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Millions of Americans Left Without a Livelihood

Because of the situation with the COVID-19 pandemic, millions of Americans were left almost without a livelihood, MarketWatch reports citing experts.

It is noted that a third of American families have no more than $500 or there are no additional funds for urgent repairs of housing if such a need suddenly arises. According to an online survey by The Harris Poll, just over half of households (53 percent) experienced unplanned repairs over the past year.

In addition, there is growing concern that accounts are constantly accumulating, and there are not enough incomes to close them. Many fear that they will not be able to pay for rental housing, service a mortgage or die of hunger if economic activity in the country does not recover. According to a report from the SimplyWise Research Center, about 38 percent of citizens have to sell the property or borrow into debt in order to survive.

Almost a quarter of the US population has no savings in case of financial difficulties, 16 percent had to take more loans, and almost a third of families reported a decline in income. According to one analyst, the pandemic took a heavy financial burden on the shoulders of millions of Americans. The consequences of this are rising unemployment, declining household incomes, increasing debt burdens, and reducing savings.

Earlier in June, it became known that the United States may need ten years to revive the economy after the current crisis. According to estimates, in 2020-2030, the country's total GDP in real terms will be 3 percent (or $7.9 trillion) lower than expected in January of this year. It was also reported that due to an unprecedented increase in unemployment, millions of Americans did not receive the promised benefits.

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