Right now, the focus of FutureMoneyTrends.com is to make sure all readers are as UPDATED as possible on the Covid-19 pandemic.
The shutdown of the economy has hit those at the bottom of the income scale the hardest. Too many are out of work and the stimulus money went to bi corporations instead of low-income Americans just trying to get by and feed their families.
The $1200 stimulus checks were nothing more than a Band-Aid, and a very small one placed over a gaping wound. More than 130 million stimulus checks are in circulation, finding their way to average Americans. But that small amount of money will not even cover rent or a mortgage for some, let alone allow for the purchase of food.
LendingTree analyzed income data in the 98 cities with the highest number of families per capita to determine their monthly expenses and estimate how much of a household’s monthly expenses $3,400 in economic impact payments would cover. That is two $1,200 stimulus checks, plus $500 each for two dependents. This would cover about 45% of one month’s average budget.
This is where it comes in handy to know how to cut your expenses. Deep cuts many need to be made. Such as cancelling cable television and reducing electricity use. Conserve where you can. The average monthly budget for a two-parent household with two children is $7,531.
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With nearly 35 million Americans now out of work with no income, rent and mortgages will likely not be paid on time, or at all. Those property owners will be out of income too and the entire system begins to crumble and unravel.
In total, U.S. workers have lost $1.3 trillion in income, amounting to a median of nearly $9,000 per worker, according to research published Tuesday by the Society for Human Resource Management and Oxford Economics. Some 20% of the loss, or $260 billion, represents workers who remained employed. These workers either accepted a lower pay or reduced hours.
At this point, there may be little that can be done to stop the destruction of the dollar, hyperinflation, and an economic depression.
You can protect yourself though. But gold or silver. Maybe buy some crypto currency to help protect your wealth. Other than that, it is too late for any real help to come to most Americans. The wealth transfer from the poorest to those at the top who control the entire system and rigged the game is almost complete. The next step is to buy up all the property and homes at depressed prices from those put out of work by the politicians they voted for.
We live in strange times and they are about to get stranger. Keep your eyes open, stay focused, and do not let the fear overwhelm your ability to reason. That’s how we can all get through this with as minimal financial scarring as possible.
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