Tom Gara: The Real Economic Catastrophe Hasn’t Hit Yet. Just Wait For August. (Buzzfeed)
After a terrifying spring spent in lockdown and a summer of protests in the streets, things are going to get a lot worse in the fall.
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As millions of people experience a sudden collapse of their income at the very moment their landlords are allowed to start kicking them out, other bills will also come due. Payments on millions of paused student loans will begin again at the beginning of October; the more than 4 million homeowners who received a six-month pause on their mortgage after April’s mass layoffs will need to start making payments again at the end of October.
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You might have noticed a few major things — like, well, the coronavirus pandemic — missing from this equation. If we’re really lucky, we won’t experience a nasty second wave of infections in the fall and early winter, spurring new rounds of attempted lockdowns shortly after the economic plane crashes into the mountain — lockdowns that will once again disproportionately affect Black people and people with low incomes who can't safely work from home. Fingers crossed on that one.