To say that 2020 has been a rough year is an extreme understatement. The pandemic and actions taken to slow the spread of COVID-19 have been disruptive and, in many cases, devastating. Millions have slipped into poverty, are now food insecure or face housing challenges, or are experiencing mental health issues.
It is worthy of note that, beyond the pressing human concerns for those affected, failing to support these vulnerable populations has profound economic consequences. We’ve studied these phenomena for decades, and the empirical evidence is incontrovertible.
Beyond the obvious consequences of poverty and the incalculable toll on the stability and dignity of families across the US, there is also a tremendous economic cost. For example, health care needs of people who are food insecure are higher due to increased incidence and severity of disease. In addition, outcomes are worse, thus reducing productivity and lifetime earnings.
