I’m not well versed in economics or law by any stretch of the imagination. But I am confused with certain measures taken thus far by the government.
There is currently a temporary shutdown of vast sectors of the economy now and workers affected are not receiving any income.
To me, logic would dictate that here should also be a temporary cessation of payments for rental properties (for small businesses as well as individuals) and, to be fair, a temporary cessation of payments for loans for owners of those properties. In turn, banks would be given temporary cessation payments for interest to its customers since the banks would not receive any payments on loans including payments on mortgages from homeowners. That would essentially close the loop on money flow which again would be temporary and the impact to the greater economy would be limited.
If undue burden is placed on any one of these points in the cycle, and right now, workers and small businesses are taking that brunt, then there could be long-standing damage to the economy from bankruptcies, foreclosures, etc.
The Fed is already addressing the banking side of things by keeping rates close to 0.
Does the government have the authority to push for a standstill in mortgage/interest/rent payments? I feel this temporary measure would alleviate economic hardship and prevent long-term damage to the economy.