What do you think?

[sexymaid_69]

The current pandemic is already creating an economic crisis in the country.
People are losing their homes through evictions in spite of the government orders in place, the food banks are starting to get more and more people who need help to get through this and I'm already seeing some local small businesses announcing that they're closing permanently because they can't recover from the closures.

Are we going to prove the theory that being without a paycheck or two WILL force thousands of people into poverty.??

What do you think will be the results of this when it's all said and done??

[Jacuzzme]

It’ll prove that many people are stupid, and live off debt way above their means. Maybe this will wise them up to start living responsibly and schools will make Dave Ramsey required reading. Anyone who has read and practices his teachings is at home enjoying time with their families, not worrying about their Escalade getting repossessed.

[DrivesAllDay]

I'm not worried. My job can only be gotten rid of if we destroy every single computer & go back to the stone age.

[obnoxiousram]

There are a lot of people who barely had any savings to begin with. When this all started my house I want to sell in upstate NY was under contract and the state shutdown home showings and open houses to enforce the quarantine. Then last week after my buyer's lender was finally able to get set up at home to work, it wasn't long after even when my buyer dipped into their retirement for down payment, their loan for a mortgage was declined. I pumped over 5k of my own money that I needed right now to get the house up to codes. And to make matters worse, my realtor never returned phone calls about the property because it was under contract. And then 2 days later, my landlord was looking for her money here.

[bambino]

Originally Posted by Jacuzzme

It’ll prove that many people are stupid, and live off debt way above their means. Maybe this will wise them up to start living responsibly and schools will make Dave Ramsey required reading. Anyone who has read and practices his teachings is at home enjoying time with their families, not worrying about their Escalade getting repossessed.

Easier said than done. While there are people as you describe, many do live paycheck to paycheck because they earn barely enough get by. They don’t have Escalade’s. I feel for those folks. But the ones who won’t be able to pay their country club dues, not so much.

[berryberry]

Originally Posted by Jacuzzme

It’ll prove that many people are stupid, and live off debt way above their means. Maybe this will wise them up to start living responsibly and schools will make Dave Ramsey required reading. Anyone who has read and practices his teachings is at home enjoying time with their families, not worrying about their Escalade getting repossessed.

There are some who live paycheck to paycheck out of necessity because they earn very little. There are others who live paycheck to paycheck because they don't save and instead overspend. I have no sympathy for the latter group

[sexymaid_69]

I have a very dear friend whom I've known most of my life who during discussions about poverty usually makes the remark that "poverty sucks!"

I just have to keep a straight face while I laugh on the inside.
His idea of poverty was life before the full trust fund was released and his parents made him settle for a used plane.

[starway]

I suspect we are heading into rough times for many in our society. Many don't have sufficient savings to get through their new found unemployment. I think thats where the collapse for many will come. Unemployment will help for a time, but that will run out. I think people will need to get comfortable being underemployed also. We've already started to see economic contraction. It will be interesting to see if we can pull out of that, or if we will go into a deep cycle downward. Not sure how long we can continue social distancing due to longer term economic impacts.

A few years ago I was unemployed for a year, but I had savings to live from and unemployment. But it exposed flows in my own finances. Since then I have been working hard to pay down debt.

[tannana]

Originally Posted by starway

Not sure how long we can continue social distancing due to longer term economic impacts.

People with money aren't subject to this kind of "trade mom's life for a job" stuff.


Or, you can re-open restaurants and sports arenas and shows and that kind of thing. Only people who aren't smart enough to price that risk or who have to are gonna go. I won't step foot in, say, a hockey game until we know that antibodies stick and I have them, that there's a rigorous testings and contact tracing regime, or I'm vaccinated.



Americans generally believe that debt and the ability to service that is what financial well being looks like. What you are seeing now is a manifestation of that. The folks who build wealth, live below their means, etc at all income levels are having all manner of problems right now but money ain't one. I have no sympathy for anyone making ends meet plus a dollar a month. If they spent the buck a month rather than saving or investing it? No sympathy.


I include businesses like airlines (in part), hotels, and all the other deadbeat businesses begging for handouts in a similar vein.

[1pittsburgh]

Originally Posted by bambino

Easier said than done. While there are people as you describe, many do live paycheck to paycheck because they earn barely enough get by. They don’t have Escalade’s. I feel for those folks. But the ones who won’t be able to pay their country club dues, not so much.

We're in agreement on that.

[bambino]

Originally Posted by 1pittsburgh

We're in agreement on that.

Good