This is What America's Finances Looks Like One Year into a Pandemic
2020 was a tough year for everyone. Despite the market's historic rally, over two million have died, billions have been isolated from families, jobs have been lost forever, and the world as we know it changed in the blink of an eye. Wealthier households have been able to rebound from the economic downturn, but the majority of Americans continue to struggle, according to a report from the National Conference on Citizenship.
“Disasters have a very long tail,” said Allison Plyer, chief demographer for The Data Center of Southeast Louisiana. “This one is likely to have a very long recovery.”
Here is where American financial statistics are one year after COVID-19 hit the mainland:
- There were 8.5 million fewer jobs at the end of 2020.
- The share of employed adults is 57 percent, down from 61 percent pre-COVID.
- Nearly 33 percent of small businesses that were open in January 2020 are now closed.
- In December, the majority of adults in seven states (Kansas, Montana, New Hampshire, New Mexico, North Carolina, South Dakota and Wyoming) responded that they believe an eviction notice will be on their door in the next two months. Last week, President Joe Biden extended a moratorium on evictions through March. However, “the economy would have to fully recover in just over two months for there to be no concern about evictions at the end of March,” Plyer said. “I cannot see any scenario where that would happen.”
- 29 states are forecasting tax revenue decreases of 10 percent or more in fiscal 2020.
- 1 in 10 adults reported that their household had gone hungry during the pandemic in December, with Lousiana ranking the highest.
We are not out of the storm yet, but with millions being inoculated daily we have a glimmer of hope that life may return to some sense of normalcy.