Over recent weeks there’s been a lot of debate about whether or not the U.S. will see another stimulus package.
I have no doubt we’ll see another one — but it may have to wait until after the election. More stimulus checks and corporate bailouts are the only ways we can make it through this crisis without a lot of people losing their homes or not having enough to eat. Personal savings have been diving since the enhanced unemployment benefits were reduced in August.
Here’s an excerpt from a recent Yahoo Finance article.
As the financial boost from the extra unemployment benefits faded in August, so did Americans’ personal income and savings, according to a new government report.
Personal income fell by 2.7% in August, the sharpest fall in three months, according to data from the Bureau of Economic Analysis (BEA). The personal savings rate, which reached a historic high during the pandemic, tumbled to 14.1% from 17.8% in July.
The declines come as Democrats and the White House continue to disagree on the price tag and provisions of a new stimulus package and as 837,000 more Americans filed for jobless benefits last week.
The likely stimulus spending and bailouts, while necessary, means the macro case for crypto is still strong.
The recent pullback in precious metals and bitcoin may give us a nice buying opportunity soon. I believe all those who are convinced that no more stimulus is coming will be proven wrong. So I’m holding tight and looking for opportunities to add alternative investments to my portfolio.