Guno צְבִי
We fight, We win, Am Yisrael Chai
The US economy right now is like a jumbo jet that’s in a steady glide after both its engines flamed out. In about six weeks, it will likely crash into the side of a mountain.
What’s kept us in the air so far is an extraordinary government relief effort. In most states, evictions have been temporarily banned, preventing a mass homelessness crisis. Most federal student loan payments have been put on hold, removing one of the largest recurring monthly expenses that millions of people face. Banks were ordered to give their customers a six-month break on mortgage payments if requested.
On July 31, the $600 federal unemployment payments going to unemployed people every week will end, and there’s no sign they’ll be replaced with anything nearly as generous. In fact, many Republicans want to replace them with nothing at all — and there’s also little sign that another round of one-time stimulus checks will get mailed out. So income for tens of millions of households is likely to nose-dive in August.
That will coincide with evictions returning after being put on hold for months. This month, about one-third of renters were unable to pay their rent in full or at all, despite all the stimulus money. A federal law that bans evictions in any properties financed by federally backed mortgages — more than a quarter of all households, according to one estimate — expires on July 25, just a week before millions of people’s main economic lifeline is pulled away. Unless they are extended, statewide orders banning all evictions in places that have been hardest hit by the unemployment crisis will also expire around then: Florida’s on July 1, California’s on July 28, and New York’s on Aug. 20.
https://www.buzzfeednews.com/article/tomgara/economy-recession-coronavirus
What’s kept us in the air so far is an extraordinary government relief effort. In most states, evictions have been temporarily banned, preventing a mass homelessness crisis. Most federal student loan payments have been put on hold, removing one of the largest recurring monthly expenses that millions of people face. Banks were ordered to give their customers a six-month break on mortgage payments if requested.
On July 31, the $600 federal unemployment payments going to unemployed people every week will end, and there’s no sign they’ll be replaced with anything nearly as generous. In fact, many Republicans want to replace them with nothing at all — and there’s also little sign that another round of one-time stimulus checks will get mailed out. So income for tens of millions of households is likely to nose-dive in August.
That will coincide with evictions returning after being put on hold for months. This month, about one-third of renters were unable to pay their rent in full or at all, despite all the stimulus money. A federal law that bans evictions in any properties financed by federally backed mortgages — more than a quarter of all households, according to one estimate — expires on July 25, just a week before millions of people’s main economic lifeline is pulled away. Unless they are extended, statewide orders banning all evictions in places that have been hardest hit by the unemployment crisis will also expire around then: Florida’s on July 1, California’s on July 28, and New York’s on Aug. 20.
https://www.buzzfeednews.com/article/tomgara/economy-recession-coronavirus
