One of the main reasons so many Americans are angry with the size of the “stimulus payments” in the COVID relief bill that Congress just passed is that this year has truly been a “financial disaster” for millions and millions of people.
More Americans than ever before are barely scratching month-to-month, and $ 600 just isn’t going to go very far.
In 2020, small businesses were slaughtered by the thousands, millions of Americans are in imminent danger of being evicted from their homes, and more than 70 million new claims for unemployment benefits have been filed since the start of the pandemic. COVID.
The United States has plunged into a brutal economic depression and most countries are desperate for the federal government to do more to bail them out.
Owen exposes the fraud rampant in 2020.
Of course, the truth is, we cannot afford another $ 900 billion “stimulus package” on top of all the other “stimulus packages” that have already been passed this year.
We are already $ 27.5 trillion in debt and all of this reckless spending is setting us on the path to hyperinflation.
But most Americans don’t really care that we are literally destroying our national finances. Most people are in desperate need of money, and the vast majority of them want government checks ASAP.
A just released OnePoll survey asked Americans about the current state of their finances, and that survey found that 55% of us consider this year to be “a personal financial disaster” …
While there is no doubt that 2020 has been an unprecedented health challenge, many do not lose sight of how devastating the year has been for their wallets as well. New survey finds more than half of Americans (55%) view 2020 as a personal financial disaster.
That’s more than half the country!
And for those who have jobs, that same survey found that 62% plan to take on a second job in 2021 to try to make ends meet …
Among those who are employed (59% overall), seven in 10 say they need an increase in their job to make ends meet. Sixty-two percent plan to take a second job in 2021 to meet their financial goals next year.
This number cannot be exact, can it?
Of course, there aren’t a lot of jobs to do. Already, there are millions upon millions of Americans who cannot find a “first job”. As I mentioned the other day, unemployed people sleep in garden chairs or sleep in their own vehicles, because that is all they can afford at the moment.
We haven’t seen anything like it since the Great Depression of the 1930s, and this latest wave of lockdowns is making matters even worse.
With so many Americans struggling financially, it’s no surprise that millions of households are falling behind on their rent and mortgage payments …
One in seven renters with a family income of $ 35,000 to $ 100,000 was out of date on their rent in November. The overwhelming majority of those tenants – 79.9% – are expected to face eviction within two months. Likewise, 9.6% of homeowners with a mortgage were out of date on their mortgage in November. And 56.1% of those homeowners expected them to be foreclosed within the next two months.
Congress continues to extend moratoriums on rents and mortgage payments, which have had devastating effects on homeowners and mortgage holders.
At some point, the moratoriums must end, and when that happens we will see a tsunami of evictions that will be absolutely unprecedented in US history.
Meanwhile, many Americans are running into deep debt in a desperate attempt to keep themselves financially afloat …
More than one-third of households with incomes between $ 35,000 and $ 100,000 borrowed credit cards, other loans, and friends and family to pay for their daily expenses in November. Soon, debt repayments will fall due, weighing on families who still suffer from long-term unemployment and additional health care costs. This could mean higher credit default rates as well as spillover from economic hardship to other households, from which people borrow to pay their bills.
If economic conditions were to “return to normal” in 2021, most Americans would be able to weather this financial storm as they did in 2008 and 2009.
But things won’t get back to normal next year.
Instead, this new wave of lockdowns will shut down thousands of other businesses and force millions more Americans into unemployment.
What we are doing to our small businesses is absolutely criminal. At this point, small business revenues are down more than 32% nationally since January …
Small business incomes have also been affected nationally. The national average is a 32.1% drop in small business revenues since January. Washington DC suffered the nation’s worst loss at 61.6%. Small businesses in Oregon lost 16.3%. Small businesses in Illinois have seen their revenues decline 39.2% since January.
Every day more and more small businesses are closing their stores for good.
Millions of hopes and dreams have been brutally dashed, and there is nothing our politicians can say or do to bring these businesses back to life.
If you’ve lost a business or job this year, it would definitely be one of the “personal financial disasters” of 2020.
And as you have seen in this article, you are far from alone.
Most of the nation is in deep pain and the road ahead will only get more difficult.
In the short term, the federal government’s “stimulus payments” are sure to help tens of millions of delinquent Americans.
But of course, every extra dollar our government borrows and spends only makes our problems worse in the long run.
A national economic crisis has started and our politicians will try many things to mitigate the damage, but all of their “solutions” will only be useful temporarily.
It will be an extremely dark chapter for America, but most Americans still do not understand the true nature of the crisis unfolding all around us right now.
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