4 Reasons Why August Could Be the Bleakest Month of This Recession Yet
The U.S. economy has been in poor shape for months. Since March, tens of millions of Americans have lost their jobs, more than 100,000 small businesses have closed permanently, and countless individuals have had their lives and finances disrupted. Unfortunately, the worst may be yet to come -- soon. Here are four reasons why August could be the direst month of the coronavirus recession yet.
In March, the CARES Act was enacted, and one of the stimulus package's most important features was to boost unemployment benefits by $600 a week. As such, the average recipient is now getting $980 a week -- which, for the average out-of-work American, replaces their lost paychecks in full. Some lower-wage workers, in fact, are in better shape financially on unemployment. And while conservative lawmakers have argued that people shouldn't be coming out ahead from losing their jobs, providing those tens of millions of unemployed Americans with extra funds each week has also helped keep the U.S. economy from spiraling into an even worse recession.
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Source Fool.com
