Leading economists are warning that many Americans are no longer to meet basic needs due to the pandemic and its effect on the economy.
Moody's Analytics has sounded the alarm due in light of a recent survey that found that 9 million people in America stated that they are currently behind on their rent.
Nationwide, it is estimated that a total of almost 12 million people in the country owe back rent, and the average amount of that back rent is a shocking $5,850.
According to the Washington Post, many families are finding themselves in financial trouble due to the loss of income opportunities in 2020.
Approximately 20 million Americans currently depend on governmental unemployment benefits, much of which aid was considered to be of a temporary nature. Much of these benefits are scheduled to terminate at the end of the year, unless the funds are extended by law.
The lockdown measures enacted in different parts of the country have hit certain sections of it pretty hard, causing many small businesses to close, and many other businesses to have to let people go in order to stay alive.
Eviction moratoriums which have been in place in the US are now also set to expire in many cases, which could result in people and families losing their housing. Many landlords are also desperate to pursue back rent owed to them, as they themselves in many cases are suffering financially and need to pay mortgages and property taxes.
The federal moratorium on evictions is also slated to expire on December 31, once again, unless elected officials see fit to extend it.
The passage of legislation to give money to Americans to tide them over until pandemic-inspired economic restrictions are lifted has been held up since May by House Speaker Nancy Pelosi. She recently admitted that the delay in negotiating the bill was for political reasons.