With the COVID-19 pandemic showing no signs of coming to an end anytime soon, and individuals nationwide still suffering from the loss of employment or an unexpected severe illness, it’s time we come up with a plan to help families build emergency savings. March 13 was a defining day where many were forced to come to the realization that they had little to no money in their bank account to fall back on. This left millions wondering exactly how they were supposed to support themselves and their families through this completely unprecedented time.
In February, our nation had 51 million people surviving below the poverty line. By June, this number would rise by 28% to 65.1 million. These are people who have been surviving from paycheck to paycheck, people who have been unable to build sufficient savings, and who are now floundering to get the bills paid and the fridge stocked with food. The $1,200 that was provided to somehow keep residents afloat for months on end was not nearly enough for low-income families and individuals.
We don’t need to leave our citizens in this condition. If we implement the bipartisan Refund to Rainy Day Savings Act, this could serve as a lifeline for millions. This plan includes allowing taxpayers to set aside a portion of their tax refunds as emergency savings, which they will then be able to access at a minimum of six months after they file. While this doesn’t cost taxpayers any extra money, it could be an extremely effective way of helping families focus on their savings once we are past this current crisis. Write to your lawmakers and decision makers. Make your voice heard. Help those in need.
Isabelle Adams, Salt Lake City