A new study adds to the body of research showing the positive effects the payments may have had in a short time.
The temporary boost to the child tax credit, which offered qualified parents monthly payments worth up to $300 per child earlier in the pandemic, may have helped blunt symptoms of depression and anxiety among lower-income adults — with the greatest impacts seen among families of color, according to a new study.We want to hear from readers who have stories to share about the effects of increasing costs and a changing economy.
Mental health benefits appeared to be even more substantial for Black and Hispanic adults, whom the researchers noted had more to gain from the higher tax credit due to racial disparities in pandemic job losses and household wealth: They experienced a 2.3 percentage point greater decline in anxiety symptoms when compared to white people.
Though short-lived, the enhanced payments may have contributed to a drop in child poverty, helped parents’ ability to cover emergency expenses, and reduced food insecurity. People receiving the payments were also more likely to reduce their reliance on selling blood plasma, taking out payday loans, and using pawnshop loans when compared to those who weren’t eligible, according to the Brookings Institute.
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