Another stimulus package remains on hold until after the presidential election, threatening to delay urgently needed unemployment aid and a second round of $1,200 direct payments by at least two weeks.
That would affect millions of out-of-work Americans who are struggling financially following a wave of job losses in the coronavirus recession, especially those in hard-hit industries like travel and hospitality who are relying on another stimulus check to make ends meet, experts say.
With less than two weeks until the election, 1 in 5 Americans could be out of money by Election Day, data from consumer finance company Credit Karma shows.
“People are going to be forced to make tough choices,” says Colleen McCreary, chief people officer at Credit Karma. “There are a lot of Americans who either haven’t been in this situation in a long time or have never had to face this reality. Many will have to sacrifice and prepare because it could get worse before it gets better.”
Finances are top of mind for most Americans. In a separate survey, about 56% of Credit Karma respondents who plan to vote in November said economic recovery is the issue that matters most to them, topping other issues, including health care reform (45%), racial justice (38%) and immigration (29%). And more than one-third of respondents said they have seen their finances worsen during the pandemic…Read more>>