Millions of households are braced for a sudden loss of income as President Donald Trump admits that there 'may be' a recession because of the coronavirus pandemic.
As America looks set to enter a deep recession because of the coronavirus pandemic, the sudden and dramatic economic shock leaves many households and small businesses on the brink of financial crisis.as measures to mitigate the coronavirus pandemic choke the domestic and global economies. Trump said the U.S."may be" heading for recession, which includes mailing checks to American households and cash support for businesses, to prop up the economy until the pandemic clears.
A fifth of adults had major, unexpected medical bills to pay in the prior year—and a quarter"skipped necessary medical care in 2018 because they were unable to afford the cost," the Fed report said. "Student loans are a big area of concern," Wang continued."Debt levels have continued unabated for decades, and it's now the second largest form of consumer debt. Delinquency rates on student loans have been elevated for most of the last decade, and are the highest of any form of consumer debt."
And Household Financial Obligations as a percent of Disposable Personal Income, which reflects the portion of a household's disposable income that goes on the likes of debt repayments, is at 15 percent. Entering the financial crisis it was 18.1 percent. And 64 percent had faced financial challenges in the previous 12 months. Of those, 40 percent struggled to pay operating expenses and 27 percent had difficulty making payments on debt.
Many people will suffer because of the recession, but some significantly more than others. Wilcox said the effects of the coming recession will not be distributed equally among the population and it is the underprivileged who will suffer first and most.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
The White House wants to give you $1,000. Here's how it could workThe Trump administration proposed mailing out checks of up to $1,000 to American adults to quickly pump hundreds of billions of dollars into the economy, which is being negatively impacted by coronavirus. Here’s how they could do it:
Consulte Mais informação »
Coronavirus: NY governor is worried hospitals will run out of beds - Business Insider'We're going to have a real problem': New York's governor warns that the coronavirus pandemic could overwhelm hospitals
Consulte Mais informação »
Senators push to let every American vote by mail as coronavirus keeps people at home“The best way to ensure that this virus doesn’t keep people from the ballot box is to bring the ballot box to them. We must allow every American the ability to vote by mail,” 2 senators wrote in an op-ed.
Consulte Mais informação »
The US economy is already mired in a coronavirus-sourced recession, UCLA economists say | Markets InsiderThe US is already in the throes of a coronavirus-related recession that will last into September, economists at UCLA's Anderson School of Manage...
Consulte Mais informação »
Coronavirus has plunged the world into a recession, according to S&PThe coronavirus outbreak has plunged the world's economy into a global recession, according to S&P Global. The credit-rating agency says the virus has severely disrupted economic activity and the damage is about to get worse in the US and Europe.
Consulte Mais informação »
'I don't see how we're going to avoid having a recession,' says former Fed advisor as coronavirus outbreak persistsEven if every American is given $1,000 to ride out the coronavirus crisis, it's still going to be difficult for the U.S. economy to stay afloat, said Andrew Levin, a former special advisor to the Federal Reserve Board.
Consulte Mais informação »