What exactly are jobless people doing while unemployment claims get sorted out? Running up credit card debt? Relying on family/food banks? @athomasq do you know?
Iirc the median American has less than a few hundred in emergency funds
— Venkatesh Rao (@vgr) April 24, 2020
My family would’ve been borrowing from friends and relatives, selling what they could, and not paying some bills. Credit cards were not common then, especially for people as poor as they were, but now they’d be running those up too. Standard poor people behavior.