COVID-19 Financial Fallout “Much, much, much worse” Than Predicted

According to a new joint NPR Poll, the financial fallout of the coronavirus crisis has been far worse than anticipated – almost half of all American household have been hit hard.

The survey with the Robert Wood Johnson Foundation and the Harvard T.H. Chan School of Public Health found that at least half of those living in four major US cities say their families have either lost a job, wages, or hours. With the consequences concentrated among Black and Latino families.

With reduced incomes, savings have also been depleted, and households are behind on bills in many cases.

Harvard’s Robert Blendon said his team expected substantial damage due to the unprecedented shutdown, “but this is much, much, much worse than I would’ve predicted.”

Did leaders make the wrong decision in shutting down the economy? Will this pandemic be remembered less for the health impact and more for the financial impact? What can we learn from the unprecedented response? Is there a move to hold local leaders accountable?

More about: