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A cash cliff spells trouble for U.S. unemployed, and everyone else
Posted by: Steve G.
Date: June 29, 2020 10:16AM
Don't worry, the rich guys still have their benefits..further fueling the super-sugar-high stock market

A cash cliff spells trouble for U.S. unemployed, and everyone else
[www.reuters.com]

a cash cliff millions of Americans face this summer as the emergency benefits — which lifted U.S. consumer incomes by a record 10.8% in April — expire. The loss of that safety net looms in the weeks ahead, well before a sustained recovery is likely to take hold from the sudden and deep recession brought on by the novel coronavirus. Personal income dropped 4.2% in May, data Friday showed.

The $600 supplement Congress added to weekly unemployment benefits is due to expire July 31.

Without new support, recipients face a substantial loss of income - particularly devastating for those like the Ramirez family who worked in hard-hit sectors like hospitality where new jobs are scarce. During high unemployment and a still-raging pandemic, the end of enhanced jobless benefits could drag on consumer spending, set off a wave of missed rent and mortgage payments and translate to a slower recovery, economists said.
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Households across the board slashed spending as coronavirus-related restrictions began in March. But after the government began issuing stimulus checks, lower-income households resumed spending much faster than higher income households, with much of the cash going to basics like utilities and groceries, said Michael Stepner of Harvard University’s Opportunity Insights. Outlays by low-income households are now only about 3% below pre-crisis levels, versus minus 13% for high-income households.
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Re: A cash cliff spells trouble for U.S. unemployed, and everyone else
Posted by: JoeH
Date: June 29, 2020 11:13AM
Yeah, a friend has been told he and other workers in his department will probably be furloughed for a week or two later this year by the city he works for. Without the waiving of the one week before benefits can be claimed and the $600 extra payment he will be hurting a bit for cash then.
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Re: A cash cliff spells trouble for U.S. unemployed, and everyone else
Posted by: Speedy
Date: June 29, 2020 11:14AM
Yes, it should prove interesting as the economy goes off a cliff shortly thereafter.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.
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Re: A cash cliff spells trouble for U.S. unemployed, and everyone else
Posted by: pdq
Date: June 29, 2020 11:14AM
IIRC, McConnell has already declared he's done giving cash to those undeserving unemployed folks.

He may have a sudden conversion if the news starts showing folks being turned out on to the streets and Cheeto's numbers don't improve.
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Re: A cash cliff spells trouble for U.S. unemployed, and everyone else
Posted by: NewtonMP2100
Date: June 29, 2020 11:17AM
.....son of a....Mitch.....



_____________________________________

I reject your reality and substitute my own!
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Re: A cash cliff spells trouble for U.S. unemployed, and everyone else
Posted by: bfd
Date: June 29, 2020 01:51PM
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Re: A cash cliff spells trouble for U.S. unemployed, and everyone else
Posted by: Blankity Blank
Date: June 30, 2020 02:06AM
I have very much been wondering if many businesses haven’t bee looking at this as a prime opportunity to claw back some of the gains made by workers in recent times.

There’s a whole new pool of desperate for work unemployed, less able to hold out for jobs with decent, full time hours, decent working conditions, decent benefits.

Certainly there’s been some short term pain, with the balm of government cushioning, but as always, they’re looking for some kind of upside.
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