The plan to keep Americans afloat during the economic crisis worked—for now.
But as more economic data has started to roll in, giving us a fuller picture of Americans’ finances over the past few months, it’s begun to look more and more like Congress’ plan has succeeded. Washington handed out a lot of money and as a result, a new paper suggests, by May even the hardest-hit households were able to go back to spending like normal.
The first clear evidence that Congress’ giant cash bomb had worked as intended arrived late last month, whenthat despite massive job losses, personal incomes had actually risen to an all-time high in April. This was mainly due to the $1,200 economic impact payments, though the CARES Act’s generous unemployment benefits contributed as well.
But while this was all welcome news, it still wasn’t clear that poorer Americans were getting as much help as they needed. After all, job losses during the crisis appeared to below-wage employees in service industries like restaurants and hotels that had been forced to shut down. It was entirely possible that, even if the CARES Act had raised incomes overall, many of those workers and their families were still in trouble.
But the latest evidence suggests that Washington really has done a pretty good job supporting poorer households through the pandemic. On Thursday, the researchers at Harvard’s Opportunity Insights project released apaper that analyzed the successes and failures of the government’s economic response to the pandemic, using real-time private sector data from personal finance apps and companies that track credit card transactions, among other sources of information.
None of this is to say that every single person in America is doing just fine at the moment. There are still droves of out-of-work people waiting for their unemployment benefits, especially in Florida, where the system has been
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