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Things apparently aren't all doom and gloom for all American households. Many have used this covid-19 induced recession to sort themselves out financially. Bank balances are going up, debt levels going down, and in general for many a general reassessment of their household economics.
See? There's good in everything if you but look for it.
COVID has caused the income gap to widely expand. Wealthy people have made millions (stock market), plus people who had not lost their jobs still got stimulus money (hence bank balances going up). On the other side of America, people are filing bankruptcy, waiting in food lines and facing eviction.
how does it help the bottom?
They are the ones in low pay jobs and cant work at home,if they still have a job.
the average rent in arrear renters who cant pay is $5200.
This is what they are expected to pay their landlord,but how do you make them pay?
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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How's the airline, travel, restaurant, entertainment, rental property owner, and movie business?
(There are a lot of businesses going broke now and very soon.)
Home improvements = gang busters. Neighbor and friend is retired Gov Employee (on pension) @ Lowes and made 10x normal salary on stock options and trades this yr.
Exactly.
My wife and I are in the finically “better off” segment.
Well, except for the annoying [do you want to live to spend the money] Covid restrictions.
it mostly the same people who were struggling before Covid are struggling today. Majority of these people will struggle their whole lives. So many non-contributors.
I'm in the category of "have nots" and my husband is the "haves". I had a job of walking dogs and pet sitting and made about $30k and I lost my job when the "haves" (aka: tech employees and their children) were sent home from Covid. I don't struggle because of my marriage, but many in my field aren't married or have spouses that work in other fields heavily impacted by Covid such as those in hospitality or entertainment.
Not really fair to call them non-contributors.
Honestly, my husband is one of those highly paid Amazon managers and his job, like the overwhelming majority of his kind, is to provide you with more stupid, non-productive, non-essential, sensory-masturbation content.
We totally live in two Americas... don't make the mistake of overvaluing one and undermining the other....
COVID has caused the income gap to widely expand. Wealthy people have made millions (stock market), plus people who had not lost their jobs still got stimulus money (hence bank balances going up). On the other side of America, people are filing bankruptcy, waiting in food lines and facing eviction.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by skeddy
it mostly the same people who were struggling before Covid are struggling today. Majority of these people will struggle their whole lives. So many non-contributors.
From what I have seen it's the same as usual, but Covid has just expanded the effect both directions. Those that struggled before are struggling a lot more, those that were doing really well before are doing even better. Those that are neither benefiting nor struggling are in the middle of middle class, decent jobs not affected but still having to commute to the place of work.
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