This Global Depression Will Be Brutal – Tens Of Millions Of Americans Can’t Pay Their Bills And Are In Danger Of Eviction

Most of us have never experienced anything like this in our entire lifetimes.  Fear of COVID-19, endless civil unrest in major U.S. cities and a whole host of other factors have combined to plunge us into the worst economic downturn since the Great Depression of the 1930s.  On Friday, the Labor Department announced that the unemployment rate in the U.S. fell to just 10.2 percent last month, and if that number was actually accurate that would be pretty good news.  Unfortunately, it simply does not square with all of the other numbers that we have been seeing.  According to John Williams of shadowstats.com, if honest numbers were being used the unemployment rate would actually be 30 percent right now, and I believe that figure is much closer to the reality that we are facing.  In February, 152 million Americans were working, and since that time more than 55 million have filed new claims for unemployment benefits.  Unless tens of millions of those people have been filing fraudulent claims, there is no way in the world that the unemployment rate should be about 10 percent right now.

Other numbers tell a similar story.  According to one recent study, 24 percent of all Americans have missed at least one bill payment since the start of the COVID-19 pandemic…

Indeed, paying off bills are an unavoidable part of life, even during a pandemic. Unfortunately, a new survey of 2,000 Americans finds that one in four (24%) have already missed at least one payment since the pandemic began.

Among that group, 26% say they haven’t paid their cell phone or cable bills. Another 25% failed to pay for streaming services, and perhaps more worryingly, some of their electricity or utilities bills.

That doesn’t sound like a recovery.

What that sounds like is an economic depression.

Americans are also missing their rent and mortgage payments at a staggering rate as well.  In fact, more than one-fourth of the entire country did not pay their rent or mortgage payment during the month of July…

An estimated 27% of adults in the U.S. missed their rent or mortgage payment for July, according to a nationwide survey conducted by the U.S. Census Bureau weekly over the last three months. Among renters alone, just over one-third (34%) said during the waning days of July that they had little to no confidence that they could make their August rent payment, a stark measure of the ongoing economic devastation for households stretched to the brink by coronavirus pandemic.

But we are supposed to believe that the unemployment rate is only about 10 percent right now.

Right…

In some states, the looming eviction crisis threatens to be absolutely catastrophic.

For example, we are being told that in South Carolina a whopping 52 percent of all renters “are at risk of eviction”

In South Carolina alone, 52 percent of renter households can’t pay their rent and are at risk of eviction, according to an analysis of census data by the consulting firm Stout Risius Ross. About 185,000 evictions could be filed in the state over the next four months.

That doesn’t sound like a recovery.

What that sounds like is an economic depression.

And we see similar numbers when we look at businesses owners around the country.  If you can believe it, 83 percent of all New York City restaurant owners did not pay all of their rent in July…

The state of the New York City restaurant industry is in dire straits. July proved to be another disastrous month for restaurants, bars, and nightlife establishments across the city with a majority unable to pay rent in July, a new survey found.

NYC Hospitality Alliance surveyed about 500 owners and operators of eateries in the city, with 83% of respondents indicating they couldn’t pay the entire rent in July while 37% paid no rent at all.

83 percent.

Let that number sink in for a moment.

That doesn’t sound like a recovery.

What that sounds like is an economic depression.

And I am certainly not the only one using the “d-word”.  The following originally comes from a Time Magazine article entitled “The Next Global Depression Is Coming and Optimism Won’t Slow It Down”

First, the current slowdown is without doubt global. Most postwar U.S. recessions have limited their worst effects to the domestic economy. But most were the result of domestic inflation or a tightening of national credit markets. That is not the case with COVID-19 and the current global slowdown. This is a synchronized crisis, and just as the relentless rise of China over the past four decades has lifted many boats in richer and poorer countries alike, so slowdowns in China, the U.S. and Europe will have global impact on our globalized world. This coronavirus has ravaged every major economy in the world. Its impact is felt everywhere.

You have probably noticed that things are really starting to get crazy out there.

People are getting very desperate, and very desperate people do very desperate things.

In one community in Texas, it is being reported that someone is actually killing horses and eating them…

At least five horses have been killed around Pearland, Texas since late May — but it’s the way they’re being killed and what’s being done to their carcasses that’s particularly disturbing to locals.

Pearland police made their first discovery June 10. Responding to an animal cruelty call along the 14000 block of Kirby Drive, they found a horse, dead and butchered.

You would have to be incredibly twisted to do such a thing, but as I have been warning for a very long time, we are going to see much crazier things in the years ahead.

Of course countless other Americans can also see that society is starting to come apart at the seams, and this has helped to fuel an unprecedented spike in gun sales

Gun sales surged 135% year-over-year in July to about 2 million and have already matched all of last year, according to a report released earlier this week by research consultancy Small Arms Analytics and Forecasting. Sales were up 145% in June, 80% in May and 71% in April.

We live at a time when rioting, looting and violence are becoming commonplace, and crime rates are absolutely skyrocketing in our major cities.

And the worse economic conditions become, the worse the chaos is going to get.

So I would very much encourage you to set your affairs in order and to get prepared for what is ahead, because the time remaining to do such things is very limited.

***It is finally here! Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.com.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  By purchasing the book you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

The Numbers Tell Us That The ‘Economic Recovery’ Is Dead And Businesses Are Failing At A Staggering Pace

Even though economic conditions were absolutely awful, during the month of June the mainstream media kept insisting that the U.S. economy was “recovering” and the stock market kept surging on every hint of good news.  But now the “economic recovery” narrative is completely dead, because the numbers clearly show that the U.S. economy is rapidly moving in the wrong direction.  On Thursday, the Labor Department announced that another 1.416 million Americans filed new claims for unemployment benefits last week.  Prior to this year, the all-time record for a single week was just 695,000, and so we are talking about a level of unemployment that is absolutely catastrophic.  But what is really alarming many analysts is that the number for last week was quite a bit higher than the number for the week before.  Many states are rolling out new restrictions as the number of confirmed COVID-19 cases continues to surge, and this is having a huge impact on economic activity.  For months I have been warning that fear of COVID-19 would prevent economic activity from returning to normal levels for the foreseeable future, and that is precisely what has happened.

Overall, more than 52 million Americans have filed new claims for unemployment benefits over the past 18 weeks, and that makes this the biggest spike in unemployment in U.S. history by a very wide margin.

In fact, this dwarfs all previous spikes by so much that the others are not even worth mentioning.

Of course it isn’t just the employment numbers that are depressingly bad.  According to Jefferies, in late June 19 percent of all U.S. small businesses were closed, but now that number has risen to 24.5 percent

As of Sunday, 24.5% of small businesses in the United States were closed, according to Jefferies. That is worse than late June, when only 19% were closed. Jefferies pointed to “particular weakness in COVID hot spots” and noted that small business employment had dropped to levels unseen since the end of May.

Just think about that number for a minute.

Nearly a quarter of all small businesses in the entire country are closed.

And the really bad news is that many of them will never end up reopening.

At the beginning of the pandemic, I received a lot of criticism for stating that many of the small businesses that were shutting down at that time would never open again, but over the long-term the numbers have shown that I was correct.

In fact, Yelp says that a whopping 60 percent of the restaurants that were initially listed as “temporarily closed” on their site are now classified as permanently closed…

It’s tough out there for restaurants and other small businesses.

Yelp’s Economic Average report out Wednesday shows exactly how tough: 60 percent of the 26,160 temporarily closed restaurants on the business review site as of July are now permanently shut. Temporary closures are dropping, and permanent shutdowns are increasing.

Fear of COVID-19 is going to cause a large portion of the population to continue to avoid restaurants for as long as this pandemic persists, and it is becoming clear that it is likely to persist for a long time to come.

We are going to lose so many small and independent places to eat.  Many of the big corporate chains that have very deep pockets will survive, at least for a while, but there is simply no replacing what small and independent restaurants mean to our communities.

Bars and clubs are being hit extremely hard as well.  According to Yelp, 44 percent of the bars and clubs on their site that were initially listed as “temporarily closed” have now been shut down on a permanent basis…

Bars and clubs are also closing forever at high rates: 44 percent (as of July) of 5,454 temporarily shuttered bars and other nightlife establishments are shut for good.

Other sectors of the economy are doing relatively better, but the overall outlook for small businesses in America is exceedingly bleak.

In New York City, it is being projected that one-third of all small businesses will never be able to open again…

As many as 76,000 small businesses in New York City – a third of the 230,000 citywide – may never reopen after forced to close during the COVID-19 lockdown, business leaders have warned.

The Partnership for New York City, a not-for-profit organization that connects business leaders with local government, predicted that 76,000 small businesses will never be able to reopen in a report produced by 14 consulting firms.

I know that number is hard to believe, but this is actually happening.

Our politicians want to encourage people “to go back to work”, but for millions upon millions of Americans the jobs that they once had are gone forever.

Air travel is another industry that is being absolutely devastated by this pandemic.  After a modest bounce in June, the number of air passengers is starting to fall again

The resurgence of coronavirus infections is derailing the travel industry’s modest recovery. The number of air passengers processed through TSA security lines fell during the week ended July 20, compared with the prior week, according to Bank of America. This metric is down more than 70% from a year ago.

United (UAL) CEO Scott Kirby told CNBC on Wednesday that the airline doesn’t “expect to get anywhere close to normal until there’s a vaccine that’s been widely distributed to a large portion of the population.”

All of the numbers that I have shared in this article tell us that we are in an economic depression.

Many had hoped that this economic downturn would be short-lived and that a “V-shaped recovery” would commence once the coronavirus lockdowns were lifted.

But instead a resurgence of cases has caused new restrictions to be implemented, and economic activity is slowing down again.

The bottom line is that all of us need to get prepared to weather a long-term economic storm that is going to be incredibly painful.

