Summary of the Findings of a Current Survey the Financial Health of Americans

Abstract

Nearly two years into the COVID-19 pandemic, despite rising wages, America’s economic recovery remains unequal, Mary G. Finding, Robert J. Blendon, and John M. Bwenson report. They find that lowand moderate-income households continue to suffer financially. In a new survey examining serious problems facing U.S. households during the delta variant outbreak, four key differences among the experiences of households by income level (<$50,000/year, $50,000–$99,999/year, or $100,000/year) are discussed, as well as their implications for the future. First, despite trillions of dollars appropriated by federal and state governments during the CVOVID-19 outbreak to protect vulnerable Americans and a majority of American households reporting they have received financial assistance from the federal government in recent months, 59% of U.S. households earning less than $50,000 a year still report facing serious financial problems, while fewer than one in four households earning $50,000/year report this. Second, the housing crisis among renters is likely to worsen in the near term, as 34% of renters earning less than $50,000/year report serious problems paying rent, compared to fewer than 10% of those earning $50,000. This includes large shares of renters earning below $50,000 in the four largest U.S. cities (59% of Houston renters, 51% of Chicago renters, 44% of Los Angeles renters, and 44% of New York City renters). Third, problems for many lower-income households are likely to endure over time, as 30% of households earning <$50,000 lost all of their household savings during the COVID19 pandemic and have no savings to fall back on. Fourth, these problems may extend intergenerationally, as 72% of households with children earning <$50,000 report facing serious financial problems, and 49% of these households report their children have fallen behind in school a lot during the COVID-19 pandemic, compared with one-third or fewer households with children earning $50,000 who report these problems. This study was conducted by researchers at the Harvard T.H. Chan School of Public Health, using a 2021 poll by Harvard, National Public Radio, and the Robert Wood Johnson Foundation. In our second piece, Howard Sherman and Paul Sherman analyze the increase in educational attainment of workers by race, party affiliation, and gender since 1950. They assert that the future of progressive policies looks strong. They believe that increases in educational attainment have been significant and can set a progressive path for future equitable incorporation of workers of all classes as the nation goes forward. What were some of the most important evolutionary tendencies in the working class from 1950 to 2016? Can we create a second global Marshall Plan? The wealthy nations of the world currently maintain high immigration barriers. These barriers are necessitated by the pressure of billions of people in the poorer nations who seek to migrate to the richer nations, writes James A. Yunker. This pressure on the rich nations would be significantly alleviated if the global economic inequality situation were significantly reduced. One way to do this is to consolidate and expand existing foreign aid programs into a Global Marshall Plan. The author presents evidence that such an approach could be effective. Most of Africa struggles mightily to improve daily life and reduce or eliminate deep poverty. Household income and wealth are stuck at low levels. Public policies are unable to