In late October, my partner, Sarah, was hospitalized under the suspicion of COVID-19. Despite three negative tests, it turned out she was dealing with septic shock. The treatment she received mirrored that of COVID-19 patients, involving three days in the ICU and an additional two and a half weeks in recovery. As January rolled around, the medical bills began to flood in, each one amounting to thousands of dollars.
I feel incredibly fortunate that I avoided layoffs at my job last year. However, my thoughts often drift to those families who haven’t been as lucky, those who have seen loved ones hospitalized due to COVID-19 only to be left with crippling medical debts and a mere $600 stimulus check. Others face ongoing complications and can’t return to work.
When former President Donald Trump stated that $600 isn’t sufficient for American families, I found myself agreeing with him for once. His suggestion of $2000 checks was nice, but still not enough. A survey conducted by GOBankingRates in late 2019 revealed that 69% of Americans had less than $1000 in savings before the pandemic. Fast forward to today, and many families are in an even worse financial situation.
According to CNN Business, there are currently 10 million fewer jobs compared to before the pandemic, each lost job representing a family in crisis. Without adequate stimulus support, many of these families are forced to make tough choices just to keep up with their bills.
To illustrate this struggle, a RAND Corporation survey conducted in May 2020 found that low-income households reported borrowing from friends and family, selling their belongings, and experiencing rising food insecurity. Meanwhile, middle-income families leaned on credit cards and loans in hopes of managing their expenses, even after receiving a $1200 stimulus check.
Researchers at Columbia University highlighted that the CARES Act played a crucial role in preventing poverty from soaring to 19.4% in April, keeping it at 13.9%. This means that millions were spared from falling into poverty, proving that a stimulus plan can indeed provide critical short-term relief to families.
Yet as we enter January 2021, families are left with only a fraction of the support they received previously. The stark truth remains: American families were already struggling before the pandemic, and the situation has worsened. A $600 check isn’t a solution.
There is a glimmer of hope with the vaccine rollout and the new Biden Administration. President Biden has indicated that the January stimulus checks are just the beginning, unveiling a $1.9 trillion “American Rescue Plan.” This proposal includes $1400 direct payments to individuals, expanded unemployment benefits, paid leave for workers, and substantial subsidies for childcare costs.
The plan also suggests a raise in the federal minimum wage to $15 and an expanded child tax credit, providing significant aid to families in need. With Democrats gaining control of both the House and Senate, there’s optimism that relief will come more swiftly than it did in 2020.
The reality is that American families are in dire financial straits right now. Many are facing food insecurity, selling personal items, or taking on debt just to meet basic needs. The situation calls for urgent assistance, and a $600 check simply falls short of what’s needed.
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Summary:
American families face significant financial pressure as they grapple with the aftermath of the pandemic. While the government has made efforts to provide stimulus checks, these measures are insufficient for many who are still struggling to make ends meet. A new proposal by the Biden Administration offers hope for more comprehensive support, but immediate assistance is crucial for families in crisis.