For many people, monthly bills are due soon: rent, car, accounts, etc.
Why is this important?
Ripples in the pond.
This is when the economy is going to start feeling the crunch.
With so many people out of work and so much turmoil in business, everyone will start making some financial decisions.
To pay or not to pay.
It’s now that the true economic impact of coronavirus is going to start showing up.
Consider this, 3.3M — record numbers — on unemployment. They’re going to make every dollar they have go as long as they can, right?
Businesses have a lot of monthly bills, but the future for their company isn’t clear and cash is king. They’ll probably hold off paying any bills right now — holding on to their money.
Also, people are going to start tightening their belts because of the lack of money coming in. So, significantly reduced spending will start occuring this coming month.
This coupled with people staying at home, so no gas being bought, no travel, and no entertainment.
Result: considerable less cash flow in businesses and more lay offs.
Vicious Circle.
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