Center on Budget and Policy Priorities (CBPP) reports that the enactment of $3.3 trillion COVID-19 relief bills in 2020 and another $1.3 trillion through the American Rescue Plan in 2021 helped make the COVID-19 recession the shortest on U.S. record and helped to fuel an economic recovery that has brought the unemployment rate down to 4 percent. In comparison with the Great Recession of 2007-2009, CBPP found that two years after the Great Recession began unemployment was at 9.9 percent and food insecurity remained one-third above its pre-recession level. CBPP attributes the differences in the speed of economic recovery between the two recessions to the large-scale investments and broad and innovative policy approaches that have been realized during the COVID-19 pandemic. This report outlines the impact of $480 million in economic impact payments to most households, ranging from $600 to $1,400 per adult and $500 to $14,00 per child (or other dependent in the third round of funding), pandemic unemployment insurance, child tax credit, health coverage, paid leave, food, housing, and emergency cash assistance.
March 10th, 2022