As unemployment surges and much of the U.S. economy is shut down, it’s imperative that state and federal leaders promptly provide economic relief to Americans and businesses to minimize the deepening hardships of the coronavirus health crisis.
Extraordinary macro-economic efforts are needed to help employees and businesses at all levels, from the personal trainer whose gym is ordered closed, to the gym’s landlord who needs the rental income to make mortgage payments, to the local bank whose loan is bundled in a pension fund portfolio. It’s all connected.
Bars, stores and theaters forced to shutter – as well as restaurants forced to limit their service to carry-out and delivery – have rental and mortgage payments and other bills. Banks have shareholders. Wall Street has investors who are reeling. Private retirement plans are plummeting.
In such times, evictions and mortgage payments should be suspended, and due payments should not be allowed to amass into a large lump sum. New Mexico utility companies and electric co-ops who have temporarily halted nonpayment disconnects and late fees are setting the right example.