The last recession was bad, but it isn’t even worth comparing to the times that we are entering now.  All of our lives are being turned upside down, and a lot of people are not going to be able to handle what comes next.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

Americans Have Already Skipped Payments On More Than 100 Million Loans, And Job Losses Continue To Escalate

Those that have been hoping for some sort of a “V-shaped recovery” have had their hopes completely dashed.  U.S. workers continue to lose jobs at a staggering rate, and economic activity continues to remain at deeply suppressed levels all over the nation.  Of course this wasn’t supposed to happen now that states have been “reopening” their economies.  We were told that things would soon be getting back to normal and that the economic numbers would rebound dramatically.  But that is not happening.  In fact, the number of Americans that filed new claims for unemployment benefits last week was much higher than expected

Weekly jobless claims stayed above 1 million for the 13th consecutive week as the coronavirus pandemic continued to hammer the U.S. economy.

First-time claims totaled 1.5 million last week, higher than the 1.3 million that economists surveyed by Dow Jones had been expecting. The government report’s total was 58,000 lower than the previous week’s 1.566 million, which was revised up by 24,000.

To put this in perspective, let me once again remind my readers that prior to this year the all-time record for a single week was just 695,000.  So even though more than 44 million Americans had already filed initial claims for unemployment benefits before this latest report, there were still enough new people losing jobs to more than double that old record from 1982.

That is just astounding.  We were told that the economy would be regaining huge amounts of jobs by now, but instead job losses remain at a catastrophic level that is unlike anything that we have ever seen before in all of U.S. history.

With the addition of this latest number, a grand total of nearly 46 million Americans have now filed initial claims for unemployment benefits since the COVID-19 pandemic began.

If you can read that statement and still believe that the U.S. economy is not imploding, I would like to know what you are smoking, because it must be pretty powerful.

Some of the things that we are seeing happen around the country right now are absolutely nuts.  For example, earlier this week in Kentucky it was being reported that people were waiting in line for up to 8 hours to talk with a state official face to face about their unprocessed unemployment claims…

This wasn’t supposed to happen.

By now, the U.S. economy was supposed to be roaring back to life and we were supposed to be entering a new golden age of American prosperity.

Unfortunately, the truth is that more bad economic news is hitting us on a continual basis, and that isn’t going to change any time soon.

Over the past few days, we have learned that Hilton is laying off 22 percent of its corporate staff, and AT&T has announced that it will be eliminating 3,400 jobs and closing 250 stores…

The wireless carrier AT&T is cutting 3,400 jobs and shutting down 250 stores over the next few weeks, according to a statement from the Communications Workers of America, a union representing AT&T workers.

The AT&T Mobility and Cricket Wireless retail closures will affect 1,300 jobs, while the other layoffs are said to be affecting technical and clerical workers.

Needless to say, all of these job losses are having a tremendous ripple effect throughout the economy.

Without paychecks coming in, a lot of Americans are having a really tough time paying their bills, and the Wall Street Journal is reporting that payments have already been skipped on more than 100 million loans…

Americans have skipped payments on more than 100 million student loans, auto loans and other forms of debt since the coronavirus hit the U.S., the latest sign of the toll the pandemic is taking on people’s finances.

The number of accounts that enrolled in deferment, forbearance or some other type of relief since March 1 and remain in such a state rose to 106 million at the end of May, triple the number at the end of April, according to credit-reporting firm TransUnion.

Wow.

To me, that is an almost unimaginable number, and it has become clear that a tremendous amount of pain is ahead for the financial institutions that are holding these loans.

A lot of people out there are going to keep hoping that there will be some sort of an economic rebound, but the cold, hard reality of the matter is that fear of COVID-19 is going to keep a large segment of the population from resuming normal economic activities for the foreseeable future.  And it certainly doesn’t help that the number of confirmed cases in the U.S. has been steadily rising over the past couple of weeks and that the mainstream media has been endlessly warning that a “second wave” is coming.

If you doubt what I am saying, just look at what is happening to the restaurant industry.  We had started to see a small bit of improvement in the numbers, but now fear of a “second wave” has caused restaurant traffic to start cratering again

After three months of slow but consistent improvement in restaurant dining data in the US and across the globe, in its latest update on “the state of the restaurant industry”, OpenTable today reported the biggest drop in seated restaurant diners (from online, phone and walk-in reservations) since the depth of the global shutdown in March.

As shown in the OpenTable graphic below, on Sunday, June 14, restaurant traffic suddenly tumbled, sliding from a -66.5% y/y decline as of June 13 to -78.8% globally.

This was mostly due to a sharp drop in US restaurant diners, which plunged by 13% – from -65% to -78% – the biggest one day drop since the start of the shutdown in the US, and the second biggest one day drop on record.

Business travel is another area where we are seeing signs of big trouble ahead.  The following comes from Yves Smith

Business travel is not coming back any time soon. People are getting accustomed to Zoom. And word may also get out that domestic flying is much worse than it used to be, which will be a deterrent to those who might be so bold as to want to get on a plane. That is a fundamental blow to airlines, airport vendors, hotels, restaurants, and convention centers. Hotel occupancy in April was 24.5% which if anything seems high based on my personal datapoints. The pricings I see say that hotel operators are not expecting much if any improvement through the summer.

Like many of you, I wish that economic conditions would go back to the way they used to be, but that simply is not going to happen.

Yes, we will see economic numbers go up and down over the coming months, but a return to “the good times” is not in the cards.

And what hardly anyone realizes is that this is just the beginning of our problems, and I am working on a new project right now which will explain why this is true in great detail.

So stay tuned, because things are about to get really, really “interesting”.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

2020 Has Been A Miserable Year, And Americans Are The Unhappiest They Have Been In Ages

What a year this has been so far.  First, the greatest public health crisis in 100 years hit us, then the U.S. economy imploded, and now the streets of many of our major cities resemble war zones after weeks of rioting, looting and violence.  It has been one thing after another, and this has taken a great toll on the mental health of the American people.  Of course we weren’t exactly in great shape coming into this year.  In 2019, it was being reported that the suicide rate in the U.S. was at an all-time record high, alcohol-related deaths were at an all-time record high, and drug overdose deaths were at an all-time record high.  So the truth is that we were already deeply miserable before 2020 came along, and now a brand new survey has discovered that as a result of everything that has happened so far this year we have become even more unhappy

Spoiler alert: 2020 has been rough on the American psyche. Folks in the U.S. are more unhappy today than they’ve been in nearly 50 years.

This bold – yet unsurprising – conclusion comes from the COVID Response Tracking Study, conducted by NORC at the University of Chicago. It finds that just 14% of American adults say they’re very happy, down from 31% who said the same in 2018.

Would you say that you are “very happy” with your life?

I hope so, and I would like to think that most of my readers are more content with their lives than the general population as a whole.

Personally, I would definitely label myself as “very happy”, but it looks like most of the population definitely does not feel the same way.

According to the survey, the coronavirus lockdowns are one of the big reasons why Americans are feeling less happy these days.  Being forced to stay away from others has caused many people to feel increasingly lonely

About twice as many Americans report being lonely today as in 2018, and not surprisingly given the lockdowns that tried to contain the spread of the coronavirus, there has also been a drop in satisfaction with social activities and relationships. Compared with 2018, Americans also are about twice as likely to say they sometimes or often have felt a lack of companionship (45% vs. 27%) and felt left out (37% vs. 18%) in the past four weeks.

Humans are inherently social creatures, and we were created to love and be loved.

I think that our politicians greatly underestimated the damage that social isolation would cause for many people.  In some cases, the consequences have been absolutely devastating.

Meanwhile, a lot of Americans are also feeling unhappy these days due to economic reasons.

Up to this point in 2020, more than 100,000 businesses have permanently shut down, economic activity all over the planet has dropped precipitously, and more than 44 million Americans have filed claims for unemployment benefits.

Initially, it was hoped that most of those jobs would eventually come back, but now it has become very clear that is not going to happen.  In fact, one new estimate is projecting that a whopping 42 percent of the job losses “will be permanent”

“50% of U.S. job losses come from the combination of lockdown and weak demand, 30% from the reallocation shock, and 20% from high unemployment benefits,” Bloomberg found.

A report by the Becker Friedman Institute at the University of Chicago estimated 42% of layoffs that occurred as a result of the pandemic will be permanent.

In other words, millions upon millions of Americans that have lost their jobs during this pandemic will never be getting their old jobs back.

When I first started telling my readers that a lot of these jobs would never return, I got some really nasty emails.

There were some people that were absolutely incensed that I would suggest such a thing, but now the truth of the matter has become obvious to everyone.

Unfortunately, a large portion of the population was not prepared for an economic shock of this magnitude.  In fact, another new survey has found that 33 percent of all Americans “do not feel prepared to deal with the financial impact of the pandemic”

Even before COVID-19 was a household name, many Americans struggled to build up an emergency fund. Now, for some, the need for such a foundation is painfully clear. A full third – 33% – of respondents said they do not feel prepared to deal with the financial impact of the pandemic.

“If our current financial situation gets worse before it gets better, Americans need to have money set aside that they can lean back on as a last resort,” Frerichs said. “If you don’t currently have an emergency fund, try to set aside as much as you can every month, and aim to build enough to cover between three and six months of living expenses.”

For years, I have been strongly urging my readers to build up their emergency funds, and hopefully most of them heeded that advice.

Because things are not going to be turning around any time soon.  The bad news is that much of the economic suffering that had been deferred by unprecedented government intervention is about to hit us in a major way, and the really bad news is that the economic problems that we are facing now are going to pale in comparison to what we will be facing in future years.

Needless to say, this is going to put even more stress on the mental health of Americans.

So if you think that people are going absolutely nuts right now, just wait until you see how bad things get when our society really starts to melt down.

But just because things will be falling apart all around you does not mean that you have to be personally miserable.

If you derive meaning and purpose in life from your career, your ambitions, your bank account, your social status and all of the things you have accumulated, then you will definitely have an exceedingly difficult time dealing with the things that are coming.

However, if instead you choose to derive meaning and purpose in life from the things that really matter, you will not be shaken even if all of your plans, programs and material possessions are taken from you.

