Business & Economy

Poverty is taking down millions of Americans

The Corona pandemic did not go unnoticed without having a major impact on all countries of the world, primarily America, as evidenced by the results of a columbia university study that revealed that “about 14 million Americans have fallen into poverty.”
“Unemployment aid and subsidies from the Kers Act removed more than 18 million people from monthly poverty in April, but that figure fell to 4 million in August and September after the end of the $600 weekly subsidy,” the Columbia Poverty and Social Policy Center said in its report.
The Columbia study considered that, despite its shortcomings, Kerz was initially successful in alleviating what would have been a dramatic rise in poverty.
America lost nearly 21 million U.S. jobs between March and April, at the height of anti-Corona shutdowns, adding 2.5 million jobs to the economy in May and 4.8 million in June, before the recovery began to slow sharply thereafter.
The U.S. economy contracted at the fastest pace in history during the second quarter of 2020, shrinking by 31.4%, after a 3.4% decline in the first three months of the year.
Congress passed four packs of Kers, or the So-called Help, Relief and Economic Security Act against coronavirus, in the second quarter of this year, distributing nearly $3 trillion in labor subsidies, corporate loans, corporate grants and other personal assistance to U.S. citizens in need of assistance, and the White House and rival Democratic lawmakers have been in a stalemate since the relief packages were introduced, differing on their size, amid concerns that thousands of Americans, especially in the aviation sector, could lose their jobs if more aid is approved.



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