Millions of Americans will struggle to pay their bills by end of August without the extra $600 unemployment insurance. (via CNBCMakeIt)
New Yorkers in need receive free produce, dry goods, and meat at a Food Bank For New York City distribution event on July 29, 2020 in New York City. IBy the end of August, over 5 million Americans will be unable to cover their basic expenses for a full month without the extra $600 in enhanced unemployment insurance payments that lapsed last week,Some 30 million Americans are currently collecting jobless benefits, and they can continue to do so through the end of the year.
"The personal finances of workers who have been laid off or placed on temporary leave since the onset of the pandemic deteriorated in July," writes John Leer, Morning Consult's chief economist. In fact, 5.4 million Americans will be financially insolvent by the end of August, and over 9 million will be by the end of September without additional UI benefits or income from work, Morning Consult found. "These numbers are on top of the millions of Americans already unable to pay their expenses," notes Leer.
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