COVID LOST INCOME MAY BE HARD TO GET BACK
Covid lost income may be hard to get back. While early unemployment figures shows the recent economic downturn has disproportionately impacted women and minorities in the U.S., new data reveals that the coronavirus pandemic has hit parents especially hard. And experts say it’s going to be especially challenging for these households to return to work. About 51.7 million Americans who live in households with children under the age of 18 say that either they or someone in their home experienced a loss of employment income since President Ttump declared the coronavirus pandemic a national emergency on March 13, according to the latest U.S. Census Bureau’s Household Pulse Survey. And the latest Census survey shows that 40 million adults with kids in the house expect they or another member of the household will continue to lose, or start to lose, income in the next four months. This isn’t surprising, considering that experts predict Americans with children will face some of the biggest hurdles as companies require employees to head back to work. Covid lost income may be hard to get back.
“Even as they attempt to go back to work, they don’t have any way or rejoining the labor force because in fact they’re still caring for children at home,” Diane Swonk, chief economist at Grant Thornton stated. About 60% of parents in the U.S. have had no outside help caring for their children during the coronavirus pandemic, according to a recent survey from Boston Consulting Group. Child care is scarce as centers struggle to reopen at full capacity. About half of all child care facilities nationwide opted to close temporarily when the pandemic hit their businesses, according to a survey of 5,000 providers nationwide conducted by the National Association for the Education of Young Children. Another 17% closed to all but the children of essential workers, forcing many parents to juggle working from home while managing child care at the same time.