Stimulus Could Help Keep American Economy ‘Afloat’

first_img Servicers Navigate the Post-Pandemic World 2 days ago 2020-10-22 Christina Hughes Babb Governmental Measures Target Expanded Access to Affordable Housing 2 days ago October 22, 2020 1,271 Views  Print This Post A couple of articles published this week on Axios.com, a provider of technology, economy, and political news, take a lesser-seen optimistic approach to matters including a recent report about millions of Americans missing mortgage and rent payments and news about Congress’ failure to pass an updated stimulus bill.Axious Markets editor Dion Rabouin allows that, indeed, six million Americans last reported month were behind on a mortgage/rent bill, however, he notes, the Mortgage Bankers Association (MBA), which initiated said study, also showed that 3.4 million homeowners were enrolled in federal forbearance programs the same month.To further put things in perspective, data on lower-income rental units show lower payment rates, but at numbers that are broadly in line with 2019, MBA’s Michael Fratantoni told Rabouin.Fratantoni went on to say that, “… six months ago I would’ve expected to see much more distress, particularly on the rental side.”In short, wrote Rabouin, “Government forbearance programs are keeping homeowners afloat.”In a deeper dig, the author goes on to offer evidence that “the stimulus delay isn’t a crisis (yet).””If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn’t know it from the stock market, where prices continue to rise,” wrote the Markets author.For that, he credits the $2 trillion CARES Act and the American people’s uncanny “ability to save during the crisis.” (In addition, Americans’ credit scores also have improved.)DS News also reported that the spring stimulus check went largely toward mortgage, rent, and household expenses.Rabouin goes on to back up the idea that Americans benefitted from the first round of relief, and that, as David Wilcox, Senior Fellow at the Peterson Institute for International Economics, told Axios, “The CARES Act worked. It delivered a massive amount of financial support and put a huge financial safety net under families very quickly.”By the numbers, from the Axios article:The median jobless worker received unemployment benefits “equal to 145% of their pre-job loss wages, compared to 50% in normal times” thanks to the CARES Act’s $600-per-week unemployment supplement, a report from the JPMorgan Chase & Co. Institute found.Additionally, the creation of special pandemic unemployment programs allowed millions more out-of-work Americans to access jobless benefits, which amounted to 7% of total personal income in June — a record far exceeding the 1.3% peak during the Great Recession.Unemployed Americans “roughly doubled their liquid savings over the four month period between March and July 2020.” The report notes, however, that they “then spent two-thirds of the accumulated savings in August alone.”The results: The percentage of people who said their ability to afford household goods had improved was the highest since early June in the latest Axios/Ipsos nationwide poll, tied for the best since the survey began in March.Not all of the data is so cheery. The reporter cites a study that shows poverty and food insecurity increasing in households with children.While the economy has held up unexpectedly well, he wrote, the latest jobs report is showing signs of strain.  He returns to the MBA’s Fratantoni, who says a new stimulus bill, at worst, would be a “form of insurance on the recovery.””If you’re a policymaker,” Fratantoni told Rabouin having that insurance or risk management mindset makes a lot of sense right now.” About Author: Christina Hughes Babb Share 1Save Previous: CFPB Addresses Regulating Consumer Access to Financial Data  Next: A Community Blight Nightmare? The Week Ahead: Nearing the Forbearance Exit 2 days ago Sign up for DS News Daily Related Articles Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media and Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning News, among others. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Home / Daily Dose / Stimulus Could Help Keep American Economy ‘Afloat’ Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Market Studies, News Stimulus Could Help Keep American Economy ‘Afloat’ Subscribelast_img read more

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FORGIVING JOHN HINCKLEY

first_imgMaking Sense by Michael ReaganA federal judge has ruled that John Hinckley Jr., the mentally disturbed man who tried to assassinate my father 35 years ago, will be set free in about a week.Many people, including members of my own family, think it’s a terrible injustice that Hinckley, now 61, will be allowed to leave the mental hospital and live permanently with his elderly mother in Virginia.I don’t.Before I explain, I’d like to remind people of what my father said and did in the days following the events of March 30, 1981.When I walked into his hospital room the next day and saw my wounded father, the first thing he said to me, after “Good morning,” was “Michael, if you’re ever going to be shot, don’t be wearing a new suit.”What? I thought to myself.“Well, yesterday I was shot.”“I know, father. I know.”“Well, I was wearing a brand new suit I had just picked up the day before. And I’m telling you, if you’re going to get shot don’t be wearing a new suit.“When I was on the gurney they cut that suit off me and the last time I saw it it was in shreds in the corner of my hospital room. That’s what they do. They cut it off you.”My father was only half done with his story.“That young man who shot me, John Hinckley Jr., I understand his parents are in the oil biz.”“Yes they are, Dad.”“I understand they live in Denver.”“Yes they do, Dad.“Do you think they have any money?”“Dad,” I said, “they are in the oil business and live in Denver. Of course they have money.”My dad looked at me and said, “Well, do you think they’d buy me a new suit?”Humor was my dad’s way of making strangers feel comfortable in his presence. He was the same way with his family.Before my father was well enough to go back to the White House he did something completely serious. He said he had forgiven Hinckley.Not only that, he wanted to go to meet Hinckley face-to-face and tell him that he had forgiven him.Hinckley’s doctors didn’t think that was a good idea because Hinckley was too mentally unstable, so it never happened.But it proves, as I always like to say, that my father didn’t just recite “The Lord’s Prayer,” he lived it.A lot of people can’t forgive Hinckley even today.They were shocked in 1981 when he was found not guilty by reason of insanity and they were angry when they found out he’d become eligible for release some day.Because of Hinckley, the laws were changed. Today if you shoot at the president you stay in prison for life, no matter how crazy you are.Over the years all of us in the families hurt by Hinckley have watched the courts and doctors slowly but surely release him through the mental health system.Hinckley’s not a threat to my family or anyone else’s. But he’s not totally free and never will be.He may not have bars to look through, but he has his own type of jail. People will be watching him all the time. So will the Secret Service.At first I was very upset and angry when Hinckley got off on the insanity defense. How could a person shoot the president of the United States and be allowed to ever have any freedom at all?Fifteen years ago I was still angry. But 15 years later I want to be more like my father and have a forgiving heart, not an angry heart.So at the same time John Hinckley has been set free, maybe I have been too.FacebookTwitterCopy LinkEmailSharelast_img read more

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