As the political wrangling continues on Capital Hill, both sides got in their jets, helicopters, limousines, or other modes of transportation, and headed home until November 9th.
Meanwhile, American families are left to (not only) struggle with mounting bills and reduced income, but are also learning any additional unemployment extensions, or stimulus checks are dead in the water until well after the election.
In the meantime, a new daily record of new cases of coronavirus has been set, now averaging 68,767 cases per day (story here)....an all time high. While the mortality rate has indeed been reduced, the sheer number of positive cases, and the ripple effect that ensues due to quarantines, time off work, and domino-like family infections....the resulting negative economic impact on West Tennessee families is REAL, and LASTING. An estimated 8 million people across the nation have fallen into poverty since May (story here).
23 million Americans are still collecting unemployment benefits...which is a huge cut from what their previous paycheck may have been. Even so, that is only the tip of the iceberg. A much larger segment of the working population is suffering from fewer hours, reduced benefits, and a disrupted chance for advancement. Many West Tennesseans are employed by small businesses, the hardest hit segment of the business world. A new study found 34% of small businesses are struggling to even pay their rent this month (story here). When a business can't even pay their rent.....how are they going to be able to properly compensate their workers?
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!
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