WASHINGTON—Policy actions taken during the pandemic led to “the most equitable” recovery in recent history, according to a new government report.
The study released first to Yahoo Finance by the Treasury Department, found American Rescue Plan Act (ARPA) along with actions taken by state and local governments “prevented the worst economic outcomes for Black and Hispanic families during the COVID pandemic, groups that were the hardest hit during that time and have historically been more vulnerable to downturns,” Yahoo Finance said.
According to the report, the federal aid — including stimulus checks, rental assistance, and the expanded child tax credit — in combination with local support and the Federal Reserve efforts, helped sustain Black and Hispanic household finances, narrow the wealth gap, and improve some economic indicators relative to the pre-pandemic period, Yahoo Finance stated in its analysis.
‘Historic Recovery’
“This report shows that, as the Biden Administration policies have driven a historic economic recovery, we’ve also been building the economy we need for the long term – one that allows all communities to reach their economic potential,” Deputy Treasury Secretary Wally Adeyemo said in a press statement. “The report shows the progress we’re making on building a more equitable economy, narrowing the racial wealth gap, and addressing enduring inequities in wealth accumulation.”
Just Because It’s Autumn Doesn’t Mean Falling for Schemes to Overcharge You for CU Industry News. Instead, Try This Crisp Offer
The biggest, best and freshest news reporting in credit unions remains free! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?