The Huge Fear: How Do I Pay the Bills? by Mish Shedlock

Paying bills—only the little people worry about such things. From Mish Shedlock at

Those living paycheck to paycheck are the first to lose their jobs and have hours cut. They are justifiably worried.
Jobs that require personal contact such as servers in restaurants, those running a cash register or cleaning hotel rooms are the most vulnerable to layoffs. Those workers are flooding state unemployment websites across the country.

Here’s the surging fear ‘I Have Bills I Have to Pay.’

As coronavirus shutdowns halt commerce across the U.S., low-wage workers, many of whom live paycheck to paycheck, are being quickly stung. That includes restaurant workers, hotel maids, dog walkers and child-care providers. In many cases, the cuts are tied to shutdowns and cancellations of events in sports stadiums, industry conventions, casinos, music festivals and other public gatherings.

Malls, restaurants and hotels have closed in many areas of the country. Already, the number of Americans seeking unemployment benefits—a proxy for layoffs—increased last week by 70,000 from the previous week, with states telling the Labor Department the cause was the pandemic. Economists predict a much bigger surge when numbers are released for this week, with Goldman Sachs Economics Research estimating roughly 2.25 million new claims for jobless benefits.

More than 90% of the announced U.S. job cuts tied to the coronavirus were at restaurants and other entertainment and leisure businesses, according to outplacement firm Challenger, Gray & Christmas.

Continue reading→


One response to “The Huge Fear: How Do I Pay the Bills? by Mish Shedlock

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.