The Pandemic's Devastation of the World Economy

a reply to: toktaylor

I'll give you an example of why the majority have little or none.

Right now, there is a moratorium on paying rent in many places. I see reminders in many of the newsletters I am proofing right now for my job that renters do not have to pay until a state of emergency is lifted, but they are still responsible for that rent. Basically, the total will come due as soon as the emergency is over.

So they aren't getting months of free rent, but I'd be willing to bet you that many are taking it that way, not because they couldn't pay rent but because they think moratorium means rent forgiveness. And when the bill comes due, they'll cry as hard as the ones who actually don't have any choice because they really are out of work and need to choose between food or rent and have some excuse. They simply decide not to pay and don't save the money.

In short, people don't know how to handle their money.

You could evenly distribute the money and it would take very long before you'd have a similar wealth distribution because some would spend it all in stupid ways and pretty quickly have jack all over again while others would once again make smart choices and grow the resources they have into more.

a reply to: ketsuko
You are not in touch with reality. This pandemic has taught us that the vast majority lives from hand to mouth. Little or no savings, not because of mismanagement but due to basic survival. When people gets a moratorium because of hardship then that money is expected to go towards food. What is happening is people getting laid off or salary cut, oftentimes because business owners, board member, are not prepared for any drop in their profit.
That being said, the biggest fear for a change in the economy is the CHANGE. Rich and the affluent are not prepared to give up their status quo, after all, rich people needs the poor to be relevant. Therefore the fear of giving up that lifestyle is paramount. They would prefer for millions to lose their lives to maintain it.

a reply to: ketsuko

yep this sums up my experience with my two sets of tenants i had told them per the order to not worry about rent tell their unemployment/stimulus money came in but that while they didnt need to worry about it now it would be due as soon as governors edict expired

tenant's set a just left all their stuff here and abandoned the property and have moved to az thinking i wont still want rent,and had their mom sneak into my house to get their stimulus check that got mailed vs direct deposit( i legit would have brought it to them if they asked me when i was down in az rescuing those dogs) . the repo people show up tomorrow to pick up his jeep he stopped paying on and rent a center is repoing their bed set they bought and then just stopped paying for think they show up Friday

tennant B was absolutely flabbergasted that i told him once governors order is lifted on the 24th i expect the 3 months of rent (200 a month lol not like i was gouging him) but he figured buying a used 1998 s-10 with 210k miles on it was a better use of his money(it all ready threw a rod) . so absolutely right some people just don't know how to manage their finances