Why most Americans- finances improved during the worst economic contraction since the Great Depression-and the policy choices that made this possible
In March 2020, economic and social life across the United States came to an abrupt halt as the country tried to slow the spread of COVID-19. In the worst economic contraction since the Great Depression, twenty-two million people lost their jobs between mid-March and mid-April of 2020. And yet somehow the finances of most Americans improved during the pandemic-savings went up, debts went down, and fewer people had trouble paying their bills. In The Pandemic Paradox, economist Scott Fulford explains this seeming contradiction, describing how the pandemic reshaped the American economy. As Americans grappled with remote work, -essential- work, and closed schools, three massive pandemic relief bills, starting with the CARES Act on March 27, 2020, managed to protect many of America-s most vulnerable.
Fulford draws
