New research is revealing just how much the pandemic continues to hurt American households financially.
Despite additional unemployment benefits and three rounds of 'stimulus' checks, 40% say their current income is less than it was before the crisis.
More than 25% say they are having difficulty keeping up with expenses. And 9% report a 'shortage of food' in their homes.
Other numbers to consider: 15% are behind on their rent, and while mortgage delinquency is in the single digits, that number is likely to spike as forbearance ends June 30th.
New unemployment claims in Tennessee continue to rise (news article).
The Tennessee Department of Labor & Workforce Development says the numbers are "unprecedented". Thousands of those who filed months ago still haven't received any benefits yet, as the state is slowly sifting through all claims to prevent fraud.
Additionally, 'system errors' over the last week have caused some claimants to believe their benefits were exhausted when, in fact, they still had money available (news article).
Another new study found that stimulus checks were, for the vast majority, properly used. Researchers found that recipients applied more than 70% of the money to savings or to pay down debt. The common misconception is that government money provided during the pandemic was mismanaged or spent on frivolous luxuries, when in fact, these studies have found quite the opposite.
Families all across America, including and especially in Tennessee, were hard hit by the pandemic and the results will likely continue to be felt for years. Many families have found themselves in financial trouble and are struggling to find answers to their problems.
The law office of T. Verner Smith has helped thousands of Tennessee families struggling with financial problems and we offer a free consultation to determine how we can help you. Call us at (731) 423-1888.
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Call us at (731) 423-1888