Article Image
IPFS News Link • Economy - Recession-Depression

COVID Financial Pain 'Much, Much Worse' Than Expected, Warns Harvard Study

• https://www.zerohedge.com by Tyler Durden

The pandemic heavily impacted Black and Latino households across America's four largest cities (New York, Los Angeles, Chicago, and Houston) with massive job loss or reduction in hourly wages or a decline in working hours. 

The survey, conducted from July 1 through Aug. 3, found Latino households (77%) and Black households (81%) in the Greater Houston area incurred "serious" financial problems. 

Houston

As for the three other major cities, the survey showed 73% of Latinos in New York City experienced severe financial hardships, 71% of Latinos in Los Angeles, and 63% in Chicago. Black households in New York City (62%), Los Angeles (52%), and Chicago (69%) also reported severe financial distress because of the downturn. 

New York City