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I've seen this 43 million number floating about recently, and from what I can tell they arrived at it by just stating the total number of people in households covered by the CARES Act moratorium on evictions from fed subsidized housing. It's not an actual total of Americans who are likely to be evicted since it's not making any attempt to determine if these 43 million are behind on rent or have had eviction processes put on hold due to the moratorium.
One could in fact state that 43 million Americans were at risk of being homeless before COVID crisis hit USA, since it was probably about same number of Americans in fed subsidized housing before the CARES act existed. By extension, might as well say all renters in USA are at risk of being homeless since we're just taking raw totals, hell folks fall behind on mortgages too so maybe 330 million Americans are at risk of becoming homeless. Of course we're also running free with the word "homeless" because being evicted is not the same thing as becoming homeless.
Are more people struggling during this crisis? Sure! Has the moratorium protected many from eviction? Absolutely. Might there be a sudden surge of evictions due to lack of protection? You bet.
However this 43 million number is about worthless, other than for scary headlines and thread titles.
It’s the propaganda of the day. It’s pure garbage. Even the example in this article, the single mom who had 2 kids and lost her home. She worked at a restaurant. Did she really lose her home from covid? Or can you just not support 3 people and be a home owner in that job path? Or the single lady with 8 kids. Is that really a covid caused issue?
It’s just like they keep saying that of the $600 extra federal unemployment expires, it’s a 60% cut in their pay. Well, most of the people didn’t make that before. We should compare to what they made before not what they made during extra ordinary stimulus environments. Hell, my sister is a part time nurse who I’d guess makes 1100 to 1300 net and she enjoyed the summer off and basically said to hell with it, I can make $900 to sit at home until they call me back.
We also can’t get to what ever the new terrible actual unemployment will be (probably 16%??) without actually giving people incentive to go back to work.
Understandably, very few people want to go back to work and make 300 when they can make 900 sitting at home.
We need to find the real rate before we keep tossing money around.
You really don't know where I get my numbers? The source is clearly printed is on every one of those charts.
Either way, an absolute number like you're referencing isn't as useful when you have an expanding population and economy, absent of other facts it would set a record every year without indicating any expansion of credit usage of defaults.
My guess is inflated asset valuations like home prices distort your charts and probably distorts 2010 or so the other way. Because its pretty obvious that people are just overburdened with debt now as 2008. At least middle income and lower.
My guess is inflated asset valuations like home prices distort your charts and probably distorts 2010 or so the other way. Because its pretty obvious that people are just overburdened with debt now as 2008. At least middle income and lower.
Obvious being your anecdotal observations?
Household debt service as percentage of income is also fairly low by historical standards. I just don't see much to support all this clamor about everyone being maxed out.
"Eastman Kodak Co. has won a $765 million government loan under the Defense Production Act, the first of its kind."
Actually this was one of Trump's greatest moves, not that you would give him credit. Kodak will be using this money to covert their manufacturing into domestic pharmaceuticals so we can buy them here rather than from our enemy China.
As for helping the people that have been put out of work because of this goverment power grab -- I'm with you there.
Household debt service as percentage of income is also fairly low by historical standards. I just don't see much to support all this clamor about everyone being maxed out.
You have to dig deeper and look at it from different income levels.
That was the big problem with our economy before the pandemic. It was propped up with credit. With people extending themselves and barely getting by during good times. We cannot continue to sustain that. And we need to bail these people out so they can keep making their monthly payments so that those at the very top do not lose one red cent?
I know taxes are going to go way up. And I will have to subsidize all the people and corporations who maxed out their credit, made bad decision and now have to be bailed out by the government. And yet what do I get as a responsible American who did everything right and does not need financial help? A bigger tax bill.
So at whom, exactly, is your ire directed?
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