It was normal unemployment (which is 60% of your former wages in my state) plus an additional $600 per week. So if you previously made $500 a week working normally, you would get $300 from normal unemployment plus an extra $600 covid benefit for a total of $900 per week. After the $600 federal benefit expired they reduced it to $300 per week which expired in September. You're correct in your assessment that some households were bringing in that amount of money. But remember that all of this extra money needs to be claimed and tax needs to be paid on it, so the actual net income is quite a bit less (roughly 30% less).
Also, 6-8k per month is certainly livable but not lavish in a lot of the country, especially the coasts. Cost of living where I am is outrageous. My brother brings in about 8k monthly post-tax and he lives in a small college town and rents an apartment with his girlfriend and he is doing really well and not struggling in the least, but actually buying a house is not really feasible for them in this market. If you've got rent, a car payment, car insurance, electric, gas, internet, grocery bills, plus saving and investing it runs out quick. You know all that though. I'm sure if we moved away from the coast from what I've seen expenses would be about a third of what they are here. I just live in a top-5 most expensive state.
« Last edited by steelersrock01 on Nov 18th 2021 »