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Data: The Conversation; Chart: Axios Visuals

A substantial number of low-income households are having difficulty paying their energy bills during the COVID-19 pandemic — with families of color and those with young children especially hard hit, according to recent Indiana University research.

The big picture: YouGov conducted a survey of 2,381 respondents from low-income households in May (overall margin of error is about 2%) and found that 13% had been unable to pay an energy bill during the prior month.

  • Another 9% had received an electricity shutoff notice.
  • 4% had their service disconnected.

Why it matters: While many states have temporarily banned utility disconnections during the crisis, a lot of people are nonetheless losing access, according to IU professors Sanya Carley and David Konisky, who describe their research in a new(ish) post at The Conversation.

  • "[E]xtrapolating our findings to the national level suggests that approximately 800,000 low-income households may have recently had their electricity disconnected."
  • They argue Congress should impose a national moratorium on utility shut-offs and boost assistance to help families pay energy bills.

Where it stands: The pandemic response package enacted in March provided another $900 million for the federal Low Income Home Energy Assistance Program, but Carley and Konisky write this just "scratches the surface" of what's needed.

  • The latest economic package before the Senate includes another $1.5 billion for LIHEAP.

Go deeper

Dion Rabouin, author of Markets
Oct 21, 2020 - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.

Janet Yellen confirmed as Treasury secretary

Janet Yellen. Photo: Alex Wong/Getty Images

The Senate voted 84-15 to confirm Janet Yellen as Treasury secretary on Monday.

Why it matters: Yellen is the first woman to serve as Treasury secretary, a Cabinet position that will be crucial in helping steer the country out of the pandemic-induced economic crisis.

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.