US Households Incomes under Pandemic

53
DOI: 10.20542/0131-2227-2021-65-12-27-32
The Institute for USA and Canada Studies RAS, 2/3, Khlebnyi Per., Moscow, 123995, Russian Federation.

Received 12.05.2021.

Abstract. Considering income is a key point for most people’s well- being, the article is focusing on the role of economic situation in the country and government policy transfers to meet American household’s expenses under pandemic. While economic trends being quite positive for the well-being of most adults before pandemic, it has become a serious problem for them during COVID‑19 stress. The economic well-being of the American households depends mainly on wages; with dividends, percent, rent income and government transfers coming by. The government programs have been of great importance for personal incomes support, but the uncertainty of the economic recovery demands to continue providing needed relief to Americans. Meanwhile continuing extraordinary budget spending for providing relief to American families and communities have turned out in the highest – since the middle of the last century – federal budget deficit. After President Biden in March signed into law the American Rescue Plan, this financial year budget’s deficit may even exceed the previous one. President Biden’s proposals may also represent important steps toward increasing tax revenues by making wealthy people to pay more fair amount of taxes on their income; raising the top marginal income tax rate, requiring. But, it would depend on changing current laws regulating taxes. The article also highlights continuing financial concerns for many households facing uncertainty of economic recovery, and especially challenges for those who lack savings, government transfers. It is pointing out that at the beginning of the Biden’s presidency the percentage of Americans who worry a great deal about hunger, homelessness as the consequences of poverty, unemployment has been rising. The financial security of the households will depend on the economic situation; the government policy to meet income declines and provide greater income stability through increased social insurance.

Keywords: US, social security, personal incomes, government transfers, coronavirus pandemic


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For citation:
Lebedeva L. US Households Incomes under Pandemic. World Eonomy and International Relations, 2021, vol. 65, No 12, pp. 27-32. https://doi.org/10.20542/0131-2227-2021-65-12-27-32



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