Lost income tsunami

An out of state friend of mine was just laid off due to force closer of non-essential stores. This made me think with tens of millions being laid off as we speak and estimates as high as 30% unemployment (higher than the 1930s depression) in the near future, I question how long it would take us to recover. Granted, once the forced business closure ends, many will be back at work however; there will be so many jobs and business that will be lost forever. In addition, most are living pay check to pay check and unable to pay rent and may find themselves homeless.

The markets lost a third or more of it value causing many retirees/soon to be retirees to panic or hold off on retirement. The 1.6 Trillion on dollar relief package working its way through the senate offer $1200 per person? Not sure how long that would cover the living expenses for most folks. How long do you think it will be for us to fully recover from this?

Maybe the better idea is to not give $1,200 to every man woman and child in America. But give more to the 30% that actually lost their job and are not getting a paycheck.

100 EBT credit for food per week for every person.

Done.

The $100 credit will not cover rent/mortgage, etc.. Some mortgage companies may/hopefully work with borrowers during their unemployment and hopefully these mortgage companies don’t implode by the high number of non-payments. As for renters, I don’t see many landlords letting forks stay for free very long.

How many jobs did you lose during this? I think I lost at least 4 jobs, does that mean 4 times as much for me as the next person? I understand the metric will probably be dependent on many factors, but also know there are lots of people who will abuse the system and that no one will be happy enough with the results because greedy people are greedy. My folks have long since been retired. They did what they needed to do to build a retirement nest egg. The markets tanked, and while those losses are currently only on paper, if the markets don't return, then they start becoming more and more real. Do they get no assistance because they didn't lose their job like everyone else? There are going to be many sides to this to work with.

No nitwit, folks that are fixed income that stopped getting any source of income would obviously be entitled to a check. But if they're retired and they still get their pension why do they get extra money?

If you indeed lost 4 or more jobs than you must really have some low paying jobs. I would agree that you deserve a check like everyone else.

But if you are an essential employee making full pay or double pay or triple play do you really think that you're entitled to an additional check and why.

As the warning says on Q-tips do not insert into ear... in your case you might lose the Q-tip.

Sounds like "From Each according to his ability, to each according to his needs". JK, This is a tricky situation. And I have no idea how to disperse the checks. But the Govt better do something soon, a lot of people are nervous and desperate.

Someone must not sense sarcasm very well. **shakes head**

If the entire valve of every business, house, car, boat etc.... every single asset there is in America (minus the debt of businesses and people) was defined as $100 widgets... my "ROUGH" estimate is that 30% of that entire value is now vaporized.

That means if you have a $100,000 house it is currently worth $70,000

A $10,000 truck... call it $7k.

How we solve all this is not yet determined.

If you seek a Government solution be careful that you are staring SOCIALISM straight in the eyes.

If you are looking to yourself and your community... you are walking the exact same path that founded America.

Good luck

There is no way to calculate the economic effect at this time. If you are under lockdown and can't even show your house to sell the current value us effectively $0. If they lift it tomorrow, it goes back to nearly what it was.

We won't know the real cost until 1-2 quarters after, but I predict rapid growth by 2 quarters after the 'all clear'.

Why? Massive demand. Wholesale inventories are about -2% over that last 9 months - i.e. entering the Wuhan Flu shutdowns we had already depleted wholesale inventories - they are going to be a lot further depleted in 2 months...and, manufacturers were already looking to move away from China. Now, a lot of that production, like pharmaceuticals and medical supplies, will be coming back to the Western Hemisphere...the economy is going to rip higher.

Interesting perspective...

One of us is going to be off.