The Hardship of Low-income Families

     People all around the world are having a hard time, and it does not look like it will come to a end. The main cause is the raise of prices of essential products and services. For example food, shelter, clothing, and gasoline. The ones being hit the hardest from the increase of prices are the people with the lowest income.      

 

     The prices are increasing super fast and covid is making this even worse. Prices have increased since November 2020, making it the highest annual rate of the last 39 years. Even if there has been a solace in the price of gasoline and home energy, the price for goods is still growing; furthermore, Covid increased the shortage of goods by complicating the unload of the goods at ports. Mark Wolfe an energy economist claims that “71% of households with incomes of less than $40,000 are feeling financial hardship from inflation, while only 29% of families with incomes of more than $100,000 reported similar difficulties”.If those people that gain a lot of money start to have the same financial issued as those who don’t gain that much money then I don’t want to imagine how are those who use to live in the limits or where close to it.

 

     The most surprising thing is that with all the help that people receive there is still not a program that helps low income families deal with the rising prices, nor a program that helps the families that are still in the economic pain associated with the pandemic. However, there is still hope with the new bill being considered by congress called Build Back Better bill. This bill would increase the child tax credit for one year. Most low income families that have an income of $35,000 use the child tax credit for basic resources like food, clothing, housing, and utilities. Even if it would be for only one year, this bill would give a big relief to most families; moreover,this bill would also reduce child poverty by 40% according to Mark Wolfe.

 

     With time, the nation would become a place where you would have to choose between handling economic affairs without sacrifice or being on the side that makes sacrifices to survive. This bill might not eradicate poverty or help those with vast debts, but it would help families move forward with slighter worries, and provide those families the hope that the government is worried and care about them.