We would love to hear from readers with stories to share about the impact of rising costs and changing economies. If you would like to share your experience, please contact us at readerstories@marketwatch.com. Please include your name and preferred contact method. You may be contacted by a reporter.
A temporary increase in the child tax credit, which provided eligible parents with monthly payments worth up to $300 per child early in the pandemic, could help blunt symptoms of depression and anxiety among low-income adults. It may have been helpful. Families of color were seen to be affected the most, according to a new study.
Despite no change in mental health care use, this expansion resulted in a 1.7 percentage point reduction in depressive symptoms and anxiety-related symptoms among low-income adults with children, according to the authors of the published study. in health issues this week.
Mental health benefits appear to be even greater for black and Hispanic adults, and researchers say unemployment and racial disparities in household wealth due to the pandemic mean they may get more from higher tax credits. I pointed out that you can. Symptoms when compared to Caucasians.
“These findings support CTC and other similar tax credits to help economically disadvantaged families, especially as the economic recovery from the pandemic continues to drag on and already marginalized families continue to be left behind. is important for Congress and state legislatures when considering making permanent, writes Akansha Batra, Caitlin Jackson, and Rita Hamad, the study’s authors, based at the University of California, San Francisco. .
The expansion of the child tax credit, realized through the American bailout plan in 2021 and ending later in the year, provides a typical $2,000 per child tax incentive for mostly middle-income families. and extended its eligibility to lower-income households. increased the offer to $3,000 for each child age 6 and older and $3,600 for each child under age 6. Half of the credits were distributed monthly from July to December 2021.
Although short-lived, enhanced payments may have contributed to a reduction in child poverty, helped parents’ ability to meet emergency costs, and reduced food insecurity. Those who had a pawn shop loan were more likely than those who did not to be less dependent on plasma sales, access to payday loans, and access to pawnshop loans.
“Our study represents a small but growing body of evidence that CTC not only increased food adequacy but also improved mental health in adults with children, especially in the most marginalized groups. “By reducing economic hardship, this policy has the potential to improve the environment in which vulnerable, low-income children grow up.” increase.”
Their study utilized data from the U.S. Census Bureau’s Household Pulse Survey, which included anonymized self-reported information about respondents’ mental health symptoms from April 2021 to January 2022.
Indeed, another health issue study published in November found that “CTC expansion had significant short-term effects on measures of life satisfaction, anxiety, and symptoms of depression in adult recipients.” No evidence was found,” he said. be temporary.
The authors of this week’s study said the study “used different measures of life satisfaction, depression and anxiety. may be able to explain.”
