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While this month’s data show another welcome move in the right direction, our unemployment rate remains historically high.
During the week that ended on June 27, 1.4 million people filed for unemployment insurance. That capped off a 15-week period during which a total of 49 million individuals filed a claim.
Without federal intervention, many services could be drastically reduced to meet balanced budget requirements.
The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy. The largest sources of revenues are individual income taxes and payroll taxes.
https://www.pgpf.org/blog/2020/07/how-does-the-tax-system-work
The Social Security Board of Trustees has been warning for years that the program faces funding shortfalls. In April, they released their annual report on the trust funds that finance the program.
In May, the federal government spent $8.6 billion on SNAP — a 62 percent increase from the amount spent just two months before.
https://www.pgpf.org/blog/2020/06/how-has-the-coronavirus-pandemic-affected-federal-spending-on-snap
Properly addressing the nation’s aging infrastructure requires action not only at the federal level, but also at the state and local levels, where most infrastructure spending is carried out.
https://www.pgpf.org/blog/2020/06/state-and-local-infrastructure-spending-a-closer-look
As of June 9, 2020, the Treasury has disbursed about $18 billion of the total $32 billion allocated to the program.
The outbreak of COVID-19 has become both a public health and an economic crisis. In particular, the closure of many businesses has resulted in an unprecedented surge in unemployment claims in the United States.
As of June 9, 2020, the Treasury has disbursed roughly $147 billion, or about 98 percent, of the total $150 billion allocated in the Coronavirus Relief Fund.
https://www.pgpf.org/blog/2020/06/what-is-the-coronavirus-relief-fund-how-much-is-left-in-it