The covid-19 pandemic has been characterized by extreme suffering and illness, but will also be remembered for a social welfare system never before seen in the US. Residents were bombarded with checks from the government to keep them afloat as the economy entered free-fall, receiving thousands of dollars in support.
Inevitably, this has led to deep changes in the American economy. Some of the standout features are a decrease in unemployment, a staving off of food insecurity for many, but high levels of inflation.
First stimulus
The CAREs Act was signed into law by President Trump on 27 March 2020.
Shortly after, the IRS quickly began distributing $1,200 stimulus checks. When the checks were sent, the unemployment rate in the United States stood at 14.8 percent. Additionally, in late April, 38 percent of respondents to the Household Pulse Survey (HPS) had reported that they believed they or someone in their household would lose…
