None of my expenses have changed. And as far as I know, it would be a problem if I lost my income as I would still need to pay rent/mortgage, taxes, groceries, utilities, health insurance.
I think what you are saying is that discretionary expenses have been greatly reduced. That is true, but I think you then make a very big leap to assuming the savings can easily offset the fixed expenses that you mention (insurance, rent/mortgage, utilities).
None of this is true because non-essential bills have also been shut down.