/ Articles / Lockdowns causing devastating damage to poorer Americans
Fed chief: More stimulus may be needed to save businesses, family legacies
Pandemic lockdowns across the U.S. that have caused businesses to be closed, jobs to be lost, and unemployment to skyrocket are taking their heaviest toll on poorer Americans, a new survey from the Federal Reserve Board shows.
That’s nothing new — downturns usually impact the poorest of the population the most. But the extent of the economic decline among those with lower incomes because of virus-compelled economic shutdowns is eye-popping.
The overall statistics are bad enough...
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