 It has taken them several months, but it appears a deal has been struck for a coronavirus relief package. What will it mean to most folks? About $600. *note: new developments have put the bill in question, as the President has tweeted he wants the amount increased to $2,000. However, the bill was passed with a veto-proof majority, so there are lots of questions regarding what will occur next. Regardless, whether $600 or $2,000....it still remains a band-aid remedy to what is a much larger financial problem for families.*
While that's at least 'something', in all honesty it will do little to help the 53 million Americans who are 'below the poverty line'. That number was 33 million before the pandemic. (story here) Take a moment to let that sink in...22 million more Americans have slipped below the poverty line since COVID arrived. And those who fit into the lower and middle income categories have also been impacted by this crisis. Not only did a recent Gallup poll show that 72% of Americans say the pandemic has affected their life 'a fair amount, to a great deal'...46% are 'worried' they'll experience financial hardships as a result. (story here) Let's face it, the majority of West Tennessee is comprised of poverty, lower, and middle income households. The majority of West Tennessee businesses are service industry businesses (retail stores and restaurants). When those two categories overlap...and they certainly do...the financial hardships will become evident. Most families have done a great job of holding on through the crisis. But emptying savings accounts, putting off paying bills, and paying others with credit cards...is living dangerously and just not sustainable. Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  Tennessee, as of yesterday (12/15), moved up to #6 in the nation with new cases of COVID-19. California led the way, followed by Pennsylvania, Florida, Ohio, and New York.
Monday and Tuesday alone accounted for over 20,000 new cases of the virus in Tennessee, and over 150 deaths...averaging a new COVID case every 8 seconds...and a new death every 20 minutes. (state by state totals here) Tennessee has risen to #1 in one category: 'number of new cases per million residents.' According to data compiled by the COVID Tracking Project, Tennessee reports nearly 1,200 new cases per million residents PER DAY....almost DOUBLE the national average of about 650 per million. (report here) Jackson General Hospital reported yesterday over 100 COVID patients in hospital beds and nearly 3 dozen in ICU. The hospital overall now has fewer than 80 beds and 5 ventilators available. (updates here) Experts say all of these totals are directly related to Thanksgiving gatherings, and are concerned that next week's Christmas holiday could result in shockingly higher totals for January. While the vaccine roll out has been good news, experts are also concerned that the news will cause folks to let their guard down. The truth of the matter is that the general population won't get a chance to be vaccinated until May or June. Healthcare workers, essential workers, and other groups are at the front of the line. (story here) Bottom line...is we are a long way from being out of the woods. Even then, that's assuming some other virus doesn't make a surprise appearance. While Tennesseans are focused on their physical health, the average family's financial health has taken a serious blow. Most seem to have taken the 'head in the sand' approach and are hoping for better days ahead. The best advice has always been to 'hope for the best, but prepare for the worst' - and calling our office (for a FREE CONSULTATION) at the first hint of financial trouble is the best move. Our team of experienced financial experts can help your family avoid financial disaster through sound advice and, if needed, legal help. Call us at (731) 423-1888, or chat online at www.vernersmith.com  Headlines so far this week:
On Monday, the Tennessee Department of Health announced over 8,100 new cases of COVID-19 in a single day. Monday's 66 new deaths pushed the state death total over 5,000. (story here) Meanwhile, a new study has found that due to the pandemic, over 60% of Americans say they're now living paycheck-to-paycheck. 63% say they've cut their spending as much as they can, and 49% say their economic problems are due to losing income at work. For those who HAVE been saving for a rainy day, 47% have already burned through their emergency savings, and 82% say they could not afford an unexpected $500 expense. (story here)  And to shake family budgets even further, COVID-19 day-care and school restrictions have hit child-care expenses like never before. Families with multiple children report that some expenses have TRIPLED during the pandemic. (story here)  To top it all, a new Gallup poll finds that Americans' mental health ratings are now at an all time low, with only 34% saying their mental health is 'excellent'...with women's self-evaluation falling double-digits since last year. (story here)
Combining all of these factors, with the upcoming Christmas holidays, a fragile business climate, and the uncertainty of what 2021 holds, has created a virtual whirlwind of emotional and economic turmoil. During all of this, most families are struggling. Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  The state confirmed that November 30th set a new record for new COVID cases in Tennessee, at nearly 8,000 new cases in a single day. That equates to a new COVID case EVERY 11 SECONDS! Also on the 30th, there were 48 additional deaths, bringing Tennessee's total to 4,602. (story here) As demonstrated by this chart, deaths per day can vary wildly, from 92 one day to 7 the next...but the chart shows an obviously ever increasing average.  Additionally, this chart shows West Tennessee leads the state in number of deaths per capita. (charts from here)  And with symptoms taking 2 to 14 days to appear, there is a very strong likelihood that last weekend's Thanksgiving visits and group shopping could deliver unimaginable numbers in the coming days and weeks.
The ripple effect from these record breaking case numbers, have been and will continue shaking the financial foundations of most families. Quarantine requirements, time off work, job stability risk, and other factors will put many families into circumstances they could have never prepared for. The law office of Verner Smith has helped thousands of families across West Tennessee survive the dangers of financial trouble. From debt resolution to bankruptcy, all options are considered. Our advice is that you get ahead of the tidal wave that is coming. If you are beginning to feel the effects of financial hardship, contact our office right away. It is very likely that in the near future, just as with hospitals, law offices will be overwhelmed with cases. Don't get caught up in that whirlwind. Make the decision now, to call today, and start the process that could save your family's financial future. Visit our website for convenient chat options at www.vernersmith.com, or call us at (731) 423-1888. |
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