All of human history has been building up to the moment that we are living in right now, and you were born for such a time as this.  So don’t crawl into a hole and complain about how bad things are as conditions deteriorate.  Instead, choose to stand up and become the person that you were created to be.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

This Is Why We Are Facing A 6 Week Countdown To Immense Economic Despair…

Many of the emergency economic measures that were put into place to support the American people financially throughout this pandemic are about to disappear, and that means that big trouble is on the horizon.  Right now, we are in the midst of the deepest economic downturn since the Great Depression of the 1930s.  Economic activity has fallen dramatically, more than 100,000 businesses have permanently closed, and more than 44 million Americans have lost a job so far in 2020.  But up to this point most Americans are not feeling too much economic pain thanks to unprecedented intervention by the federal government.  Unfortunately, that short-term boost of artificial relief is about to wear off, and that is going to cause some major problems as we approach the end of this calendar year.

Earlier today, two sentences from a Buzzfeed article about the extreme economic despair that is ahead of us really got my attention…

The US economy right now is like a jumbo jet that’s in a steady glide after both its engines flamed out. In about six weeks, it will likely crash into the side of a mountain.

I think that is a perfect description of what we are facing, except that I would replace “U.S. economy” with “U.S. consumers”.

The truth is that the economy has already crashed, but consumers have been shielded from the effects of that crash by trillions of dollars in emergency government spending and other unprecedented measures

What’s kept us in the air so far is an extraordinary government relief effort. In most states, evictions have been temporarily banned, preventing a mass homelessness crisis. Most federal student loan payments have been put on hold, removing one of the largest recurring monthly expenses that millions of people face. Banks were ordered to give their customers a six-month break on mortgage payments if requested.

Most importantly, and counterintuitively, household income sharply increased in April as hundreds of billions of dollars in lost wages were replaced by trillions in government spending. The government sent out more than 159 million stimulus payments of up to $1,200 per adult (more if you have kids), and more than 20 million unemployed people became eligible for an extra $600 a week in federal unemployment benefits. The result, according to Bloomberg, was the largest monthly increase in household income ever recorded.

What we have witnessed has been a sudden transfer of wealth that is unlike anything we have ever seen in all of U.S. history, and this has allowed most Americans to get through the past few months without too much of a problem.  In fact, many unemployed workers have been bringing home more money than they did when they were actually working.

But on July 31st (about 6 weeks from now) that is all going to change.

The $600 unemployment bonuses are scheduled to end on that date, and President Trump and Republican leaders in Congress have made it clear that they have no intention of extending them.

In addition, it looks like there will be no more direct checks from the government for ordinary Americans even if another “stimulus bill” is passed.

So tens of millions of Americans will soon be facing a future in which they are bringing in very little income.

In addition, the various bans on evictions around the country will soon be coming to an end, as will the grace periods for mortgage payments.

Without enough income coming in, a lot of Americans will soon be losing their homes, and this will likely really start ramping up as we head into the holiday season.

On top of everything else, the grace period on federal student loans will come to an end at the beginning of October.

Ouch.

Basically, all of the economic pain that had been deferred will come rushing back with a vengeance over the next several months.

Of course Congress could delay things a bit more by borrowing and spending trillions of more dollars that we simply do not have, but all of the reckless spending that they have done already has put us in very perilous territory

Trillions are now whooshing by at a breath-taking pace. The US gross national debt – the total of all Treasury securities outstanding – jumped by $1 trillion over the past five weeks, from May 4 through June 8, and by $2.5 trillion for the 11 weeks since March 23.

The total US national debt outstanding has reached $26 trillion, according to the Treasury Department.

It took from the founding of the United States until 1981 for the U.S. national debt to reach one trillion dollars, and now we have added that same amount to the debt in just five weeks.

Wow.

Our elected officials are absolutely destroying our future, but most Americans don’t seem too alarmed by this.

Instead, many are clamoring for even more “free money”, because they say that what they have gotten so far is not nearly enough.

Of course the federal spending that has already taken place has not exactly had the desired effect.

Americans were supposed to take the money they were receiving and spend it.

But instead, one recent survey found that most Americans are actually cutting back on their spending right now…

  • Saving more money: 34% of survey respondents indicate they’ve upped their savings rate because of the novel coronavirus.
  • Reducing spending: During these turbulent times, 59% of Americans have cut their budgets so they aren’t spending as much money as they did pre-pandemic.
  • Re-evaluating their priorities: 48% of those surveyed indicate they are prioritizing living expenses, while 30% of respondents indicate their top priority is consumables, including food and drink.

No matter how much money Congress showers on the American people, they aren’t going to be able to eliminate the overwhelming fear that COVID-19 has created.

For the foreseeable future, a large portion of the population is simply not going to resume their normal economic patterns because they are scared of the virus.

And in many of our large cities, rioting, looting and violence has depressed economic activity even further.

A major economic downturn is here, and it looks like it is going to be very, very deep.

Congress was able to minimize the discomfort for a while, but those emergency measures were only intended to help for a short period of time, and in about six weeks the entire country is going to start feeling a tremendous amount of pain.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

They Are Telling Us That The 2nd Wave Of The Coronavirus Is Here, And The Stock Market Is Totally Freaking Out

Are you ready for the next wave of COVID-19?  Actually, the mainstream media is telling us that it is already here, and that has sparked another round of fear and panic on Wall Street.  But the fact that the number of confirmed cases is rising again should not surprise anyone.  As restrictions were lifted, it was inevitable that the virus would begin spreading more rapidly, and that is precisely what we have witnessed.  During the 24 hour period that just ended, there were more than 136,000 new cases reported around the globe, and that is the highest one day total that I have seen so far.  Here in the United States, there were 23,300 newly confirmed cases, and that represented an increase of over 2,000 from the previous 24 hour period.  Concern that this could be the dreaded “second wave” that the mainstream media keeps talking about pushed stock prices dramatically lower on Thursday

Stocks suffered their biggest one-day pull-back in three months on Thursday as traders grew concerned about the number of coronavirus cases increasing in some states that are reopening up from lockdowns. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines.

The Dow Jones Industrial Average plunged 1,861.82 points, or 6.9%, to close at 25,128.17. The S&P 500 slid 5.9% to 3,002.10 while the Nasdaq Composite dropped 5.3%. to end the day at 9,492.73.

Of course stock prices have risen so much over the past couple of months that a drop of that magnitude is not any sort of a major problem.

But stocks could drop even further as it becomes increasingly clear to investors that the U.S. economy is not going to be returning to “normal” any time soon.

In fact, if COVID-19 cases continue to spike that could motivate officials in some states to institute another wave of lockdowns.

Hopefully that will not happen, but things are starting to get a bit crazy out there.

Texas has become one of the new hotspots for the COVID-19 pandemic in the United States, and local hospitals are starting to fill up fast

Texas reported a record-breaking number of new coronavirus cases in a single day one week after the state entered Phase III of its reopening plan.

The Department of State Health Services reported 2,504 new cases on Tuesday, surpassing the previous single-day record of 1,949 on May 31.

Texas has also reported three straight days of record hospitalizations, with 1,935 on Monday, 2,056 on Tuesday and 2,153 on Wednesday.

Things are particularly dire in Houston right now.  One official says that the city is “on the precipice of disaster” and it is being reported that authorities “may reopen a COVID-19 hospital at a football stadium”…

As Houston vies for LA and Phoenix to succeed NYC as America’s biggest COVID-19 hot spot, the Houston Chronicle reports that health officials may reopen a COVID-19 hospital at a football stadium while officials weigh whether to reimpose a stay at home order. Such a move would undoubtedly rattle stocks, even after Thursday’s massive dive. One local official described the situation as placing the city “on the precipice of disaster.”

This wasn’t supposed to happen.

The worst was supposed to be behind us.

But it is happening.

Meanwhile, the virus is rapidly sweeping across Arizona, and more than 80 percent of all hospital beds are now occupied

Arizona hospitals that are expected to be able to treat new cases of coronavirus without going into crisis mode were above 80% capacity, a milestone that should trigger an automatic stop to elective surgeries at affected hospitals as the state becomes a hotspot.

The report showing statewide bed capacity of 83%, released Wednesday by the Department of Health Services, comes as the state deals with a surge in virus cases and hospitalizations that experts say is likely tied to Gov. Doug Ducey’s ending of statewide closure orders in mid-May.

The good news is that doctors have become more proficient at treating coronavirus victims over time, but the bad news is that a lot of people are still dying.

In fact, one “Harvard expert” is warning that 100,000 more Americans could die from the virus “by September”

One hundred thousand more Americans will die from coronavirus by September, doubling the country’s current death toll, a Harvard expert has predicted.

Dr. Ashish Jha, director of the Harvard Global Health Institute, estimates that the COVID-19 death toll will surpass 200,000 within the next three months.

Needless to say, many on the left are insisting that U.S. states “reopened too soon”, but the truth is that the virus continued to spread even when virtually everything was locked down.

And after seeing the immense economic devastation that was caused, many Americans would be extremely resistant to another round of lockdowns.  More than 44 million Americans have filed claims for unemployment benefits during this pandemic, and U.S. Treasury Secretary Steven Mnuchin insists that we can’t risk causing even more economic damage

Treasury Secretary Steven Mnuchin said the US economy wouldn’t be shut down again despite the rising case count.

“We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage, and not just economic damage, but there are other areas,” he told CNBC in an interview.

But ultimately it is up to individual state governors to determine whether there will be more lockdowns or not.

And it isn’t just the U.S. that is experiencing a surge of new cases.  All over the globe, we are seeing very alarming outbreaks right now

It’s not just the USA. Globally, more than 7.4 million cases have been reported, and there have been more than 418,000 deaths. India reported a spike: nearly 10,000 new cases Thursday. South Korea, the world’s success story for its triumphant effort to flatten the curves for new cases and deaths, is seeing a worrisome infection boom.

The Institute for Health Metrics and Evaluation said Thursday that it anticipates global deaths “into the millions” by October.

Over the past week, we have seen huge numbers of cases being reported in Brazil, Russia, India, Pakistan, Chile, Peru and Mexico.

Just when authorities seem to have things somewhat under control in one part of the world, the virus comes back even stronger somewhere else.

In the end, this pandemic is never going to be over until most of the global population is exposed to COVID-19, and that is going to take an extended period of time.

Meanwhile, the entire global economy will continue to deteriorate, and that is really bad news for all of us.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

No, The U.S. Economy Will Definitely Not Be Returning To “Normal”. In Fact, Things Will Soon Get Even Worse.

