In late October, my partner was hospitalized under suspicion of COVID-19. Despite three negative tests, it turned out she was suffering from septic shock. The treatment she received—three days in the ICU followed by two and a half weeks in recovery—mirrored that of COVID patients. Now, as we enter January, the flood of medical bills begins, each one amounting to several thousand dollars.
While I feel fortunate to have retained my job amidst layoffs last year, I can’t help but think of the countless families who haven’t been as lucky. Many have faced hospitalizations due to COVID-19 and are now burdened with exorbitant medical expenses, all while receiving a meager $600 stimulus check. Others have loved ones facing long-term complications from the virus, significantly impacting their ability to work.
When former President Donald Trump remarked that $600 was insufficient for American families, I found myself agreeing with him for once. However, his proposition for $2000 checks still fell short. A survey from GOBankingRates in late 2019 revealed that 69% of Americans had less than $1000 in savings, a stark increase from the previous year. Essentially, families were already financially strained before the pandemic, and now—10 months later—conditions remain dire.
According to CNN Business, there are currently 10 million fewer jobs compared to pre-pandemic levels. These job losses represent struggling families forced to make tough choices to stay afloat. The RAND Corporation conducted a survey shortly after the CARES Act was implemented, revealing that low-income households often resorted to borrowing from friends, selling personal items, or simply failing to meet basic expenses.
Middle-income families, while also struggling, turned to formal credit options like credit cards and bank loans. This was following the distribution of a $1200 stimulus check—double what families received in January. Columbia University’s Center on Poverty & Social Policy estimated that without the CARES Act, poverty rates would have skyrocketed to 19.4% in April, but instead, it peaked at 13.9%. This means that nearly 18 million individuals were kept from falling into poverty due to federal assistance.
Fast forward to January 2021, and American families find themselves with just half of the stimulus aid received in early 2020. The reality is that families were struggling long before the pandemic, continued to struggle during the last federal aid, and are now facing an even bigger crisis—all while receiving a $600 check that hardly makes a dent.
Amidst these challenges, there is a glimmer of hope with the vaccine rollout and the new Biden Administration. President Biden has indicated that the $600 checks are merely a starting point. He has proposed a $1.9 trillion “American Rescue Plan,” which includes over $400 billion aimed at combating the pandemic and $350 billion to address state and local budget deficits. Importantly, this plan outlines $1400 direct payments, enhanced unemployment benefits, federally mandated paid leave, and substantial childcare subsidies.
The proposed measures also include raising the federal minimum wage to $15 and extending paid leave for workers impacted by school closures. With Democrats gaining a majority in Congress, there is optimism that this additional aid will be expedited.
The stark truth is that American families are facing financial devastation. Food insecurity is rising, and many households struggle to meet basic needs, resorting to selling belongings or taking on debt. This situation is compounded by medical bills related to COVID-19 complications. We need substantial help—now. A $600 check is merely a fraction of what families require.
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Summary:
American families are grappling with severe financial difficulties, exacerbated by the pandemic. Many were already struggling before COVID-19, and the limited stimulus checks offered are insufficient to cover skyrocketing medical costs and everyday expenses. While there is hope for more comprehensive aid with the new administration, immediate and substantial support is crucial for families facing food insecurity and mounting debts.