It won’t be good, spending will drop out of need and fear.
Plus now we’ll have x number of millions who are unemployed, no jobs and none in sight who now have no money at all.
Do people honestly think these folks are going to magically disappear?
Hardly... they will find food, money and goods for the family.
And to make matters worse its Christmas time to boot.
Its going to get ugly
Plus.....many will simply move to welfare and food stamps. It’s now a shell game. Who is better able to handle the cost? Already hard-presssed States or the Federal govt?
I am reading so many comments here in favor of never ending extended unemployment benefits, and Simply cannot believe that I am on a conservative website.
How is it that people think that borrowing the money to pay people who don’t work is a good thing? Do people understand 1.3 trillion in additional debt in one year? Do people want to stimulate the economy with borrowed money? In the long run that ends in disaster because at the very least taxes must be raised to pay for it(and that is no longer enough-as well as causing a further fall in the economy). It is a transfer of wealth. It is communal system. That is the same system that resulted in the death of over half of the pilgrims.
In this case however it is suicidal for another reason. We are so far in debt that we can never escape. It is going to swallow us up. In the long run the entire nation is going to be destitute because everyone reasons that because of hard times they are entitled to a handout at everyone else’s expense. Mortgage,Medical,Food,Cars,appliances, and a whole lot more. There is no end to the list.
We can keep borrowing, but eventually our ability to borrow is going to get cut off. And when it does there is going to be a sudden stop! We will end in a big bang. We will not even have Charity to help us then because we will be collectively broke. Even the Children not yet born.
The only question then is if we move into mad max or become a slave to our debtors.