The economic impact of the coronavirus pandemic has shone additional light on the ongoing housing affordability crisis that affects millions of low-income renters each year, along with the associated risks of eviction, homelessness and financial insecurity. A significant expansion of the Housing Choice Voucher (HCV) program, which provides rental support to the most disadvantaged families, would help address this crisis. Doing so will reduce poverty, increase housing stability and support the broader economy. Though significant investments in housing supply are needed to fully address the housing crisis, vouchers are the best policy option to ensure the lowest-income Americans can quickly access stable housing.
Despite measured progress over the past few decades, Hispanic Americans continue to lag behind white Americans in earnings, working conditions and wealth. Hispanic workers are overrepresented in jobs that were on the frontlines of the pandemic—like healthcare and agriculture—which helped keep the U.S. economy afloat during the worst of the public health and economic crises. At the same time, Hispanic families and businesses were disproportionally affected by the COVID-19 pandemic and the recession it caused, exacerbating longstanding structural inequalities. Hispanic Americans responded to these challenges with resilience by risking their lives to perform the essential work of caring for others, maintaining the national food supply and keeping our economic recovery alive.
Recognizing both the contributions and challenges of the Hispanic community is vital to ensuring that every American can realize the promise of the America Dream.
Recognizing both the contributions and challenges of the Hispanic community is vital to ensuring that every American can realize the promise of the America Dream.
Sep 10 2021
Economic Update - September 10, 2021
Using state-level data from the Treasury Department on advance Child Tax Credit (CTC) payments, the Joint Economic Committee estimated the number of qualifying children, total number of payments, and total payment amount by congressional district in August 2021, when the second round of CTC payments was distributed.
Throughout the coronavirus pandemic, emergency Unemployment Insurance (UI) programs helped keep the economy afloat and provided a critical lifeline for millions of Americans who lost their jobs through no fault of their own. Emergency UI programs, which were created under the CARES Act in March 2020, were designed to stabilize both the economy and households by replacing enough of unemployed workers’ lost income so they could continue to put food on the table, remain stably housed and pay their bills. By helping more unemployed people make ends meet, emergency UI spending supported local businesses and helped stabilize the whole economy during the worst recession since the Great Depression.
Sep 03 2021
Economic Update - September 3, 2021
Aug 31 2021
The American Rescue Plan and Bipartisan Emergency Measures Helped Keep 50 Million People Out Of Poverty
The American Rescue Plan and bipartisan emergency measures played a significant role in lowering the poverty rate in 2021, successfully alleviating hardship during an unprecedented national crisis caused by the coronavirus pandemic. Recent analysis by the Urban Institute found that these bills, combined with existing benefit programs, reduced the projected poverty rate in 2021 by two-thirds and kept an estimated 50 million Americans out of poverty.
Families used the first round of monthly CTC payments to pay for necessities such as food, school expenses and child care. Data from the Census Bureau show that following the first round of monthly CTC payments, the number of households that reported having trouble paying for usual household expenses declined by 2.5 percentage points. Similarly, the number of households with children reporting that they sometimes or often did not have enough to eat dropped by 2.6 percentage points.
The data provide further evidence that the expanded CTC is helping families recover from the economic effects of the COVID-19 pandemic and providing a boon to communities, generating nearly $19.3 billion in spending in local economies each month.
The data provide further evidence that the expanded CTC is helping families recover from the economic effects of the COVID-19 pandemic and providing a boon to communities, generating nearly $19.3 billion in spending in local economies each month.
