The recession we’re experiencing right now is not only destroying the economy as it is causing severe economic suffering on millions of American families. Several groups had their lives turned upside down since the burst of the sanitary outbreak. The mass lay-offs that were triggered by the widespread shutdown of U.S. businesses have put approximately 70 million out of their jobs and at least 11 million remain unemployed. Even those who didn’t go through a job loss are facing financial setbacks, as many had a major cut on their paychecks and their household income was significantly reduced.
At this point, nearly 50 percent of all U.S. adults with lower incomes have trouble paying their bills, and Americans have been accumulating debt like never before. The financial pain these workers have been dealing with is taking a very heavy toll on their psychological stability, and according to a recent survey, almost half of the U.S. workforce is suffering from mental health issues. It is tragic to admit but many of our citizens are coming to the realization they simply can’t afford to live in this country. That’s what we’re going to expose in this video.
Millions of Americans have been completely overwhelmed with the financial setbacks resultant from the economic fallout of the health crisis. A recent Pew Research Center survey found that approximately one-in-four adults have had trouble paying their bills during the crisis, while one third have dipped into savings or retirement accounts to be able to cover their expenses, and about one-in-six have borrowed money from friends or family or received food from a food bank. In the lower-income segment of our society, 46% of all adults have affirmed to be facing troubles to pay the bills for almost a year now. Data from the survey showed that overall, 25% of U.S. adults disclosed they or someone in their household was laid off or lost their job because of the outbreak, with 15% saying this happened to them personally.
Even those who didn’t lose a job are having financial strains, as many workers have had to reduce their hours or take a pay cut to stay in their posts. The survey reported that roughly one-third, or 32%, of all adults affirmed this has happened to them or someone in their household, with 21% revealing this happened to them personally. Taking all these evidences into account, it’s understandable why such a big part of our population is now suffering. When people realize they simply won’t have enough money to afford their most basic needs, that can cause a lot of mental stress.
The economic deterioration is causing so much anxiety that, according to a report from the Oregon-based insurance company The Standard, there has been a remarkable jump in the number of full-time U.S. workers dealing with mental health issues over the past 12 months. Around 46%, which represent nearly half of American workers, reported that they were struggling with mental health issues, compared to 39% in 2019. It is just incredibly sad to witness the effects of the economic collapse weighing upon the shoulders of our great workers. It’s even sadder when we consider that this is just the beginning of the crisis and much more pain is still ahead.
Poverty has grown so quickly and so much over the past year, that we have been naturalizing the decay of our living standards because, at this point, we know there’s not much we can do to fight it. We’re failing to realize that our dignity is being gradually removed from our reach, to the point compromising it is becoming something “normal”. We have been so fragile amid this endless storm of problems that we’re not seeing with clarity how authorities have been walking all over our heads. Millions of jobs are gone, hundreds of thousands of businesses have permanently disappeared from our economic landscape, our population has been suffering like never before and some still dare to say we’re in the middle of an “economic recovery”. The truth is, as our businesses are dying and most Americans are living paycheck to paycheck, we’re much closer to a financial disaster. Just wait and see.

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Epic Economist

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