End of $600 unemployment payments saw poverty increase - Business Insider

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When the $600 weekly bonus unemployment payments stopped, poverty rates in the US increased, new research shows

For a family of four, the current poverty threshold is $26,000 a year,In September and October, the poverty rate rose to 11.3%, after holding steady at 9.4% from April-June. In July, the rate rose to 10.3% — a rise that coincides with the time window when the $600/week benefit lapsed on July 31."The poverty rate fell initially in the pandemic because we initially provided a lot of aid," Bruce Meyer, a study co-author,"People are running down their stock of savings if they had any.

There are still some safety nets in place — the Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation, which support almost 12 million Americans —Along with the end of these programs, the moratorium on both evictions and student loan payments expires on December 31, which could send more Americans into difficult situations.

With Congress in its lame-duck session, there is a possibility another bill won't be passed until January. Both sides of the aisle have been would come with a second stimulus package, despite continued calls from politicians, CEOs, executives, and the public to do so.with daily totals surpassing the first wave earlier this year. This could lead to another round of job losses, as states consider new stay-at-home orders, if they haven't already.Something is loading.

 

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Lots of people misused that supplemental income. Bought cars. Atvs. Side by sides.

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