A wide range of economists are expressing exasperation that Congress would leave town without first finishing work on a new coronavirus relief package they say is critical to the country’s recovery, and to millions depending on help from the government, The Hill reported. More than 28 million Americans on some form of unemployment insurance lost a crucial source of income after a $600 weekly boost to those benefits lapsed last month. Those households now have far less money to cover basic expenses, including rent and home payments they can no longer forgo after the expiration of federal bans on evictions and foreclosures. While it could take weeks to see the effects of the lapse in aid, progressive economists in particular are raising alarms about the potential toll on unemployed Americans and those who depend on them. Lawmakers are feeling little pressure to move from their positions, however. Democrats have offered to reduce the price tag on their legislation from more than $3 trillion to the neighborhood of $2 trillion, but the White House has refused to go higher than $1 trillion. If the lapse in support is having an impact, the first hard evidence may come in the August jobs report. But it won’t be released until Sept. 4. Consumer spending and income data for August won’t come out until Oct. 1. Foreclosures and evictions can also take months to process, but missed rent payments have risen steadily since the start of the pandemic, according to data from insurance company LeaseLock.
