Many Economic Aid Measures Set to Expire at the End of the Month
The economic situation could get worse if Congress doesn’t act — and soon.
That’s because many of the economic aid measures put into place since spring are set to expire at the end of the month.
Here’s what happens if they don’t act before then.
Almost 5 million people who have been out of work for at least six months will be cut off from aid.
About 7 million contract workers and freelancers will lose their emergency aid.
The federal eviction moratorium expires, putting million at risk of being evicted from their homes.
More than 20 million people will have to begin making student loan payments again.
The tax credit given to more than 100,000 companies as incentive not to lay off workers will expire, and $150 billion in aid to state and local governments will expire.
Without that help, experts say governments will likely be forced to make cuts to schools, police and health care programs.
Moody’s Analytics says without more aid, the economy will fall into a new recession early next year, with the unemployment rate nearing 10%.
This matters because tens of millions of Americans are struggling to meet basic needs right now. Less help would mean that number would go up.
The Center on Budget and Policy Priorities says as of late November, nearly 83 million adults reported that their household found it difficult to cover usual expenses.
That’s 34% of all adults in the U.S. saying they are struggling to afford things like food, rent, or medical expenses.
An estimated 12.4 million adult renters, or 1 in 6, said they are behind on their rent payments right now.
About 12% of adults said their households did not get enough to eat over the last week. That’s 26 million adults right now. Compare that to 2019, when that number was just 8 million.