The State of the Economic Crisis
The Dow Jones Industrial Average closed at 27,263.84 on Tuesday — down a thousand points since the beginning of the year and roughly the same level that it was in November 2019.
In March, when the Dow Jones briefly dipped to 18,500, it was an economic crisis. Now, Republican political leadership in Washington has moved on.
But for many, things are only getting worse.
A July survey found "29 million adults — 12.1 percent of all adults in the country — reported that their household sometimes or often didn’t have enough to eat in the last seven days." This means that there are "9 to 17 million children who live in a household in which the children were not eating enough because the household couldn’t afford it." Nearly twice as many Black and Latino respondents (21 percent for both groups) reported difficulty affording food than white respondents (8 percent).
Americans are also struggling to afford rent, putting them at risk of eviction. A survey found "14.8 million adults who live in rental housing — 1 in 5 adult renters — were behind on rent the week ending July 21." Groups that are more likely to experience problems paying rent include renters with children (29%), Blacks (31%), and Latinos (28%). As Popular Information reported, the federal government's purported "eviction moratorium" is not stopping landlords from kicking people out of their homes.
Overall, "19 million children, or 1 in 4 children, live in a household that isn’t getting enough to eat, is behind on rent or mortgage payments, or both," according to an analysis by the Center for Budget and Policy Priorities.
Issues with food and rent are directly related to unemployment, which remains very high, at 8.4%. Most of those who have lost their jobs were already struggling financially. Jobs in "the lowest-paying industries account for 30 percent of all jobs but 51 percent of the jobs lost from February to July."
Meanwhile, the economic relief passed by Congress in March and April was exhausted months ago. The $1200 stimulus payment to Americans who make less than $100,000 was a one-time benefit. Support for small businesses through the PPP program was designed to last two months. The additional $600 per week in unemployment benefits ended in July.
The pandemic is still raging. The House passed a robust bill in May that would have provided "a second — and larger — round of direct payments to individual Americans, up to $6,000 per household." The legislation also "would increase nutrition assistance benefits by 15 percent and provide $175 billion in housing assistance." The $600 in weekly unemployment benefits would be extended until January. But the Senate has decided to ignore the economic devastation.
The Dow Jones Industrial Average closed at 27,263.84 on Tuesday — down a thousand points since the beginning of the year and roughly the same level that it was in November 2019.
In March, when the Dow Jones briefly dipped to 18,500, it was an economic crisis. Now, Republican political leadership in Washington has moved on.
But for many, things are only getting worse.
A July survey found "29 million adults — 12.1 percent of all adults in the country — reported that their household sometimes or often didn’t have enough to eat in the last seven days." This means that there are "9 to 17 million children who live in a household in which the children were not eating enough because the household couldn’t afford it." Nearly twice as many Black and Latino respondents (21 percent for both groups) reported difficulty affording food than white respondents (8 percent).
Americans are also struggling to afford rent, putting them at risk of eviction. A survey found "14.8 million adults who live in rental housing — 1 in 5 adult renters — were behind on rent the week ending July 21." Groups that are more likely to experience problems paying rent include renters with children (29%), Blacks (31%), and Latinos (28%). As Popular Information reported, the federal government's purported "eviction moratorium" is not stopping landlords from kicking people out of their homes.
Overall, "19 million children, or 1 in 4 children, live in a household that isn’t getting enough to eat, is behind on rent or mortgage payments, or both," according to an analysis by the Center for Budget and Policy Priorities.
Issues with food and rent are directly related to unemployment, which remains very high, at 8.4%. Most of those who have lost their jobs were already struggling financially. Jobs in "the lowest-paying industries account for 30 percent of all jobs but 51 percent of the jobs lost from February to July."
Meanwhile, the economic relief passed by Congress in March and April was exhausted months ago. The $1200 stimulus payment to Americans who make less than $100,000 was a one-time benefit. Support for small businesses through the PPP program was designed to last two months. The additional $600 per week in unemployment benefits ended in July.
The pandemic is still raging. The House passed a robust bill in May that would have provided "a second — and larger — round of direct payments to individual Americans, up to $6,000 per household." The legislation also "would increase nutrition assistance benefits by 15 percent and provide $175 billion in housing assistance." The $600 in weekly unemployment benefits would be extended until January. But the Senate has decided to ignore the economic devastation.
