“Checks are more likely to get lost in the mail, so if you don’t have a direct deposit bank account, it’s easier to miss your stimulus payment,” said Louis Barajas, CFP, a CNBC Financial Advisor Council member. No big surprise there or in the fact that color communities are also disproportionately affected by the sabotage of the US Postal Service. When they got the check, more Latinos (27%) and blacks (26%) gave it to residential use than whites (12%). “This latest data shows that people of color are in a much more precarious financial position, which only exacerbated the pandemic,” said Laura Wronski, a researcher at SurveyMonkey.
While women in general have been completely depressed by this pandemic, women of skin color are responsible for a large number of unemployed people. The unemployment rate among black women is 67% higher than that of white women and that of Latin Americans is 73% higher. They also report the highest rates of emergency financial aid, received mostly by family members and friends. 23% of black women and 17% of Latin Americans said they needed to borrow. They also had to rely more on the food bank – 21% of African American women and 19% of Hispanic women – as opposed to 9% of black or Hispanic men and 8% of white men.
The American rescue plan is helping everyone, but it is absolutely necessary for these American communities. Those $ 1,400 economic reviews, expanded $ 400 per week unemployment insurance, increased food and housing assistance, expanded child tax credit and monthly payments, and increased the minimum wage (which may or may not survive in the Senate) are direct economic ones Benefits . In addition, there are more funds for small companies and targeted relief for heavily affected sectors such as restaurants, bars and airlines, which help all employees.
The virus itself will be contained with $ 50 billion in testing and contact tracing and $ 19 billion in hiring public health workers to expand testing, tracking and vaccination. It has $ 16 billion to fund vaccine distribution and improve supply chains. In addition, $ 350 billion is available for state, local, and tribal governments, which lost a total of 1.3 million jobs over the past year. There is even $ 47 billion available for the Disaster Relief Fund, which is administered by the Federal Emergency Management Administration and which helps cover funeral expenses from COVID-19.
There’s $ 130 billion in K-12 education to help buckled school districts improve the ventilation systems necessary to keep school buildings safe, provide the personal protective equipment teachers and staff need, and around districts to help with physical changes in school buildings allow social distancing. There is nearly $ 40 billion more for colleges and other higher education institutions, and the requirement that schools use at least half of all emergency grants must be used to prevent homelessness and student hunger. In addition, nearly $ 40 billion will be allocated to childcare workers and $ 1 billion to Head Start.
There’s no part of that $ 1.9 trillion that doesn’t directly help the people or the companies that employ them, which is why it’s so popular even with Republican voters. Why Republican lawmakers believe it makes sense to vote unanimously against remains a mystery. Except for the part where it helps people of color.