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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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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