More than 14 million people in the United States face the termination of their unemployment benefits by the end of the year. Several mandates put in place by Congress through the CARES Act to mitigate a catastrophic economic disaster will be nearing the end of their terms, including protections for student loan borrowers, mortgage holders, and renters, according to a report released by CNBC.
Under the CARES Act, which cost the nation a $2.2 million, unemployment recipients received additional benefits that included extended payment terms up to 13 weeks and a weekly increase of $600 between March and July.
Word of a new stimulus package has been stalled by a clash between Republican and Democrat lawmakers over the amount of aid rendered appropriate to distribute to the masses.
With COVID-19 infection rates continuously rising, some states, such as California, Texas, Florida and New York, have been burgeoned with the hard decision to implement closures and curfews to curtail the pandemic. As a result, many more Americans are finding themselves unemployed or working less hours than usual.
Nearly one million people filed for unemployment benefits in the third week of November, according to a report from the Labor Department.
“I don’t think the report is cause for panic, but it certainly is concerning to see claims rise two weeks in a row at a time when the level of claims is still above Great Recession peaks,” said Daniel Zhao, senior economist at Glassdoor, a career analysis website.
To top that, the U.S. Census Bureau released data showing that 26 million people are suffering from food insecurity. The city of Houston and black communities across the United States are the hardest hit in this rising epidemic that has seemed to take a backseat to the ongoing deflection of politics.
