ABSTRACT

House Relief Package Would Help Millions and Bolster the Economy   [open pdf - 0B]

From the Document: "The House's emerging economic relief package would provide needed help to tens of millions of people, reduce high levels of hardship, help school districts address student learning loss, and bolster the economy. While some modifications will likely be made as the legislation is finalized, Congress should move quickly to enact a relief package that reflects the priorities in this package, which is modeled on President Biden's American Rescue Plan. The economy remains weak, the jobs recovery has lost momentum, and there are nearly 10 million fewer jobs than in February of 2020. Black and Latino unemployment is 9.2 percent and 8.6 percent, respectively, well above the white unemployment rate of 5.7 percent -- which itself is too high. The economy won't return to its full potential until 2025, the Congressional Budget Office projects; the number of people employed won't return to pre-pandemic levels until 2024; and unemployment won't fall below 4 percent until 2026. Hardship remains extraordinary; it's particularly acute among Black, Latino, and Indigenous people and immigrants; and households with children also have been particularly hard hit. Nearly 83 million adults (35 percent of all adults) reported between January 20 and February 1 that their household found it somewhat or very difficult to cover usual expenses in the past seven days, and that figure rises to 42 percent for adults living with children. Some 24 million adults (11 percent) said their household sometimes or often didn't have enough to eat, rising to 15 percent among adults in households with children."

Publisher:
Date:
2021-02-17
Series:
Copyright:
Center on Budget and Policy Priorities
Retrieved From:
Center on Budget and Policy Priorities: https://www.cbpp.org/
Media Type:
application/pdf
URL:
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