@DownIsTheNewUp ,
Last night during Trumps daily update to the nation he mentioned about how great the economy was under him and how much wages have gone up under him. And we need to pass this stimulus to keep the big businesses operating so they can continue to pay those employee's the higher wages. The republicans figure that giving large checks to big business will keep employees on the payroll while they are operating at a loss. I really doubt we can have faith that many companies will do this. If their expenses are greater than their income they will make adjustments. No doubt about it. We will likely get stock buy back again like after the stimulus package during the recession driving up stock value and landing executives with fat bonuses.
I could not understand where in the life of me he things wages have gone up. All the data shows that middle class / working class wages have been stagnant for the last 40 years. On top fo that, after the recession many of the jobs that Millennials are working have actually seen a pay decline.
The vast wage increases he was talking about really was only for the top 1%.
Also, the boomers and the top 1% have likely accumulated enough savings to get through this. The younger population has not, especially those riddle with student loan debt.
One thing I have been asking the last week or so is why are Mortgages payments being suspended by various states but the same treatment has not been applied to rent? Again this relief favors boomers, people who have accumulated wealth and own property. It provides no relief to the renters.
One governor gave the answer today in an interview with CNN. The hope is that by suspending mortgage payments it will encourage landlords and property management companies to pass the savings along to renters or make them more willing to work with renters as we all go through this hard time.
The problem is that will will not happen unless landlords and property management companies are ordered to do so.
Large property management companies all have policies that rent is non negotiable. Mine does. Rent will still be due at the first of the month every month. If someone loses their income during this time they are encouraged to apply for unemployment. The rate of rent is not negotiable. They will not work with you because if they work with one person then they legally have to work with everyone.
When it comes to individuals who are landlords to a unit or a few properties they are much more lenient. I had a discussion with one today. He said he is willing to work with his renters. But eventually they will have to make up the missed payments. Otherwise he looses money. Those mortgage payments will still be due at the end of the mortgage. When I tried to make the argument that well, at that time you will have a renter coving the cost of those mortgage payments then like previous rent payments have paid for the mortgage. To the answer of that was no, that still costs me money. Because the mortgage could have been paid off earlier if mortgage payments weren't suspended and deferred.
