American net household wealth surged by $5.85 trillion in the second quarter of this year, up 4.3 percent from the first three months of the year,on Thursday. Household net worth is now about $24.5 trillion above its level at the end of 2019 after more than a year of solid growth, the Fed said.
“There’s more money in low-income households than at any time in 2019, and many, many metrics to show that that is true,” said Angela Rachidi, an expert in poverty studies at the right-leaning American Enterprise Institute. Rates of food insecurity spiked in March of 2020, for example, when the pandemic first hit. And though they dropped in the following months after stimulus checks and extra unemployment benefits went out, they ticked back upward in September of 2020 once the aid lapsed, said Elaine Waxman, an expert on food insecurity and the food assistance safety net with the Urban Institute.
Despite the improvements, however, some experts emphasize that the massive levels of federal spending in 2020 were born out of extreme necessity, and that in normal economic times — especially once the unemployment rate drops closer to 3.5 percent, where it stood before the pandemic — there is less justification for such expensive social programs.
As a white American, i would love to know how $3200 in stimulus over a years time help americans of Any Color out of poverty?! Even though we americans recieved those payments, companies at the same time were allowed to raise their prices! So what good did they really do for US!
Pandemic Relief?..Its now pay the bums rent & heating bills, this winter...Who wants to go to work when your on a permanate vacation with everything paid for...Work is not fun but the way you feed your family & buy things
Especially the “chosen ones” with kids. Those who are childless & the disabled & elderly are not considered as important
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Ahem... Kinda makes you rethink what you consider 'major' and who is included in your idea of 'economy' CapitalismIsTheProblem TrySocialism
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