Weekly Economic Snapshot 6/26 - 6/30
Economic Facts for this Week
- Under Senate TrumpCare, a 60 year old making $42,330 would lose their entire tax credit for health insurance. In West Virginia, that would be a loss of over $6,600, while in Alaska it would be a loss of almost $18,000. Find your state here.
- Senate TrumpCare could lead to additional 18,100-27,700 premature deaths in 2026.
- Under Senate TrumpCare, mothers could have to pay an additional $17,320 for insurance to cover pregnancy in 2026; those with substance abuse disorders would have to pay an estimated $20,450 while someone with hemophilia would have to pay an estimated $344,430 on top of standard health insurance premiums.
Chart of the Week
Repealing the Affordable Care Act taxes is a tax cut for the rich: as the chart above shows, those making more than $1 million a year will get a tax cut of over $50,000. Those making more than $3.7 million will get a tax cut of almost $200,000, meaning that Republicans are taking away people’s health care so rich families can buy a Lamborghini.
See more charts on Senate TrumpCare here.
ICYMI
- When unemployment insurance recipients exhaust their benefits, family poverty rates rise substantially.
- Widespread bouts of unemployment cause community-level traumas, leading to lower mental health and academic performance among adolescents—even for youths exposed to exposed to job loss outside of their own family..
- Unions raise wages the most for low-paid workers, African-Americans, and for those with lower levels of education.
Coming This Week
- Thursday 8:30am: Gross Domestic Product, 1st quarter 2017 (final estimate) - https://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
- Friday 8:30am: Personal Income and Outlays for May 2017 (including the Federal Reserve’s preferred measure of inflation) - https://www.bea.gov/newsreleases/national/pi/pinewsrelease.htm
