This is how Americans down on their luck are treated. There is no mercy. Just greed. And only the crooks thrive. And one of them is in the White House. The wealthy in America get unlimited bailouts. If you are a homeowner who, due to no fault of their own, you get nothing but kicked to the curveside.
This might be the most evil example of what is happening to Americans due to no fault of their own. But millions of our fellow citizens await a similar fate:
Millions of Americans who have missed rent payments due to the coronavirus pandemic could be at risk of being evicted in the coming months unless government measures to protect them are extended, economists and housing experts say.
As the economic fallout from the coronavirus pandemic continues, almost one-third of U.S. households, 32%, have not made their full housing payments for July yet, according to a survey by Apartment List, an online rental platform.
About 19% of Americans made no housing payment at all during the first week of the month, and 13% paid only a portion of their rent or mortgage.
That’s the fourth month in a row that a “historically high” number of households were unable to pay their housing bill on time and in full, up from 30% in June and 31% in May. Renters, low-income and younger households were most likely to miss their payments, Apartment List found.
U.S. Treasury Secretary Steven Mnuchin on Monday said the Trump administration and Congress could reach an agreement on further economic relief amid the novel coronavirus pandemic as soon as this week if Democrats are “reasonable.”
There is no indication that the politicians have a clue on how to fight Covid or save the economy. As a result Americans are going hungry and cannot pay their rent. Meanwhile Washington twiddles it’s thumbs. Corporate greed has wiped out the economy. There is nothing left of value.
And then the stock market is going to crash. Because it was a bubble all along. How can you have a stock market that keeps going up despite catastrophe everywhere:
Yet it would appear that disaster is looming for equities.
Though Wall Street and Main Street aren’t attached at the hip, three economic indicators would suggest that the stock market is in very big trouble and headed for a crash.
Donald Trump was ecstatic Friday when he held a news conference to celebrate a 13% unemployment rate for the month of May. Even though that number is still the worst since the Great Depression. He needed something to positive to talk about. Trump has had nothing but bad news lately. Problem is it’s all a mirage. Things have not gotten better:
The actual jobs report appeared later in the day and it did say that the unemployment rate was 13.3%. But it also said that the BLS and the Census Bureau were investigating a “misclassification error” around workers sidelined by the coronavirus pandemic. The truth is that the actual unemployment rate was around 16.3%.
The problem was that the the surveys used for the jobs reports polled employers about jobs and put a large number of people into the category of being absent from work for “other reasons.” In this case, the reason was that companies had shut down or cut back because of the pandemic and related impacts. However, that category of “other reasons” is normally used for workers who are essentially taking some uncategorized form of leave. It’s used for people who are on jury duty or taking personal time off to deal with a family crisis. These people are still counted as being employed.
But in this case, that same category was used for people who had genuinely been let go due to the downturn caused by the COVID-19 crisis.
While many Americans are facing financial hardship due to the coronavirus outbreak, US billionaires saw a boost in net worth in the first two months of the pandemic, according to a new report.
According to the report, published on Thursday by the left-leaning think tanks Americans for Tax Fairness and the Institute for Policy Studies, the total net worth of all US billionaires got a $434 billion boost since March 19, when many US states were placed on lockdown.
…In total, the roughly 600 US billionaires saw their wealth grow from $2.948 trillion to $3.382 trillion within the past two months.