12 Million Americans may be lose Job by the end of 2020

According to the new analysis, 12 million Americans will lose unemployment benefits in December when CARES Act provisions lapse, absent an extension. Unemployment benefits will terminate for more than half of current recipients at the end of the year, coinciding with a lapse in federal protections for renters and a resumption in student loan payments.

According to the economists, that intersection may spell financial catastrophe for jobless workers without action from Congress or the White House. Currently Americans had already been reporting higher levels of food insecurity and trouble paying bills and poverty levels have been steadily increasing in recent months. The economic recovery under way seems to be losing steam in part by slowing job growth and retail sales. Rising Covid-19 infections, hospitalizations and deaths have led state officials to reimpose some shutdown measures putting more people out of work.

The report done by CNBC