America's black and Hispanic families are shouldering the worst burden through job losses and front-line work, against a backdrop of a higher risk of infections and lower savings.
The pandemic is leaving few people untouched, but America's weakest demographic groups are shouldering the worst burden through job losses and front-line work, against a backdrop of a higher risk of infections and lower savings.The average black and Hispanic families are already bringing in less income that the average white family, but they also have a smaller buffer of liquid assets like savings and investments, according to a new report from the JPMorgan Chase Institute.
This also means that government programs to help the country through the outbreak — including the expanded unemployment insurance and stimulus payments — are particularly important for the black and Hispanic communities.Outside the coronavirus crisis, the report's finding underscores the persistent racial gap in America's economy. And this inequality is making minorities more susceptible to economic hardship during hard times, including the current outbreak.
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