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Sun Mar 22, 2020, 02:54 PM

The Economic Devastation Is Going to Be Worse Than You Think

The Economic Devastation Is Going to Be Worse Than You Think

https://www.theatlantic.com/politics/archive/2020/03/covid-19s-devastating-effects-jobs-and-businesses/608461/?utm_source=feed&fbclid=IwAR3jnsE9dm4oohJJrMGCo59lsj2Cy8TwPoh5QLcJE3wR92CHjEVvPYct32Q

“The coronavirus’s overwhelming toll on jobs and businesses has only just begun.”

My wife’s office in New York closed permanently on Friday.

Twenty years with the company.

They decided they’d close the office in an effort of short term solvency; and pick up the pieces after the storm.

I was laid off indefinitely as well on Friday. We went from a low six figure income to ZERO in a matter of hours on Friday.

We’re terrified. We have savings on our balance sheets for about three months paid in full. Beyond that; we’re not exactly sure.

We’re just one example of double income earners grinding to a screeching halt.

This will far outlive the virus.

Good luck out there; friends!

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Arrow 12 replies Author Time Post
Reply The Economic Devastation Is Going to Be Worse Than You Think (Original post)
EarthFirst Mar 2020 OP
getagrip_already Mar 2020 #1
EarthFirst Mar 2020 #5
getagrip_already Mar 2020 #6
Hoyt Mar 2020 #2
Wellstone ruled Mar 2020 #3
3Hotdogs Mar 2020 #4
safeinOhio Mar 2020 #8
3Hotdogs Mar 2020 #9
safeinOhio Mar 2020 #10
BBbats Mar 2020 #7
LineLineNew Reply ?
Skittles Mar 2020 #11
BBbats Mar 2020 #12

Response to EarthFirst (Original post)

Sun Mar 22, 2020, 03:06 PM

1. yeah, 4 out of 5 people in my household are out of work but luckily my wife is still working.....

It's a remote project anyway so it hasn't been impacted yet.

I am in the middle of an interview cycle and so far it's looking good. I got a good package but have to pay for cobra starting in april. That hurts. But at least we have health insurance.

The kids are out and haven't found any options yet, although I think are too shellshocked to look aggressively yet.

I'm actually close to retirement, and considered it, but with the markets collapsing the money we have invested could just disappear. Even cash accounts could get wiped out if the investment firm goes under. Nobodies 401k's are federally insured.

Could be working for a looooong time - if I can find work that is.

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Response to getagrip_already (Reply #1)

Sun Mar 22, 2020, 03:32 PM

5. Healthcare is our biggest hurdle...

We lose that in nine days as a result of my wife’s job status.

We’re younger; both 40.

We haven’t decided on Cobra just yet; it’s so outrageously expensive! However; so isn’t even a short term stay in any emergency type of situation.

Sigh.

Good luck; this is going to be extremely difficult for your age demographic facing retirement; we still have another twenty years to bounce back.

Good luck!

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Response to EarthFirst (Reply #5)

Sun Mar 22, 2020, 03:35 PM

6. yeah, cobra was quoted at $2300/month for our family of 4...

It's not really a luxury though when a single person can run up $100k in hospital bills without even trying.

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Response to EarthFirst (Original post)

Sun Mar 22, 2020, 03:14 PM

2. Quite sorry. Our government is not going to have much choice -- even among the right wingers --

but to provide mass assistance.

I really believe in a short amount of time this will result in our safety net -- healthcare, income assistance, education, etc. -- becoming much more like Scandinavian countries.

Not sure that assistance will make you whole, but it will help a lot. Take care.

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Response to EarthFirst (Original post)

Sun Mar 22, 2020, 03:23 PM

3. Well,we now have a

complete Supply Chain Collapse for necessary Food,and Pharma needs. Just In Time Inventory Replenishment works when there is not a Roadblock. Computerized ordering has now become the old fashion,call the Guy on the phone and find the choke point.

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Response to EarthFirst (Original post)

Sun Mar 22, 2020, 03:30 PM

4. We have a household income of mid 6 figures. All of it is in S.S. and defined benefit pensions.

House is paid off, car is paid off. I have 27k in credit card debt. When its paid off, I will not borrow again. All but one card has been cut up. The one card is kept for on-road emergencies and gas. I get 4% back on gas purchases.

My choice --- I can pay that off in 10 months That will save about 5k in interest. Or, I can pay the minimum but store up cash in case the economy really goes south.

Your thoughts?

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Response to 3Hotdogs (Reply #4)

Sun Mar 22, 2020, 03:53 PM

8. Split it. Pay off half and bank the rest.

What ever you do will be wrong. This way it’ll only be half wrong.

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Response to safeinOhio (Reply #8)

Sun Mar 22, 2020, 03:58 PM

9. Yeah, I guess that works.

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Response to 3Hotdogs (Reply #9)

Sun Mar 22, 2020, 05:51 PM

10. When tramp took office I sold off 1/2

my stocks. Mostly the more risker ones and kept the rest. Well, for 3 years it looked like I should have kept them. I was just a little early and now right back about where I started. A little ahead on the ones I sold. The others were high quality, good dividend stocks and have given me a little extra income in retirement. So, the "being half right" worked out well.

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Response to EarthFirst (Original post)

Sun Mar 22, 2020, 03:38 PM

7. It's only just beginning.

I'm a musician & I'm assuming that all my summer gigs are cancelled.
That's probably going to hold for the rest of the year at the very least.I also have a part-time job in a music store. That's going to shut down indefinitely.I recently bought a car to accommodate my gig schedule.Fortunately I don't have car payments but I do have monthly car insurance payments.
I'm lucky.Im old enough to get Social Security.Its enough to get by on.I do have a cheap rent but I've been informed that if I show any symptoms (Think I mentioned this in another post) I'm out.
Right now I have just enough cash to pay my phone,if I can find a place open to take my $$ & $10 to get me to next Friday when my SS drops.
That's OK. I have food, medicine & gas in the car.
A lot of people are a lot worse off then me.





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Response to BBbats (Reply #7)

Sun Mar 22, 2020, 09:31 PM

11. ?

is it in your lease agreement you can be kicked out if you are sick?

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Response to EarthFirst (Original post)

Mon Mar 23, 2020, 03:34 AM

12. It's not a lease deal

I live in a basement room of a private home.
They are scared. The wife is my advocate. Her husband's a good guy but I think he leans slightly right.They seem to think they're immune. I go into the big bad city & play in clubs & bars so he thinks I could be a carrier.They have been really nice to me lately. She's out of work,hes on a pension & the son's on disability. They're gonna need that rent money.


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