Fed Report: COVID-19 Hits the Poor Hardest

The Fed released its annual report on the economic well-being of US households today, most of which uses data from 2019. However, they also included a bit of data from 2020 reflecting the COVID-19 economy. They report that 13 percent of adults lost their job, but the pain was very definitely not shared equally:

These job losses were most severe among workers with lower incomes. Thirty-nine percent of people working in February with a household income below $40,000 reported a job loss in March.

Unsurprisingly, this is partly because those with lower incomes are unable to work remotely. “Sixty-three percent of workers with at least a bachelor’s degree worked entirely from home. Among workers with a high school degree or less, 20 percent worked entirely from home, as did 27 percent of workers who have completed some college or an associate degree.”

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TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

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