COVID-19 Pandemic Pinches Finances of America’s Lower- and Middle-Income Families

The financial hardships caused by the COVID-19 recession in the U.S. were endured mostly by lower- and middle-income families. From 2019 to 2020, the median income of lower-income households decreased by 3.0% and the median income of middle-income households fell by 2.1%. In contrast, the median income of upper-income households in 2020 was about the same as it was in 2019, according to a new Pew Research Center analysis of government data. 

The setbacks to the finances of lower- and middle-income households during the pandemic mark a significant reversal from their recent...