Monday, December 14, 2020

COVID and FInancial Harm

There's absolutely nothing good at all about COVID. I could list a number of ways it has harmed us, beyond health implications, but I just want to share one article with you from the New York Times, Female Workers Could Take Another Pandemic Hit: To Their Retirements.

Now, the pandemic recession is disproportionately damaging the careers of women — so much so that some experts call it a “shecession.”

In November, the national unemployment rate dipped to 6.7 percent from 6.9 percent, the Labor Department reported last week. But the pace of job growth has stalled, and millions have dropped out of the labor market altogether, especially women. One recent study found a disproportionate decline in employment for women of prime working age, 25 to 55, compared with men — and especially so for mothers.

The losses sustained are not just right now-but must be factored over time, including "missed wage growth, retirement savings and Social Security benefits."  Here is a great visual for this: a calculator developed by the center for American Progress.

The article discusses the importance of Social Security and includes info about President-elect Biden's plans for Social Security, which would

award work credit to people who cared for children or other relatives. It would also expand benefits for widows in certain circumstances, and bump up benefits for seniors who had collected payments for 20 years. Finally, it would adopt a new yardstick to determine Social Security’s annual cost-of-living adjustment — the CPI-E, an experimental Labor Department inflation measure designed to more accurately reflect the inflation experienced by seniors, especially health care expenses.

This is a good article-I plan to assign it to my students in the spring.

BTW, a shout out to the health care workers, first responders, essential personnel, everyone, who is keeping us going through this pandemic.  And to the scientists who created the vaccine, THANK YOU!!!!

https://lawprofessors.typepad.com/elder_law/2020/12/covid-and-financial-harm.html

Consumer Information, Current Affairs, Federal Statutes/Regulations, Other, Retirement, Social Security | Permalink

Comments

Post a comment