Some Americans struggled due to the pandemic. Others have thrived. CNN Business spoke with several people about how they’ve fared financially during the pandemic.
The pandemic’s effect on the US economy has been unmistakable: America suffered the starkest job losses since the Great Depression, supply chains ruptured, and lives were devastated by immense personal and financial hardship.
And now, high inflation is only compounding the problem.
But it hasn’t been all bad news. While some Americans have struggled tremendously, others have thrived.
The stock market has been on a wild ride since the beginning of the pandemic, reaching new record highs and enabling some Americans to retire early or greatly boost their portfolios. Meanwhile, remote work and a tight labor market have allowed others a chance to pursue a new life. And the rush to the suburbs provided many homeowners with an opportunity to benefit from the historic rise in home values.
CNN Business spoke with a cross-section of Americans about how they’ve fared since the pandemic began. Here are their stories. Euresha and Carlos Thompson Ville Platte, Louisiana
‘We’ve been going on a prayer’
In early 2020, before the pandemic hit, Euresha Thompson felt like her family was on stable footing.
Thompson, of Ville Platte, Louisiana, was in her eighth year of teaching math and science to fifth graders. Her husband, Carlos, had a solid job in Midland, Texas, working for Schlumberger, the world’s largest oilfield services company.
“He liked it, made great money,” said Euresha, 33, pictured below with Carlos, their children, Noah and Casyn, and Euresha’s mother, Mary Ross Fontenot. “We were OK and getting ready to buy a house… And then Covid hit.”
The price of oil crashed, Schlumberger laid off 21,000 workers, and Carlos lost his job. He applied for other jobs, but near-term prospects were bleak in the energy business.
Unemployment checks helped, but the situation wasn’t sustainable. To help make ends meet, Carlos started working as a driver for delivery companies seven days a week. At 6 a.m., he’d drive 45 minutes into Lafayette, where he’d field calls to pick up food or do shopping runs. He wouldn’t return home until about 10 p.m., Euresha said.
Even after logging those long hours, Carlos was making only about one-fifth of his previous income, she said.
Another financial challenge emerged when Euresha found out she was pregnant last spring and she decided not to return for the 2021-22 school year out of fear of contracting Covid. As money grew tighter, the couple fell behind on rent; their electricity was turned off at times; and they couldn’t afford therapy for Noah, who has nonverbal autism.
“We’ve been struggling for a while,” Euresha said. “We’ve been going on a prayer.”
The Thompsons tried to save in every way they could: They stopped using Euresha’s car; they dropped health insurance for themselves, keeping Noah on Medicaid; and they quit buying clothes. Their landlord worked with them on the rent, deferring some payments until their situation could improve. They qualified for food stamps, but inflation kept pushing prices higher, forcing Carlos to sit in hours-long lines at food banks. Since the start of the pandemic, more women than men have dropped out of the workforce, exacerbated by increased responsibilities at home. In January, there were 1.8 million fewer women in the US labor force compared with February 2020. “There were times where I would just go in the room and cry, because I can’t explain to him why you can’t get what you want,” she said. “‘I’m trying, buddy, but we just can’t afford it right now.'”
Carlos has started a new job at Oceaneering International, working on an offshore rig. He’ll be away for weeks at a time, but it’s an opportunity to help the family catch up, Euresha said.
“I know him, as soon as he gets out there whatever time he’s gonna start, he’s gonna work as long as they let him,” she said. “He just works. He’s that guy.” Caroline and Laurie Hart Winter Haven, Florida
After their youngest son, Leo, left for college in June 2019, Caroline and Laurie Hart decided they wanted a new beginning in a warmer climate.So in September 2019, the couple moved to Winter Haven, Florida, from Somerset, Massachusetts, and started a website featuring travel blogs, interviews and storytelling about inspiring women.They launched their site, TheLexperience, in February 2020 and got some early traction with donations and advertisers.”Then, obviously, the pandemic started,” Caroline said. “And then everything that could go wrong, went wrong.”Advertisers pulled back, businesses closed, travel halted, and panic started to […]
source Hope lost and found: Portraits of America’s pandemic economy
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