2020 has been quite a year so far.  It has been one nightmare after another, and yet the economic optimists continue to insist that economic activity will soon snap back to normal levels somehow.  So the economic optimists aren’t really alarmed by the fact that the core areas of our major cities have been torched, gutted and looted by rioters, because they assume that all of this violence is just a temporary phenomenon and that any damage that has been done can be repaired.  And they aren’t really alarmed by the fact that the COVID-19 pandemic is starting to escalate again.  In fact, over the last seven days we have seen the number of newly confirmed cases around the globe hit levels that we have never seen before.  They just assume that “the worst is behind us” and that the vast majority of the businesses and jobs that have been lost during this pandemic will be quickly recovered.

Wouldn’t it be wonderful if they were actually correct?

Sadly, the truth is that economic conditions will not be returning to normal.  Yes, some of the jobs that were lost will be recovered as states start to “reopen” their economies.  But more than 100,000 businesses have already permanently closed during this new economic downturn, and all of those jobs are lost forever.

And yes, the level of economic activity will rise as states end their lockdowns, but it will still be much lower than it was before COVID-19 started spreading like wildfire in the United States.

At this point, even the perpetually optimistic OECD is admitting that global economic activity as a whole will be way down in 2020

If a second outbreak is seen, the OECD forecasts global growth will plunge by 7.6% in 2020, and “remain well short” of its growth activity levels from 2019, suggesting no V-shaped recovery. If a second wave can be avoided, the OECD forecasts the world economy will still contract by 6% this year and again fail to recover to pre-corona levels by the end of 2021.

“Both scenarios are sobering, as the economic activity does not and cannot return to normal under these circumstances,” OECD chief economist Laurence Boone wrote in the report.

A 6 or 7 percent decline in worldwide GDP is definitely not “normal”.

Actually, if this OECD projection turns out to be accurate, we will be talking about a “global depression” by the end of the year.

Here in the U.S., a key measure of consumer optimism just dropped by 5.4 percent even though state economies all over the country are “reopening”…

The IBD/TIPP Economic Optimism Index, a leading national poll on consumer confidence, declined by 5.4% in June. The index’s reading of 47.0 is at its lowest mark since September 2016. It also places the index in negative territory for the third consecutive month. For the IBD/TIPP indexes, a reading below 50.0 indicates pessimism.

But all of the optimists keep telling me that things are “getting better”.

In fact, they just keep on insisting that a new golden age for America is right around the corner.

Well, apparently the largest jewelry retailer in the U.S. doesn’t share that optimism, because they just announced that they will be closing at least 150 stores

The world’s largest retailer of diamond jewelry says it will not reopen at least 150 of its North America stores that were temporarily shuttered in March due to the COVID-19 pandemic.

Signet Jewelers, which operates 3,172 stores globally primarily under the name brands of Kay Jewelers, Zales, Jared The Galleria Of Jewelry and Piercing Pagoda, also plans to close an additional 150 stores by the end of its fiscal year, which ends in February 2021.

Overall, the U.S. retail industry is facing a tsunami of store closings that is unlike anything we have ever seen before

As many as 25,000 U.S. stores could close permanently this year after the coronavirus pandemic devastated an industry where many mall-based retailers were already struggling.

The number would shatter the record set in 2019, when more than 9,800 stores closed their doors for good, according to a report from retail and tech data firm Coresight Research.

That sure doesn’t sound like an “economic recovery” to me.

Meanwhile, the reckless money creation that the Federal Reserve has been engaging in is starting to show up in our food prices.  According to Nielsen, we have seen some startling food inflation over the past three months…

Market-research firm Nielsen said food prices rose 5.8% in the 13 weeks from March 1 to May 30 compared with the year-ago period.

Unfortunately, this is just the beginning.  The cost of living is going to continue to rise aggressively, and this comes at a time when more than 42 million Americans have already lost their jobs.

Yes, some of those jobs are starting to come back.

But more Americans continue to lose jobs each week as well.

And economic activity will be higher than it was when virtually everything was closed down.

But more businesses are shutting their doors permanently and declaring bankruptcy on a daily basis.

This new chapter in our economic history is just getting started, and a tremendous amount of pain is ahead of us.

Of course Fed Chair Jerome Powell completely disagrees with that assessment, and he is trying really hard to convince all of us that a new economic depression has not begun

Sure, unemployment’s only comparison is the Great Depression. And businesses across the country are closed. And many people are struggling to buy food. But Federal Reserve Chairman Jerome Powell doesn’t see any similarities.

“I don’t think that the Great Depression is a good example or likely outcome for a model of what’s happening here at all, I really don’t,” he said. “There are so many fundamental differences.”

And I would actually concur with Powell that what we are facing will not be very similar to the Great Depression of the 1930s.

In the long run, what we are facing will be far worse.

The “perfect storm” is here, and our economy is being shaken to the core.  Many people continue to be hopeful that the worst is now behind us, but what they don’t realize is that what we have experienced so far is just a warm up act for what is still to come.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

Most U.S. States Have ‘Reopened’ Their Economies, So Why Does Unemployment Continue To Spiral Out Of Control?

This wasn’t supposed to happen.  Once states started to “reopen” their economies, the tsunami of unemployment was supposed to end.  But instead, we continue to see Americans lose jobs at a pace that is far beyond anything we have ever seen before in all of U.S. history.  All the way back in 1982, there was a week when 695,000 Americans filed initial claims for unemployment benefits, and that all-time record was never broken until this year.  Of course we have seen monster number after monster number here in 2020, and we just learned that last week another 1.877 million Americans filed new claims for unemployment benefits…

Filings for unemployment insurance claims totaled 1.877 million last week in a sign that the worst is over for the coronavirus-related jobs crisis but that the level of unemployment remains stubbornly high.

Economists surveyed by Dow Jones had been looking for 1.775 million new claims. The Labor Department’s total nevertheless represented a decline from the previous week’s upwardly revised total of 2.126 million.

So even though more than 40 million Americans had already lost their jobs in 2020, there were still enough people losing their jobs last week to surpass the old record from 1982 by more than a million.

Just think about that.

Overall, a grand total of 42.6 million Americans have now lost their jobs since the pandemic began, and that makes this the largest spike in unemployment in all of U.S. history by a very wide margin.

And when the monthly employment report comes out on Friday, the official U.S. unemployment rate is expected to surpass 20 percent

The numbers came the day before the Labor Department releases its nonfarm payrolls report for May. Economists surveyed by Dow Jones are expecting a decline of 8.3 million and a 20.5% unemployment rate, more than double the highest previous level since the Great Depression.

By now, everyone pretty much understands that the official unemployment rate greatly understates the true level of unemployment in this country.

But even if we take it at face value, the unemployment rate is now far higher than it has been at any point since the Great Depression of the 1930s.

With tens of millions of Americans now out of work, a lot of people are now finding it extremely difficult to pay the bills.  The following comes from an NPR article entitled “Millions Of Americans Skip Payments As Tidal Wave Of Defaults And Evictions Looms”

Americans are skipping payments on mortgages, auto loans and other bills. Normally, that could mean massive foreclosures, evictions, cars repossessions and people’s credit getting destroyed.

But much of that has been put on pause. Help from Congress and leniency from lenders have kept impending financial disaster at bay for millions of people. But that may not last for long.

An “economic recovery” was supposed to have started by now, but that isn’t happening.

And now the horrifying riots that have erupted all over the nation are going to make things even worse.

Our urban areas contain countless numbers of small businesses, and economists are warning that all of this civil unrest will be “a death blow” for many of them…

Some economists are predicting a death blow to small businesses that were already under unprecedented financial strain. If they weren’t ransacked, looted, and destroyed by hooligans, they will feel the macro effects of urban decline and flight, plummeting consumer confidence, falling property values, and worsening budgetary crises for state and local governments.

Sadly, a lot of the businesses that the rioters are destroying are actually minority-owned businesses.

What we are watching unfold is truly a great national tragedy, and it isn’t going to end any time soon.

Needless to say, there are some big companies that are going to be severely tempted to give up on our core urban areas completely.  If there is a constant threat that your stores are going to be smashed, looted or set on fire, that doesn’t make for a profitable business environment.

For example, it is being reported that Walmart may consider leaving the city of Chicago, and Mayor Lori Lightfoot is pleading with them to stay

Mayor Lightfoot said she was on a conference call with Walmart and other major retailers that had stores looted or heavily damaged during the unrest in Chicago. She said she pleaded with them to not abandon Chicago.

“I think in the case of Walmart, what they were focused on was assessing the damage. They are doing an effort to donate fresh produce, to the extent of what’s left so it doesn’t perish, and other perishables, and they are talking their time, as I would expect.”

More violence is expected around the nation this weekend, and without a doubt all of this rioting is going to have a massive impact on the U.S. economy.

Meanwhile, more than 129,000 newly confirmed cases of COVID-19 were reported around the globe during the 24 hour period that just ended, and that is the largest one day total that I have seen so far.

In other words, the coronavirus pandemic is a long, long way from over.

Despite what the talking heads in the mainstream media are telling you, the truth is that the U.S. economy is going to continue to crumble.  We have already plunged into a new economic depression, and bankers are now warning companies that the flow of credit is about to get a lot tighter

Bankers have a message for America’s debt-laden companies: raise money now, because things could get a lot worse.

The gradual reopening of businesses after months-long shutdowns and a pick up in manufacturing activity have given investors reason for optimism in recent weeks. But underwriters who cater to heavily indebted corporations are offering their clients a bleak preview of what may lie ahead.

There is so much fear in the air, and in such an environment financial institutions get very stingy with their money.

In the days ahead, it is going to become much more difficult for just about everyone to borrow money, and that is going to have very serious implications for our economic outlook.

Of course things are changing so rapidly that it has become virtually impossible to predict what U.S. economic numbers will look like in the months ahead.

So far in 2020, we have already been hit by a major global pandemic, an economic depression, and the worst civil unrest in decades.

