

[FakeNoose]

7. And Chump wants to steal everything we have invested in Social Security

For many of us, it's all we have. For others, it's the largest part of our retirement fund, and the GOP salivates at the thought of taking it away from us.

[CrispyQ]

10. I don't think the dems are loud enough on the payroll tax issue.

Luckovich

A classic from a fave. I sent it to my right wing cousin who is a year away from SS & heard crickets back.

[sandensea]

6. The highest since 1965

But then, it's probably a good bit higher - since the CPI notoriously undertstates rent inflation, for instance.

[MrsCheaplaugh]

8. This is a depression

It doesn't matter if politicians don't want to say so.