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Before the pandemic, the U.S. economy was in its longest expansion since World War II and had notably low unemployment. The pandemic and the resulting reductions in social and economic activity, however, have altered that trajectory.
https://www.pgpf.org/blog/2020/05/how-the-coronavirus-has-affected-our-economic-outlook
COVID-19 has spread to nearly every country in the world, and to help reduce the health risk and save lives, many countries have imposed limitations on business activity, congregating, and traveling.
In response to the COVID-19 pandemic, elected leaders have asked the American people to stay at home and have forced businesses to close to mitigate the spread of the virus.
Since early 2010, total student loan debt has consistently outpaced other non-mortgage household debt.
https://www.pgpf.org/chart-archive/0267_student_debt_outpacing_others
The homeownership rate for young adult households has increased, but remains below it’s peak.
https://www.pgpf.org/chart-archive/0227_young_adult_home_own
The latest Financial Times-Peterson Foundation US Economic Monitor reveals that the coronavirus pandemic is financially impacting the vast majority of Americans, and there is broad-based support for federal response measures.
The decrease in GDP in the first quarter was driven by a decline in consumption and investment.
The new numbers demonstrate the severe economic damage and significant fiscal implications of this unprecedented crisis.
The recent outbreak of COVID-19 has caused a severe public health crisis as well as substantial economic disruption for every American.
The largest emergency response bill in history, the CARES Act allocates $2 trillion in emergency funding to provide relief to households, small and large businesses, states and municipalities, and healthcare providers, among others.
https://www.pgpf.org/infographic/whats-in-the-cares-act-heres-a-summary