by Peter Schiff, Schiff Gold:
Most people remain blissfully ignorant of the economic wounds inflicted on the US economy by the government-imposed economic shutdowns in response to the coronavirus. But every once in a while, the curtain blows back and we catch a glimpse of the damage.
For example, a report released last week by global advisory firm Stout, Risius and Ross estimated that Americans currently owe more than $21.5 billion in past-due rent.
A federally imposed eviction ban that shielded about one-third of renters living in buildings with federally backed mortgages recently lapsed and the $600 weekly federal unemployment benefit expired last Friday. One analyst told Reuters that without more government help, we could see “a staggering surge in homelessness, unlike anything we have seen.”