It has been “one thing after another”, and the truth is that this “perfect storm” is just getting started…

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

There Will Be A Lot More Rioting, Looting And Civil Unrest As The U.S. Economy Continues To Crumble

What we have been witnessing on the streets of Minneapolis is just the beginning.  Our nation is so deeply divided, and a large portion of the population is losing faith in the basic institutions that govern our society.  Personally, I don’t know how anyone can watch the video of what happened to George Floyd without having an emotional reaction.  Police brutality has been a massive problem in the United States for many years, and it has gotten to the point where most of the country no longer has faith in the police.  Of course the rioters are not helping their cause by burning down the communities that they are supposedly defending.  And after causing so much chaos on Wednesday night, protesters were back in the streets of Minneapolis on Thursday

Protests and, in some cases, violence, continued Thursday in the aftermath of the death of George Floyd, a black man who died in police custody after a white officer pinned him to the ground under his knee.

Hundreds of protesters flooded Minneapolis streets Thursday evening for a march through downtown. Traffic was halted as a crowd of people stretched for up to four blocks. Protesters shouted “I can’t breathe” and “no justice, no peace; prosecute the police” as volunteer marshals in highlighter-colored vests directed traffic.

Sadly, this is just a small preview of what is coming to major cities all over America.

If you think that these riots about police brutality are intense, just wait until the economic riots start.

We are moving into a time when millions upon millions of Americans will become increasingly desperate as we plunge even deeper into a new economic depression.  On Thursday, we learned that another 2.1 million Americans filed initial claims for unemployment benefits last week…

First-time claims for unemployment benefits totaled 2.1 million last week, the lowest total since the coronavirus crisis began though indicative that a historically high number of Americans remain separated from their jobs.

Economists surveyed by Dow Jones had been looking for 2.05 million. The total represented a decrease of 323,000 from the previous week’s upwardly revised 2.438 million.

This was the 10th week in a row when the number of new claims for unemployment benefits has been above 2 million.

As I keep reminding my readers, prior to this year the highest that number had ever been for a single week was 695,000 in 1982.

So even after so many catastrophic weeks in a row, we are still at a level that is approximately three times higher than that old record.

Overall, 40.8 million Americans have filed new claims for unemployment benefits over the past 10 weeks.  That is the greatest spike in unemployment in all of U.S. history by a very wide margin, and it means that more than one-fourth of all the jobs in the United States have already been wiped out.

But for now, the impact of those job losses has been cushioned by the extremely generous $600 a week unemployment bonuses that the federal government has been handing out, but those benefits are set to expire at the end of July

Right now, many are able to take advantage of an additional $600 a week in unemployment benefits provided by the federal government on top of each state’s standard jobless benefit. But that benefit is set to expire at the end of July if Congress does not pass another stimulus bill to extend benefits.

If those benefits are not extended we will see a massive national temper tantrum, and right now President Trump and Republican leaders in the Senate do not plan to extend them.

We shall see what happens, but we may soon have tens of millions of very angry unemployed Americans that are unable to pay their bills anymore.

And with each passing day, more bad economic news just keeps rolling in.  We just learned that orders for durable goods were down 19.4 percent on a year over year basis last month, and we also just learned that pending home sales were down 34.6 percent in April compared to the same month a year ago.

As I discussed yesterday, we are watching a full-blown economic collapse begin to unfold, and the fact that many U.S. states are starting to “reopen for business” is not going to stop the momentum that has now been created.

During the first few weeks of the pandemic, there was just a trickle of major bankruptcies, but now that trickle has become a flood

In the first few weeks of the pandemic, it was just a trickle: companies like Alaskan airline Ravn Air pushed into bankruptcy as travel came to a halt and markets collapsed. But the financial distress wrought by the shutdowns only deepened, producing what is now a wave of insolvencies washing through America’s corporations.

In May alone, some 27 companies reporting at least $50 million in liabilities sought court protection from creditors — the highest number since the Great Recession. They range from well-known U.S. mainstays such as J.C. Penney Co. and J. Crew Group Inc. to air carriers Latam Airlines Group SA and Avianca Holdings, their business decimated as travelers stayed put.

And we are watching store closings occur at a rate that we have never seen before in our entire history.

At this point, Coresight Research is projecting that about 25,000 stores will permanently close by the end of this calendar year

Coresight Research, which tracks retail openings and closings, has upped its projected store closures for 2020 from 8,000 at the beginning of the year to 15,000 at the beginning of March to about 25,000 now.

“That’s unlike anything the industry has ever seen,” Coresight CEO and founder Deborah Weinswig said. “It’s the speed with which it’s all happening which has been a little surprising.”

So much anger was building up all over America during the “good years”, and now this new economic depression is going to make things much, much worse.

When there are no jobs available and people can’t even provide the basics for their families, we are going to see frustration on a scale that is unlike anything we have ever witnessed before.

So please take careful note of what is happening in the streets of Minneapolis right now, because that is what the future is going to look like in all of our major cities.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

Nobody Ever Imagined That The Job Losses Would Get This Bad So Quickly

If you tried to warn people in late 2019 that about 40 million Americans would lose their jobs by the middle of 2020, nobody would have believed you.  Personally, I operate a website called “The Economic Collapse Blog”, and I wouldn’t have believed you either.  Even though I have been loudly warning that this sort of an economic crisis was coming, I never imagined that we would lose so many jobs in such a short period of time.  As I discussed the other day, more than a quarter of all jobs in the United States have already been wiped out, and the job losses just keep on coming.  In fact, Boeing is currently in the process of laying off thousands of highly skilled workers

Nearly 13,000 Boeing workers, mostly in the US, are set to lose their jobs in the coming weeks, as cuts at the American aerospace giant take effect.

More layoffs are expected, some of which may affect the UK.

The reductions had been expected since Boeing revealed plans last month to slash its global workforce by 10% – or roughly 16,000 jobs.

A lot of those are very high paying jobs with good benefits, and they will not be easy to replace.

Meanwhile, major retailers all over America keep going down one after another.  On Wednesday, we learned that Tuesday Morning has decided to file for bankruptcy

Off-price retailer Tuesday Morning filed for Chapter 11 bankruptcy protection Wednesday with plans to close more than a third of its stores.

Tuesday Morning had been struggling when the coronavirus pandemic began and went into a free fall when it was forced to temporarily close its locations due to the crisis.

Just like the Boeing jobs, these are jobs that are never going to come back.

At this point, there is no way that I can write about all of the companies that are laying off workers, but one more example that I found to be quite notable is the fact that even CBS News is letting people go

“I’m really sorry,” network president Susan Zirinsky said Wednesday on an all-staff Zoom meeting about the cuts. “There is not a person who won’t be missed.”

CBS News was hit hard by a round of corporate cost-cutting that saw “a single-digit percentage” of the network’s news staffers laid off, according to an estimate given by network president Susan Zirinsky during a Wednesday afternoon all-hands conference.

The corporate elite that own CBS News have very deep pockets, and Americans are watching more news than ever right now, and so it is definitely not a good sign for the economy that even CBS News feels forced to lay off workers.

Of course many unemployed workers are not exactly “deeply suffering” yet because of the huge weekly bonuses that they are getting from the federal government right now.

Earlier today, I was directed to a post on a popular Internet forum where a newly unemployed worker was describing how great his life has become now that he is unemployed

Before COVID I was miserable.

I had a job working $14.75/hr and hated waking up most days. I’ve since been laid off (obviously) but am one of those who is making much more by NOT working.

I used to make $550-600 per week depending on my hours but since COVID began, I’m clearing just over $1000/week. My gf is in the same situation and she’s also clearing just over $1000.

Without any job to go to, he can now spend his days endlessly hanging out with his newly unemployed girlfriend, and he claims that he can’t even imagine ever going back to his old life

Today we plan to do some hiking since it’s going to be so nice out and I’ll be using my new grill to cook up some steak tonight. The gf is kind of a wine snob so she likes to splurge on really nice reds (which I’ll definitely be having later as well).

I really don’t understand people who say they’re more stressed or are fighting with their gf/wife more than before. It makes absolutely no sense to me. These have been the best 2 months I’ve had in a while. I can’t imagine going back to my old life and way of doing things. NOT HAPPENING!

The only thing that isn’t ideal right now is not being able to travel normally but I only vacationed once or twice a year before due to work/money issues. Now I’m able to save $800-1000/month with COVID stimulus and bonus so we’ll definitely be taking a nice vacation at some point this summer.

The bad news for this young couple and for tens of millions of other unemployed Americans is that President Trump and the Republicans in the U.S. Senate do not plan to extend the unemployment bonuses once they expire in July.

So from that point forward, there will be millions upon millions of Americans that are not able to pay their monthly bills.

In fact, the New York Times is already warning that we will soon be facing “a wave of evictions as government relief payments and legal protections run out for millions of out-of-work Americans”…

The United States, already wrestling with an economic collapse not seen in a generation, is facing a wave of evictions as government relief payments and legal protections run out for millions of out-of-work Americans who have little financial cushion and few choices when looking for new housing.

The hardest hit are tenants who had low incomes and little savings even before the pandemic, and whose housing costs ate up more of their paychecks. They were also more likely to work in industries where job losses have been particularly severe.

Initially, the generous unemployment bonuses that Congress passed were supposed to help tide unemployed workers over until this pandemic went away.

But what if it sticks around for multiple years like the Spanish Flu did?

And the Washington Post is now trying to convince us that there is “a good chance” that COVID-19 “will never go away”…

There’s a good chance the coronavirus will never go away.

Even after a vaccine is discovered and deployed, the coronavirus will likely remain for decades to come, circulating among the world’s population.

Yes, this virus could become a “permanent crisis”, and without a doubt the elite are already trying to use it to fundamentally reshape our society.

And as long as a certain percentage of the population is deeply afraid of this virus, economic activity will continue to be depressed at levels that are way below what we would consider to be “normal”.

As the New York Times has admitted, “an economic collapse” is already here, and it is going to be incredibly painful.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

The Worst Unemployment Spike In U.S. History – 1 Out Of Every 4 Workers Has Filed For Unemployment Benefits In 2020

Even though most U.S. states have begun the process of “reopening” their economies, the unprecedented tsunami of job losses that we have been experiencing just continues to roll on.  On Thursday, we learned that another 2.4 million Americans filed initial claims for unemployment benefits during the previous week, and that brings the grand total for this pandemic to a whopping 38.6 million.  To get an idea of just how badly this swamps what we witnessed during the last recession, take a look at this chart.  This is the biggest spike in unemployment in all of U.S. history by a very wide margin, and analysts are expecting another huge number once again next week.

