When It Is All Over, There Will Be A Huge Bill To Pay.

The more I hear, about the business closings, cancellations and “requesting” of people staying home, I can’t stop thinking about what life is going to be like when we get through the virus, be it a few months, or much longer.
I know even the president is talking about a recession. Ok, I think we will be lucky if it is just a recession.
We have the stock market completely tanking.
People can’t pay their bills if they no longer have a job.
So, we may already have water companies turning water back on, and we will probably have electric companies suspending bills for a month or two. We may even have mortgage companies and rental companies doing the same thing. Hell may freeze over and even the banks and credit card companies may do this as well.
The fed will be pumping money into the economy. We are going to extend unemployment.

Let’s say it all happens.
Does the general public not realize, that the bill WILL come due? How are we going to pay for all of this? Because we will be paying for it eventually.
I can see mortgage companies, just tacking those missed payments on the end of your loan.
Electric and other utilities can just raise you payment per month, until it is paid off.
But what about the big stuff?
Well, so much for that decrease in your federal taxes. I can see that going up even higher, along with your state taxes.
Don’t get me wrong. People need help now, and I am glad they are getting it. But people need to realize, we will be paying for it.
I fear, for a long, long time.
I want us all to get through this, as healthy and safe as we can. But having had my own "financial" crisis, not that long ago, it's been on my mind since they started shutting things down.

I'm sure I've missed some important issues, as I'm not an economist. Let me know what I've missed.

a reply to: chiefsmom

What bills???

Sister, they just tanked the economy within less than 5 days.

Introduce QE 2020

Done.

a reply to: chiefsmom

I fear this whole manufactured panic is going to change the lives of people in the Western world in even more extreme ways than 9/11 did.

Hard to tell as of yet exactly what that will be, but I believe we are seeing the biggest historical moment of our lifetimes unfolding.....and it's all a puppet show.

And yet, when life came to a grinding halt in 1918, things sort of just gradually picked back up again where they left off ...

a reply to: ketsuko

And it will this time too.

a reply to: ketsuko

And I really hope it does this time.
But we just have such a debt driven society now. Everything on credit. Few people know not to overspend. Including some businesses.

LOL, my own problems scared me more, or woke me up to this, more than I thought I guess.

"Weaponized" has a whole new meaning.....

It will be a huge boom economy, like after WWII.

a reply to: Deny Arrogance

Ok, so does that mean that companies like the utilities will wait a bit? And the taxes?

Sorry, don't know much about how it sprung back after the war.
The technicalities of economics are not my friends.

Mitt Romney is wanting to give every American $1000 and Ted Cruz is backing some of AOC’s policies.

Link

This may really be the end of the world.

Nothing says "I hate you" like throwing your fellow man unded the bus, mobbing stores, gas stations, arming and barricading. Real or immagined. And this will long be remembered. The toilet paper hoarders, those emptying shelves, those buying guns and hoarding ammo. 'Handing tickets out for God" churches allowing members only with a ticket.... turning 'Dog eat dog' and exchanging recipies...lol... No there is No humor here, just a sad realization how savage we really have become. Are we worse than animals ? Perhaps we could learn something from them again. TRUST has escaped us collectivly

originally posted by: underwerks
Mitt Romney is wanting to give every American $1000 and Ted Cruz is backing some of AOC’s policies.

Link

This may really be the end of the world.

When our politicians agree you know we might really be boned.

a reply to: Plotus

how savage we really have become

Some humans have always been savage creatures.

Just look at history.

a reply to: Deny Arrogance

I think that there will be a 2009 style recession before things boom.

And that recession will depend on how many people die from this illness. If the death toll is low then it will be short.

But if the death toll is high. You’ll be seeing a lot of home foreclosures. That can lead to a bunch of banks failing. With FDIC coming in to take all the REO assets from failed banks to sell. That means housing prices going down as there is a glut of homes on the market. That will stall construction too. Lots of people losing jobs in that industry.
Insurance companies and anything else that takes a monthly payment will be hit too. Layoffs will climb and that jobless rate will climb again.

It’s gonna be rough for a while.

a reply to: underwerks

Well, if he does, I'll just hold on to mine, so I can give it back later when they ask for it.

a reply to: underwerks

I fully expect that $1k/m to happen. Especially now that Trump is saying there may be a quarantine till July - august. And San Fran going into 24hr lockdown now for the next 3 weeks.

a reply to: grey580

Well, I am thankful, that I am now in an industry, that will literally have to work through it, as we do right now. Things will be tight, but I got used to that real quick when I was laid off.

I am hoping for very few more deaths for everywhere anyway, no matter the latter effects. But a short recession would be nice, if we have to have one.

a reply to: chiefsmom

yeah, we will have to answer to God

originally posted by: Bluntone22

originally posted by: underwerks
Mitt Romney is wanting to give every American $1000 and Ted Cruz is backing some of AOC’s policies.

Link

This may really be the end of the world.

When our politicians agree you know we might really be boned.

Was thinking the same thing ...but its not a bad idea with so many people out of work, service industry waiters bartenders have got to be getting slammed and they would be deep into the March Madness so many businesses losing money they can't recoup

originally posted by: Bluntone22

originally posted by: underwerks
Mitt Romney is wanting to give every American $1000 and Ted Cruz is backing some of AOC’s policies.

Link

This may really be the end of the world.

When our politicians agree you know we might really be boned.

Seriously. More than anything that’s a sign that the end is near.