Back in December of 2019 an unknown virus started spreading in China. Within a few months this virus was in the United States and just about everywhere else in the world. Coronavirus or COVID-19, has been affecting everyone and everything.
Laying people off is leaving millions of people left struggling. We are at the record high of Americans filing unemployment, reaching 3.3 million people.
Compared to last years number of a little over 200,000. This high number is doing a lot to our economy, businesses are having trouble and people all around the country are getting worried about whether or not they will be able to pay their bills. Through these times, stocks have been down, and businesses are closing, leaving workers left by themselves.
Without jobs and people filing unemployment, people are struggling to pay their rent and mortgage. Businesses are being shut down across the country, making it hard for those small business owners to make their ends meet. Many people are suggesting going on a rent strike. Not paying their rent or mortgage.
This will affect the landlords as they will not be getting paid and will be among those who are struggling. Parents together, an organization is calling Congress to suspend rent and mortgages.
Doing this will help many Americans, especially those who have been laid off and forced to filing unemployment.
Although, this might seem as if it is a good plan there are downsides too. If the government puts a hold on rent paying then this could cause future problems. This could take away the motivation in Americans to save for rent and mortgages.
If people just stop saving for their bills then once things become normal again they will continue to struggle with paying things due to them not saving. We are going to see a lot of changes being done to our economy.
Things are going down right now as you can tell but, soon they will be going back up. The government just passed a $2 trillion recovery bill. This bill will send a $1200 check to all individuals who make less than $75,000 a year. On top of this there will be an additional $500 for each child. However, $1200 isn’t enough to pay your rent or mortgage. So, even with that check and people being laid off, struggling to pay bills will remain an issue.
We have seen a lot of changes so far in the last few months. People losing jobs, people not being able to pay rent or mortgages, and a lot more.
We are still fairly early on into this pandemic so we do not know what else there is to come. Our economy is changing just about every day and we just need to keep calm and help each other. America has gone through times like this before and we got through it so we will get through this one too. Although people are having financial issues, the government is doing their best to keep things stable.