The multitrillion-dollar patchwork of federal and state relief programs has not kept bills from piling up or prevented long lines at food banks. But it has mitigated the damage. Now the expiration of those programs represents a cliff that many Americans and the economy are hurtling toward.
The $1,200 checks are long gone, at least for those who needed them most, with little imminent prospect for a second round. The lending program that helped millions of small businesses keep workers on the payroll will wind down if Congress does not extend it. Eviction moratoriums that are keeping people in their homes are expiring in many cities.
And the $600 per week in extra unemployment benefits that have allowed tens of millions of laid-off workers to pay rent and buy groceries will expire at the end of July…
RTFA. Every spare economist can make a buck, right now, forecasting a quick revival of our economy. Some don’t.
Thank you to Barry Ritholtz‘ for the link to the 538 post…and the late Jay Gorney for being a helluva musician and composer.