Grim forecast if Congress can’t come up with new pandemic relief
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If Congress fails to extend pandemic unemployment benefits, close to 5 million people will fall into poverty in January, report finds
That’s according to research from Columbia University’s Center on Poverty and Social Policy. Megan Curran, a researcher there, has more.
885,000 people signed up for unemployment benefits last week, the highest number in nearly four months. Meanwhile, the housing market is not only recovering, but also exceeding expectations.
That’s the “K-shaped” recovery for you. “Those who have money, and can afford to get a bigger house are building, and also supporting the economy on that side of it,” said Diane Swonk, chief economist at Grant Thornton. “While those who are hit hardest by COVID layoffs are seeing the problems that they face compound.”