As the election gets closer, the economy is not doing too well and many would even say it is on the brink. According to Columbia University, 8 million people are reported to have slipped into poverty since May, when federal aid dried up in the Coronavirus pandemic. Another analysis conducted by the University of Chicago, has reported 6 million out of the 8 million have slipped into poverty within the past 3 months. Lastly, a newly uncovered statistic has very recently discovered that 898k lay-offs have occurred only in this past month. This shocking report has beaten out the previous record of approximately 800k jobs lost within the span of a month occurring back in the the subprime mortgage crisis and the great recession in 2008. Ultimately suggesting validity to a census survey data which shows that a whopping 32% of Americans believe they are “very” or “somewhat” likely to face eviction in the next two months.
This is at a time where Congress has not gotten a stimulus agreement between the 1.8 Trillion dollar deal put forth by President Trump and Secretary of the Treasury Steve Mnuchin. As the days steadily go by and with no real plan to address COVID substantively, the American people are about to enter an era to the likes that hasn’t been seen since the Great Depression. This claim can be backed by an estimate made by Analytical Homeless Expert Emily Benfer earlier this year in June, who had suggested that this rate of evictions may soon make 28 million homeless in the U.S. This poses a recipe for disaster with the consideration of 78% of workers living paycheck to paycheck before the COVID-19 outbreak and more than half of nationwide workers making a salary of 30k or less annually. The question now is, how will the U.S. government guide the country out of arguably the worst economic position it has ever been in.
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