After my father got out of the U.S. Navy, he worked as a math teacher for many years, and throughout my life I have always had a deep appreciation for numbers.

And in this case, the numbers are telling us that we are facing something truly horrific.

During the month of February, the number of Americans that were currently employed peaked at 152,463,000.

If you take the 38.6 million workers that have filed for unemployment benefits during this crisis and divide it by 152,463,000, you will find that it gives you a figure of more than 25 percent.

In other words, more than one out of every four jobs in the United States is already gone, and more job losses will be coming week after week.

And of course not everyone that loses a job actually files a claim for unemployment benefits.  So the true percentage of Americans that have lost a job would be even higher.

It had been hoped that the unemployment numbers would begin to normalize once states began “reopening” their economies, but so far that is not really materializing.

For example, Georgia was one of the first states to begin lifting restrictions, but that state also “now leads the country in terms of the proportion of its workforce applying for unemployment assistance”

Georgia’s early move to start easing stay-at-home restrictions nearly a month ago has done little to stem the state’s flood of unemployment claims — illustrating how hard it is to bring jobs back while consumers are still afraid to go outside.

Weekly applications for jobless benefits have remained so elevated that Georgia now leads the country in terms of the proportion of its workforce applying for unemployment assistance. A staggering 40.3 percent of the state’s workers — two out of every five — has filed for unemployment insurance payments since the coronavirus pandemic led to widespread shutdowns in mid-March, a POLITICO review of Labor Department data shows.

Our politicians really didn’t understand what they were doing when they started locking down state after state.  Coming into 2020, the U.S. economy was in an extremely fragile state and was already moving rapidly toward recession territory, and now fear of COVID-19 has burst all of our economic bubbles.

The U.S. economy is now in a death spiral, and a survey that was just conducted by the Census Bureau came up with some numbers that are simply eye-popping

Nearly half of Americans say that either their incomes have declined or they live with another adult who has lost pay through a job loss or reduced hours, the Census Bureau said in survey data released Wednesday.

More than one-fifth of Americans said they had little or no confidence in their ability to pay the next month´s rent or mortgage on time, the survey found.

Already, we are beginning to see mortgage delinquencies rise to very alarming levels.

In fact, in April we witnessed the largest single month jump that has ever been recorded

Mortgage delinquencies surged by 1.6 million in April, the largest single-month jump in history, according to a report from Black Knight, a mortgage technology and data provider. The data includes both homeowners past due on mortgage payments who aren’t in forbearance, along with those in forbearance plans and who didn’t make a mortgage payment in April.

At 6.45%, the national delinquency rate nearly doubled from 3.06% in March, the largest single-month increase recorded, and nearly three times the prior record for a single month during the height of the financial crisis in late 2008, Black Knight said.

Sadly, the truth is that this is only going to get worse.

The “enhanced unemployment benefits” that Congress recently passed have been helping many unemployed Americans to pay their mortgages, but now it appears that President Trump and Senate Majority Leader Mitch McConnell do not intend to extend those benefits past the July deadline.  They are concerned that those benefits have been so generous that they have been discouraging many Americans from going back to work, and they are quite right about that.

Unfortunately, it isn’t just homeowners that have been missing payments.

At this point, the entire commercial real estate industry is on the precipice of a meltdown as rent payments and mortgage payments are being “skipped” all over the nation on a widespread basis.  On Thursday, we learned that even the owners of The Mall of America have been skipping their mortgage payments

The biggest shopping center in the country, The Mall of America, has missed two months of payments on its $1.4 billion mortgage, a sign of just how much retail real estate owners are reeling during the coronavirus pandemic.

The mall, operated by private developers Triple Five Group, skipped mortgage payments in April and May, according to Trepp, a New York-based research firm that tracks the commercial mortgage-backed securities, or CMBS, market.

Unless Congress steps in and showers the entire commercial real estate industry with giant mountains of cash, I don’t see how an unprecedented meltdown can be averted.

It is going to be horrifying to watch, and it is going to absolutely dwarf anything that we witnessed in 2008.

Of course similar things can be said about the economy as a whole.  At this point, Bank of America is projecting that U.S. GDP will fall 40 percent on an annualized basis during the second quarter of this year…

Now that banks have had a chance to evaluate the collapse in the economy in the post-covid world, a new round of GDP forecast revisions is coming, and it’s a doozy, with Bank of America spearheading the latest effort by slashing its Q2 GDP forecast from -30% to -40%.

Not without a trace of irony, BofA’s chief economist Michelle Meyer writes that “words cannot describe” the loss in economic output, which is “unlike anything we have seen in modern history.”

When Bank of America starts sounding like The Economic Collapse Blog, that is a clear sign that things are really starting to fall apart in a major way.

Now that restrictions are being lifted all over the nation, the number of confirmed COVID-19 cases is starting to rise again, and fear of this virus is going to paralyze economic activity for the foreseeable future.

And what most Americans still don’t understand is that what we have experienced so far is just the beginning…

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

The Collapse Will Be Visible: “For Lease” And “Space Available” Signs Are Starting To Go Up All Over America

Initially, we were told that the coronavirus lockdowns would just “temporarily” disrupt the U.S. economy, but now it is becoming clear that a lot of the damage will be permanent.  We are starting to see businesses go belly up all over the country, and this includes some of the most iconic names in the retail world.  When J.C. Penney announced that it would be declaring bankruptcy and closing hundreds of stores, I warned that would just be the tip of the iceberg, and that has definitely turned out to be the case.  In fact, on Wednesday many analysts were absolutely shocked when news broke that Victoria’s Secret has decided to shut down about 250 stores

Victoria’s Secret plans to permanently close approximately 250 stores in the U.S. and Canada in 2020, its parent company L Brands announced Wednesday.

L Brands also plans to permanently close 50 Bath & Body Works stores in the U.S. and one in Canada, according to information the company posted online as part of its quarterly earnings.

If this pandemic had passed quickly, perhaps those stores wouldn’t have needed to be shut down.  But at this point it has become obvious that this virus is going to be with us for a long time to come.  In fact, the WHO just announced that on a global basis we just witnessed the largest number of newly confirmed cases on a single day so far.

Another major retailer that is closing down stores is Pier 1 Imports.  In fact, it is being reported that not a single one of their locations will survive

Pier 1 Imports, which previously said it would close half of its fleet of stores, now plans to close all of its locations.

The retailer, based in Fort Worth, Texas, announced in a news release Tuesday that it was seeking bankruptcy court approval to begin an “orderly wind-down” when stores are able to reopen “following the government-mandated closures during the COVID-19 pandemic.”

I was never a huge fan of Pier 1 Imports, but my wife liked to visit and see what they had, but now we will never be able to do that again.

Something about that really saddens me.

Of course it isn’t just retailers that are collapsing.  Car rental giant Hertz “is on the verge of bankrutpcy”, and things are not looking good at all…

Hertz is on the verge of bankruptcy. At the end of April, it disclosed it had missed a large amount of lease payments on its rental cars. Since then, it has entered into forbearance and waiver agreements with these lenders that give it until May 22 to come up with the money and a plan. Its cars, now parked at various parking lots around the country, are collateral for this debt.

Some of you old timers might remember the old Hertz commercials featuring O.J. Simpson.  Those were much simpler times, and to be honest I really miss them.

Unfortunately, times have really changed, and I seriously doubt that Hertz will be able to survive much longer in this very harsh economic environment.

Needless to say, a lot of businesses are going to die in the weeks and months ahead of us.  As I discussed the other day, it is now being projected that approximately one out of every four restaurants in the United States will be closing down permanently.

Can you imagine what this is going to look like?

We are going to have abandoned buildings all over the place, and this will especially be true in our more impoverished communities.

The only chance we have of pulling out of this economic death spiral is if there is a full scale return to normal economic activity all across America, but that isn’t going to happen any time soon.

Fear of COVID-19 is going to paralyze small and big businesses alike for the foreseeable future, and every new outbreak is going to spark more overreactions.

For instance, Ford just shut down two major production facilities just a few days after “reopening” them

Just days after reopening its American assembly plants, Ford temporarily shut down two separate factories because employees tested positive for Covid-19.

One plant in Chicago that builds the Ford Explorer, the Lincoln Aviator and the Ford Interceptor police car stopped operations Tuesday afternoon after two employees tested positive for Covid-19. Then, Ford’s plant in Dearborn Michigan that makes its bestselling F-150 pickup, shut down Wednesday.

If we keep shutting things down every time someone gets sick, our economic problems are just going to get worse and worse.

Look, the truth is that lots more people are going to get sick and lots more people are going to die.  In fact, one new study has concluded that the U.S. death toll will more than triple by the end of 2020 “even if current social distancing habits continue for months on end”

A new study suggests the number of Americans who will die after contracting the novel coronavirus is likely to more than triple by the end of the year, even if current social distancing habits continue for months on end.

The study, conducted by the Comparative Health Outcomes, Policy and Economics Institute at the University of Washington’s School of Pharmacy, found that 1.3 percent of those who show symptoms of COVID-19 die, an infection fatality rate that is 13 times higher than a bad influenza season.

Of course it certainly doesn’t help that we continue to allow people from other countries where COVID-19 is raging to fly into the U.S. without any special screening whatsoever

A glamorous Russian blogger says she has proved that the US is open for foreign tourism again, despite the pandemic, according to video obtained by DailyMail.com.

Sofia Semyonova, 33, a fitness model, told how she traveled on a crammed Aeroflot flight with 500-plus passengers with ‘no social distancing’ from Moscow to New York City.

She used her B2 tourist visa to enter America from Russia’s coronavirus epicentre ‘in 30 seconds without any extra questions’.

I don’t know how this could possibly be happening, but apparently it is.

Eventually, COVID-19 will literally be just about everywhere, and almost everyone in the entire country will be exposed to it.

And fear of this virus will paralyze our economy for the foreseeable future.

So the truth is that the “for lease” and “space available” signs that you are now seeing are just the start.

