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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.
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
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 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 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
The official unemployment rate was 4.4 percent in March 2020, up from 3.5 percent in February. That increase was the largest of any month since January 1975.
SNAP benefits supplement household incomes to help lift people out of poverty.
https://www.pgpf.org/chart-archive/0264_snap_supplements_income
“The coronavirus outbreak is an unprecedented national emergency, and we need to respond aggressively to address both the public health crisis and the economic risk,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.