A quarter of women say they are financially worse off a year into pandemic, poll shows

[BumRushDaShow]

Source: Washington Post

Women and people of color are the most likely to say they are financially worse off today than before the pandemic began, according to a Washington Post-ABC News poll, underscoring the struggles many Americans are still facing even as the broader economy shows signs of improvement. A quarter of women say their family’s financial situation is worse today than before the coronavirus-related shutdowns began in March 2020, compared to 18 percent of men, the poll finds. And 27 percent of non-Whites say they are worse off now vs. 18 percent of whites.

The findings highlight the ongoing financial hardships that many families are facing a year into the global health crisis. Women and workers of color were far more likely to lose jobs when the pandemic took hold last spring and wiped out millions of service-sector jobs in restaurants, hotels, spas, salons and non-urgent health-care fields. Women have also borne the majority of the child-care responsibilities as schools and day-care centers shuttered and classes moved online, requiring additional parental involvement.

In follow-up interviews, several women told The Post they were forced to leave jobs to care for children, or they had to take lower-paying jobs that gave them more flexibility. A few women also cited rising costs of rent and food, which caused some to fall behind on bills even if they were able to keep their jobs. About one in five Americans overall say their family’s financial situation is worse than before the shutdowns, while more than six out of 10 adults say their financial situation is about the same as before the pandemic.

Channa Allerheiligen, a home health aide in Grand Junction, Colo., is one of millions of women who stopped working outside the home to take care of her two children and a stepson. The youngsters, who are in elementary school, could not manage online classes on their own. “I had to quit my job to home-school my kids. During that time, my husband also lost his job. So I had to go back to work, but the job I ended up getting has lower pay,” Allerheiligen said.

Read more: https://www.washingtonpost.com/business/2021/04/27/poll-women-pandemic-worse-off/

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This didn't have to be and was caused by the GOP.

[joetheman]

1. many lost their own jobs and a spouse main wage earner in the household.

A double whammy.

I'm thinking that perhaps a way to get these single wage earner families back on their feet or to make progress is for a government program that seeks matching dollars for a portion of Federal payouts to be invested in the stock market which has been so good for the billionaires. Lots of details to be worked out, but I am thinking of funds set up for families that apply and meet certain hardships that are designated as long term hardships. The families would still receive subsidies but any increases in subsidies would be deposited into a mutual fund for a maximum of two years with matching dollars raised from the increased taxes on the wealthy. That way some generational wealth or at least generational ladders out of poverty could be established. Or establish "buddy" stock portfolios or adopt-a-family portfolios set up by joint efforts between the billionaire and millionaire stock holders and the Federal government. Perhaps that extra 3% over the 25% unearned income tax could be used?

[BumRushDaShow]

3. The issue with the stock market scenario

is not only the volatility but also the capital gains tax - something that Democrats have been trying to raise. I did see this however - https://www.cnbc.com/2021/04/26/75-percent-of-stock-owners-wont-pay-bidens-likely-capital-gains-tax-hike.html which would mean making sure it would be something 401(k)ish.

[cstanleytech]

2. I suspect most of those that lost their jobs were working retail and or restaurants and hotels.

As for it being caused by the GOP I would not go that far however they did make things far, far worse and the deaths of millions of americans is on their hands as they were mostly preventable.

[BumRushDaShow]

4. It was caused by them and their policies

at both the federal and state/local levels. The depth, breadth, and length of this pandemic and the associated extreme impact on certain industries, is strictly due to THEM and their mouthpiece media.

The muddling of the messages at the onset, refusal to implement mitigation protocols, and drumbeat about the pandemic being "a hoax" while purposefully flaunting their ignorance with their opposition to even the simplest means to reduce the spread, meant that this pandemic has lasted far longer than it should have. That sustained intransigence has literally killed not only people, but the industries that people participated in to sustain their livelihoods.

We are currently about 100K away from the 1918 pandemic's number of U.S. deaths, despite being a century ahead in time, and possessing a century's worth of pandemic and epidemic experience that was gathered since that time. Back then there was no commercial radio nor television, let alone the medical knowledge and technology that we have today. There was no excuse.

[Quakerfriend]

7. I retired 5+ years earlier than I had planned to

Because the hospital kept following CDC guidelines
manipulated daily by Trump admin. Having done clinical research for years for the NIH,
I knew things were going to go south & they did. Many I worked with got COVID.
I just couldn’t put my husband at risk. And, He makes lots more $ than I do.
Among a family of 7 who worked with me- some in the family were doctors, nurses, a VP,
Security etc- 5 got COVID and 2 died- all spent time in the ICU- it was verY heartbreaking.
So many families are forever changed.

[riversedge]

5. Unfortuately, so many do not care about those caring for others-kids, the elderly, those

in need.

[peppertree]

6. "I'm the oversight"

And with predictable results.