A lot more are coming, and it is going to be a very dark chapter for our nation.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

“Free Money”: Most Americans Want The Government To Issue More Stimulus Checks

“When the people find that they can vote themselves money that will herald the end of the republic.”  That is a direct quote from Benjamin Franklin, and it has turned out to be quite prophetic.  Today, most of our politicians are socialists whether they accept that label or not, and the American people have come to expect the government “to do something for them” whenever any sort of a crisis comes along.  In response to this COVID-19 pandemic, Congress has borrowed and spent trillions more dollars that we do not have, and most Americans have been quite thrilled to receive their “stimulus checks”.  But of course now a lot of people are insisting that those checks were not enough and they want more.  In fact, one new survey just found that most Americans want the checks to keep coming.  The idea of “free money” is so seductive, but unfortunately most of the population simply does not understand that eventually there is a great price to be paid for throwing “free money” around.

So far, more than 300,000 people across the globe have died during this pandemic.  But during the Spanish Flu pandemic that stretched from 1918 to 1920, somewhere between 50 million and 100 million people died.  During that horrific pandemic, our society did not shut down and the federal government did not borrow and spend giant mountains of money in a desperate attempt to keep the economy afloat.  Instead, our leaders responded with common sense and quiet resolve, and it set the stage for a tremendous economic boom during “the Roaring Twenties”.

Unfortunately, this time around our leaders responded to COVID-19 by locking down nearly the entire country, and that is going to result in the largest GDP collapse in American history

In its latest projections, the CBO sees GDP capsizing 38% on an annualized basis in the second quarter with the 26 million more unemployed Americans than there were at the end of 2019.

The forecasts are roughly in line with Wall Street economists and slightly less dour than the most recent tracking number from the Atlanta Federal Reserve, which sees GDP falling about 42% in the April-to-June period.

Without a doubt, we are now in a very deep economic depression, and the months ahead look very bleak.

But instead of focusing on solutions, many Americans are desperate for the federal government to take care of them.  According to one recent survey, 82 percent of Americans want the government to issue more “stimulus checks”…

A whopping 82% of people feel that the one-time stimulus check of $1,200 is not enough to cover their expenses. They feel that these checks should continue until the lockdown ends.

I have a hard time believing that number is actually that high, but even if you cut that number in half it would still be astounding.

Have we now reached a point where much of the nation is eager to embrace full-blown socialism?

Apparently so, and that is quite discouraging.

But the “free money” that socialists promise is never actually free.

When the Federal Reserve creates trillions of dollars out of thin air and pumps it into the financial system, that is not “free money”.

And when the federal government borrows and spends trillions of dollars that we do not currently have, that is not “free money”.  In essence, we are stealing that money from future generations of Americans, and what we are doing is beyond criminal.  For much more on that, please see my recent article entitled “Fear Of The Coronavirus Has Absolutely Destroyed America’s Future”.

Whenever a new dollar is introduced into the system, it erodes the value of all dollars that currently exist.  Usually this is a relatively slow process, but now our leaders have gone absolutely nuts and very painful inflation is on the way.

In fact, in some sectors of the economy it is already here

Harold’s Chicken on Broadway in Chicago unleashed a wave of public backlash on social media last weekend after it slapped customers with a COVID-19 surcharge of 26%.

Restaurant manager Jacquelyn Santana told CBS Chicago that food suppliers raised wholesale chicken prices by 26% on Saturday “due to the COVID pandemic.” She said a case of chicken wings that generally cost $60, jumped overnight to $90, forcing the wing shop to pass on the costs.

The cost of living is going to be soaring, and most Americans will not be seeing matching increases in their paychecks.

In fact, more than 36 million American workers no longer have a job at all.

Things are about to get really tough for average American families.  Some are going into more debt in order to get through this crisis, while others are dipping into their retirement savings

MagnifyMoney commissioned a survey of 1,239 Americans who have retirement accounts. Many of the analyses conducted look at responses by the “generation” of the responders. Gen Z is defined as ages 18-23, Millennials are 24-39, Gen X is 40-54, Baby Boomers are 55-74, and the “silent generation” is aged 75+.

The survey shows that 30% of Americans have withdrawn an average of $6,757.20 from their retirement savings from about March 1 through May 1. Another 19% responded that they have not taken money out yet but they plan to do so.

As time goes by, an increasing number of Americans will eventually come to a financial breaking point, and there will be a tremendous amount of pressure on the government “to do something” once again.

And just like we have seen with so many other socialist experiments, the answer will always be more “free money”.

But to see where this ends, just look at Venezuela.  Nearly everyone in the entire country is a “millionaire”, but nearly everyone in the entire country is also living in deep poverty.

Once faith in a currency is destroyed, it is nearly impossible to restore it.

And we are in the process of destroying faith in the reserve currency that the entire world uses.

Unfortunately, our leaders are not listening to people like me.  Instead, they are willing to try just about anything to turn the collapsing U.S. economy around.

At this point, even Federal Reserve Chair Jerome Powell is admitting that this is the worst economic downturn that we have seen “since World War II”

The pair offered a cautious view of the economy, with Mnuchin displaying a more optimistic outlook than Powell, who told the Senate Banking Committee that “the scope and speed of this downturn are without modern precedent and are significantly worse than any recession since World War II.”

Mnuchin noted that he anticipated the economy would recover but said “there is risk of permanent damage” should states wait too long in reopening their economies.

Sadly, things didn’t have to get so bad so soon.

If our leaders had responded rationally to this pandemic, the U.S. economy would still be in relatively decent shape.

But now our economic bubble has burst, and very challenging days are ahead of us.

As our problems mount, a lot of people are going to insist that “free money” is the solution.

Of course it isn’t any sort of a solution at all.  “Free money” is actually economic poison, and the U.S. economy is never going to recover from this.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

68% Of Unemployed Workers In The U.S. “Are Eligible For Payments That Are Greater Than Their Lost Earnings”

Can anyone explain how we are going to motivate unemployed workers to go back to work when most of them can actually make more money camped on their sofas watching Netflix?  Over the past couple of months, 36.5 million Americans have filed new claims for unemployment benefits, and Congress understandably wanted to do something to address this unprecedented spike in unemployment.  But by giving all of these unemployed workers a repeating 600 dollar bonus on top of existing unemployment benefits, Congress has actually created a very powerful incentive for Americans to be unemployed and to stay unemployed for as long as the bonuses last.  According to a group of prominent economists at the University of Chicago, 68 percent of those that are currently unemployed can now bring home more money than when they were actually employed…

A new analysis by Peter GanongPascal Noel and Joseph Vavra, economists at the University of Chicago,1 uses government data from 2019 to estimate that 68 percent of unemployed workers who can receive benefits are eligible for payments that are greater than their lost earnings. They also found that the estimated median replacement rate — the share of a worker’s original weekly salary that is being replaced by unemployment benefits — is 134 percent, or more than one-third above their original wage.

Of course you don’t have to be bringing home 100 percent of your former income for there to be an incentive to stay unemployed.

For example, if you had a job that you really hated, you would almost certainly jump at the chance to stay home every day and still make 90 percent of what you formerly earned.

So yes, those that had very high paying jobs will be motivated to get back to work, but everyone else will be highly tempted to ride the gravy train for as long as it lasts.

And the less you made when you were actually working, the more intense that temptation will be.

Just consider what restaurant and hotel workers must be thinking about now.  According to CNBC, the average unemployed worker in that industry is now eligible to collect “182% of their previous wages”…

The average worker in this industry, which employs 14 million people, makes $13.45 an hour — the lowest compared with other industries.

These workers would benefit most under the unemployment system when compared to others — collecting 182% of their previous wages, according to a CNBC analysis of Bureau of Labor Statistics and Labor Department data.

Do you think that those workers are going to be eager to get back to their former jobs?

I don’t think so.

Of course the truth is that many of their jobs are never coming back.  According to the Atlantic, “hundreds of thousands of companies” have already collapsed during this economic downturn…

Small-business activity has plunged nationwide by nearly 50 percentHundreds of thousands of companies have already failed. Big retailers such as J.Crew and Neiman Marcus have filed for bankruptcy, while others, including Macy’s, are teetering. By some measures, scarcely one-third of Americans say they are working. Next month’s jobs report will likely show that, for the first time since World War II, a majority of Americans aren’t officially employed.

So the cold, hard reality of the matter is that there simply is not going to be enough jobs for everyone in the United States for the foreseeable future.

And moving forward, a lot more businesses are going to be failing.

Just recently, Facebook conducted a survey of “86,000 small and medium-sized business owners”, and the results of that survey were quite startling…

About a third of small businesses forced to close due to the coronavirus pandemic say they won’t be able to reopen due to an inability to pay bills or rent, a Facebook survery has found.

More than half of the business owners surveyed by Facebook have also said they don’t expect to be able to rehire the same amount of workers that they employed prior to the pandemic.

More specifically, the survey discovered that just 45 percent of all small and medium-sized business owners plan to rehire the same number of employees that they previously had.

So that means that millions upon millions of jobs are gone for good.

And of course the environment of fear that COVID-19 has created is going to paralyze new hiring for a long time to come.  If you are an existing business and you are concerned that you may not be able to keep the employees that you already have, that is going to make you extremely hesitant to add anyone new.

The bottom line is that it is going to be exceedingly difficult to find jobs in the months ahead, and the long-term outlook for the newly unemployed is not good at all.

For the moment, those newly unemployed workers are being taken care of by the federal government, but the $600 bonuses are set to expire in July.

If we get to July and those benefits are not extended, we could have a massive national temper tantrum on our hands.

Of course there are many in Congress that are quite eager to extend those benefits, but that would also mean borrowing and spending billions upon billions more dollars that we do not have.

And what happens when an even bigger crisis than COVID-19 comes along?  We are just experiencing the early winds of “the perfect storm” that I portrayed in “The Beginning Of The End”, and most Americans are completely and utterly unprepared for what is coming.

So let’s not be mad at those that have lost their jobs just because they are getting a windfall for a few months.  Instead, let us hold our national leaders accountable for getting us into this mess in the first place.

