Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
⭐ Merited by vapourminer (1)
You are missing something.
Those people are not in need of survival rations yet; just a little help. In fact, 40% of the people in that line of cars were looking for help for the first-time. Many people lost their jobs due to the lock-downs and other restrictions implemented due to Covid-19 have run out of unemployment benefits, likely much of the savings they may have had. Since the second stimulus bill has been stalled for months, Americans are not getting the second promised $1200 relief check either. One thing that you don't see by looking at the picture is that many people in that line of cars also received a turkey - which is essential for a proper "Thanksgiving" dinner. This particular image isn't about survival food, this is food that has been donated by people (and companies) who 'have' trying to make sure that people who are a little low on funds will still be able to have a proper Thanksgiving dinner with family - which is a luxury. Americans are generous people - in fact, they are
There is a program in the USA called SNAP which stands for Supplemental Nutrition Assistance Program that provides food (or a food-purchasing card) for individuals and families in need. It varies by state but generally a family of 4 can still have an income of >$3000 per month and still qualify for the benefit. Americans are far from destitute.
Thanks for the detailed explanation.
Makes more sense but still donno what to make of it. First I took for granted that it is too soon for people that lost their jobs due to covid to be already out of unemployment benefits. Also I thought it was some sort of government food bank not a private initiative fueled by other people's generosity. Didn't know either that $1200 relief check was the only government help till date.
Not that much surprised that $3000/month there is considered on the verge of poverty, considering how high the average salaries are there.
Well I guess it is all about the weird contrast of those nice new cars and the concept of "food bank"... and maybe something about the determination to live above their means (or on credit) at the cost of not having any safety net other than charity.
I don't think they see it as 'above their means' though. If I can borrow a bunch of money to buy a home at today's price, write the loan interest amount off against my income tax and have a (typically) more valuable home in the future then it's an investment. As long as I can make the payments each month, I'm not really living beyond my means. I just need to make sure I don't have to pay more in loan payments than I can bring in through my work. How can it be considered wiser to rent from an individual owner as opposed to 'renting' from the bank - you'd be obliged to either one and both could theoretically kick you out for non-payment. Covid-19 was a once (maybe twice) in a lifetime event that likely couldn't have been factored in to your investment decisions (at least not easily).
Also, consumer spending accounts for 70% of the US GDP - it's a powerful engine that requires a lot of fuel
