BuzzFeed News confirmed that the coronavirus pandemic has created financial hardship for less affluent Americans and highlighted the need for them to go back to work despite the health risks.
The website headlined the drop in American consumer confidence due to the pandemic, “Americans Are Really Scared About Their Economic Future.” BuzzFeed News’ article focused on a consumer confidence survey conducted by the New York Federal Reserve, which found that almost 32 percent of Americans expected their finances to be worse a year from now and almost 22 percent believed their income would fall in the same time period.
It also highlighted how Americans making less than $50,000 a year “had a worse outlook” and saw the largest month-to-month decline in confidence of retaining one’s job and finding a new job.
The survey demonstrated the delicate balance between reopening the economy and health risks. But the results also highlighted Americans’ concern about their earnings and wages, and their ability to pay bills such as mortgages, rent and food. Without work, their financial future is in doubt. With some states continuing lockdown policies, it is unclear whether some Americans can make ends meet without being able to go to work and earn income.
In particular, Americans who make less than $50,000 a year are struggling the most and are the groups of American workers that are most vulnerable to economic setbacks under lockdown policies. Though there are health risks associated with reopening a state’s economy, the Federal Reserve survey made a case to reopen the economy to help boost Americans’ consumer confidence and job stability.
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