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After the unemployment rate shot up from 4.4 percent in March to 14.7 percent in April, it has subsequently dropped to 10.2 percent in July.
During the week that ended on August 1, 1.2 million people filed for regular unemployment insurance, continuing a devastating trend in the labor market. Since March 15, 55 million individuals have filed a claim.
To date, the Paycheck Protection Program (PPP) has disbursed over $500 billion in loans to 5 million businesses, making it the largest component of the U.S.’ legislative response to the coronavirus pandemic. But has it been effective?
The International Monetary Fund (IMF) estimates that real (inflation-adjusted) gross domestic product (GDP) in the United States will fall by 8 percent in 2020, according to the latest update to their World Economic Outlook report.
The PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues.
New economic growth statistics from the Bureau of Economic Analysis (BEA) confirm that the American economy continues to suffer historic damage during the coronavirus pandemic.
https://www.pgpf.org/blog/2020/07/second-quarter-gdp-drops-by-historic-rate
Medicare is an essential health insurance program serving millions of Americans, and a major part of the federal budget and our fiscal outlook.
The federal government has enacted four pieces of legislation that provide important relief to individuals and corporations that have been impacted by the COVID-19 pandemic.
“As lawmakers rightly continue to pursue policies that help our nation respond to the immediate health and economic crisis, voters are also showing increased concern about our deteriorating fiscal outlook,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2020/07/fci-press-release
Modeled after the Consumer Confidence Index, the Fiscal Confidence Index is a national survey that measures public opinion about the national debt.