In this week’s Off The Cuff podcast, Chris and Mish Shedlock discuss:
- An escapee from Illinois tells all
- Covid-19 is permanently changing household behavior
- A boom for the rich; a depression for the rest of us
- Is it now crunch-time?
As the dust continues to settle from the mad scramble by our “leaders” to deal with the coronavirus pandemic, it’s becoming clearer and clear that the unprecedented monetary and fiscal “rescue” stimulus served to make the already-wealthy a whole lot richer while the remaining 99% of America took it squarely on the chin.
And now that the scant money for Main Street has flowed to a trickle, Mish thinks that the bucket of consequences can’t be kicked down the road for much longer. Households are starting to run out of money, and once that happens on a large enough scale, the simmering resentment across the country is due to boil over:
The $600 stimulus checks ran out on July 25th. By my count, we’ve missed three checks going on four. This is real money that 17 million people, roughly, are not collecting any state benefits and only collecting pandemic assistance Some of these people might be working part-time, but some of them aren’t, so I’m going to guess 10 million now have really no income at all coming in.
How are these people paying their bills right now?
And of course, the numbers are showing that a record number of people aren’t.
by lisaislove