While some Americans were affected more than others, every single state in the country saw a drop in personal income in the third quarter of 2020, according to data from the U.S. Commerce Department. Personal income—defined as income received by, or on behalf of, all persons from all sources, from wages to home ownership to business and investment income, or even government transfers—fell most sharply in West Virginia, which saw a 29.9 percent drop, while Georgia, at 0.6 percent, fell the least. New York, compared to the rest of the country, also did relatively well, with Empire State incomes dropping by 9.1 percent—13th least in the country.

On average, the country as a whole lost 10 percent personal income in the third quarter.

As for why, the report said, "Federal economic recovery payments slowed as pandemic-related assistance programs continued to wind down." At the same time, earnings actually increased by 32.8 percent, as businesses also began reopening around this time and people started returning to work, but losses in other areas were more than enough to cancel this out. 

Meanwhile, lawmakers in Washington are still debating the finer details of the $900 billion bipartisan relief plan. It is still unknown when, or if, a final deal will be reached. The Trusted Professional will have more when there is new movement in the process.