For decades, our national leaders have been leading us down a road that leads to national oblivion, and now it appears that we are rapidly approaching the end of that road.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

10 Numbers That Show The U.S. Has Fallen Into A Horrifying Economic Depression

The last recession was really, really bad, but it was never like this.  It is time for us to face reality, and that means admitting that the U.S. economy has plunged into a depression.  This is already the worst economic downturn that America has experienced since the Great Depression of the 1930s, and we are right in the middle of the largest spike in unemployment in all of U.S. history by a very wide margin.  Of course it was fear of COVID-19 that burst our economic bubble, and fear of this virus is going to be with us for a very long time to come.  So we need to brace ourselves for an extended economic crisis, and at this point even Time Magazine is openly referring to this new downturn as an “economic depression”.  Needless to say, there will be a tremendous amount of debate about how deep it will eventually become, but everyone should be able to agree that our nation hasn’t seen anything like this since before World War II.

In order to prove my point, let me share the following 10 numbers with you…

#1 According to a study that was just released by the National Bureau of Economic Research, more than 100,000 U.S. businesses have already permanently shut down during this pandemic, and that represents millions of jobs that are never coming back.

#2 The Federal Reserve Bank of Atlanta is now projecting that U.S. GDP will shrink by 42.8 percent during the second quarter…

A new GDP forecast from the Federal Reserve Bank of Atlanta for the three months through June estimates an unprecedented drop of 42.8 percent. The bank describes the data as a “nowcast” or real-time, compared with the official government report of GDP, which is dated. The first-quarter preliminary data, which showed a 4.8 percent dip, included a limited period of impact from COVID-19.

#3 On Friday we learned that U.S. retail sales were down 16.4 percent during the month of April, and that is a new all-time record.

#4 U.S. factory output was down 13.7 percent last month, and that was the worst number ever recorded for that category.

#5 U.S. industrial production fell 11.2 percent last month, and that represented the worst number in 101 years.

#6 On Thursday, we learned that the number of Americans that have filed initial claims for unemployment benefits during this pandemic has risen by another 2.9 million, and that brings the grand total for this entire crisis to 36.5 million.  To put that number in perspective, at the lowest point of the Great Depression of the 1930s only about 15 million Americans were unemployed.

#7 According to the Federal Reserve Bank of Chicago, the real rate of unemployment in the U.S. is now 30.7 percent.

#8 According to a survey Fed officials just conducted, almost 40 percent of Americans with a household income of less than $40,000 a year say that they have lost a job during this crisis.

#9 One study has concluded that 42 percent of the job losses during this pandemic will end up being permanent.

#10 According to a professor of economics at Columbia University, the U.S. homeless population could rise by up to 45 percent by the end of this calendar year.

We have never seen economic numbers this horrifying, and more awful economic numbers are coming in the months ahead.

At this point, things are so bad that even Fed Chair Jerome Powell is openly admitting that he doesn’t really know how long this new economic downturn will last…

“This economy will recover…We’ll get through this. It may take a while. It may take a period of time. It could stretch through the end of next year,” Powell said during a rare televised interview that aired on “60 Minutes” Sunday night. “We really don’t know. We hope that it will be shorter than that, but no one really knows.”

In the months ahead, there are a few sectors that you will want to keep a particularly close eye on, and one of them is the commercial real estate market.  The following comes from Zero Hedge

Fast forward to today, coronavirus outbreak, and the ensuing lockdown, has essentially frozen the commercial real estate market. Buildings that were once used for restaurants, offices, hotels, spas, and or anything else that is classified non-essential have seen soaring vacancies.

This is single handily sending the commercial property market into chaos. As vacancies soar, tremendous downward pressure is being put on almost every asset class tied to commercial real estate.

The latest TREPP remittance data compiled by Morgan Stanley showed a quarter of all commercial mortgage-backed securities (CMBS) could be on the verge of default.

I am personally convinced that we are on the precipice of the greatest commercial real estate implosion in American history.

As the dominoes tumble, it is going to send wave after wave of devastation through the financial industry, and it is going to make the subprime mortgage meltdown of 2008 look like child’s play.

But at least bankruptcy lawyers will have plenty of work.  Last week we learned that J.C. Penney filed for Chapter 11 bankruptcy protection, and of course the bankruptcies that we have seen so far will just be the tip of the iceberg.

I think that politicians all over America are going to deeply regret overreacting to COVID-19, because nobody is going to be able to put the pieces back together now that our economic bubble has burst.

Sadly, very few people understood how shaky our debt-fueled economic “boom” was, and ultimately it didn’t take that much to push us into a new economic depression.

And now every additional crisis that comes along is just going to escalate our economic troubles.  This is going to be one very long nightmare, and there will be no waking up from it any time soon.

Even before COVID-19 came along, homelessness had become a massive problem in many of our major cities, and now tent cities are rapidly multiplying in size.

There is going to be so much economic pain in the months ahead, and it could have all been avoided if we had made much different choices as a nation.

But we didn’t, and so now we all get to pay the price.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

The U.S. Is Caught In An Economic Death Spiral, And One Group Is Being Hit Particularly Hard…

Many have been warning for years that our economic bubble would eventually burst and that a collapse was inevitably coming, but the ferocity of this new economic crisis has caught just about everyone off guard.  And even though some states have been attempting to “reopen” their economies in recent days, the job loss tsunami just continues to roll on.  Prior to this year, the all-time record for the most new unemployment claims in a single week was 695,000.  That record was set all the way back in 1982, and it had survived all the way until 2020.  But now we have been absolutely dwarfing that number week after week.  On Thursday, we learned that another 2.9 million Americans filed initial claims for unemployment benefits last week, and that brings the grand total for this pandemic to more than 36 million

New filings for unemployment claims totaled just shy of 3 million for the most recent reporting period, a number that while still high declined for the sixth straight week, according to Labor Department figures Thursday.

The total 2.981 million new claims for unemployment insurance filed last week brought the coronavirus crisis total to nearly 36.5 million, by far the biggest loss in U.S. history. The count announced last week count was revised up by 7,000 to 3.176 million, putting the weekly decline at 195,000 between the two most recent reports.

To put that in perspective, at the lowest point of the Great Depression only 15 million Americans were unemployed.

Of course our population is quite a bit larger today, and so it isn’t a straightforward comparison.

But what everyone can agree on is the fact that we have never seen a two month spike in unemployment like this in all of U.S. history.

And according to the Federal Reserve, low income workers are getting hit harder than anyone else…

The Federal Reserve Bank on Thursday reported just how unequally the coronavirus-induced economic downturn is hitting Americans.

On one hand, lower-income people are getting slammed. Nearly 40% of those with a household income below $40,000 reported a job loss in March, according to the Economic Well-Being of US Households report.

Sadly, this is what seems to happen every time that there is an economic downturn.

The powerless people on the bottom of the food chain get hurt the most, but the fat cats with political influence are able to get the big bailouts.

Millions of newly unemployed low income workers used to be employed by the restaurant industry, but that industry has been absolutely decimated by this crisis…

The National Restaurant Association says some $30 billion was lost by its members in March, and $50 billion in April.

In the last week alone, several restaurants have announced that they won’t re-open, including the buffet chain Souplantation and Sweet Tomatoes, Jen’s Grill in Chicago and Ristorant Franchino, which has been serving patrons in the San Francisco area for over 32 years.

Of course most restaurant closings will never even make the news because they are small independent operations without corporate backing.

In the days ahead, we are going to see a “restaurant apocalypse” like we have never seen before in American history.  If you can believe it, one industry expert just told Bloomberg that about one-fourth of all U.S. restaurants will be closing down permanently…

Your favorite restaurant, now closed or only accepting take out orders due to the coronavirus, may never reopen, according to a top exec with reservation service OpenTable.

Steve Hafner, CEO of Booking Holdings’ OpenTable and travel site Kayak, told Bloomberg that one out of every four restaurants won’t come back.

This is truly a great tragedy, and it is going to be so depressing to see so many buildings sitting empty in communities all across the nation.

And things will be much, much different for the restaurants that are able to stay open.  For example, just check out the changes that are happening at McDonald’s

When McDonald’s restaurants reopen their dining rooms, customers should expect stickers on the floor encouraging social distancing and the closure of self-serve beverage bars. Workers wearing masks might check in with a thumbs up, or kindly ask you to move away from others.

If that is what a trip to McDonald’s is going to be like, I don’t think that I will be visiting one for a long time to come.

What we really need is for the country to try to return to normal, but in some of the more liberal areas of the U.S. that is not going to happen for the foreseeable future.

So the U.S. economy will continue to be caught in this death spiral, and Fed Chair Jay Powell is warning that we could soon see a “wave of bankruptcies” from coast to coast…

Federal Reserve Chief Jay Powell warned Wednesday of a potential “wave of bankruptcies” that could cause lasting harm to the world’s largest economy, and said more fiscal support may be needed to prevent the devastation, despite the massive cost.

Powell, who has launched a host of key programs to support credit markets and provide funds directly to companies, said there are limits to how far the Fed can go.

In particular, keep a close eye on the commercial real estate industry.

In order to service their loans, owners of commercial property need to successfully collect rent from their tenants, and right now many of those tenants are not able to pay.

For example, just look at the numbers that one New York City commercial landlord is reporting

A major New York City commercial landlord collected just 73 percent of its April office rent from tenants, with an increasing number defaulting on payments amid growing uncertainty over whether corporate buildings will become a thing of the past.

Empire State Realty Trust, owner of the Empire State Building, collected only 73 percent of its office rents and 46 percent of its retail rents due in April.

Unless there is some sort of a bailout, we are going to see commercial real estate carnage on a scale that is far greater than anything we have ever seen before.

Of course just about every industry needs a bailout at this point, and not everyone is going to get one.

Fear of COVID-19 did not create the conditions for this new economic crisis, but it did finally burst the debt-fueled economic bubble that was keeping conditions relatively stable the past few years.

Now that our economy has begun to spiral out of control, nobody is going to be able to put the pieces back together again, and the truth is that this is just the very beginning of our problems.

So many of the things that I have been warning about are starting to happen, and without a doubt our economy will continue to fall apart in the months ahead, but that does not mean that your life is over.

Yes, the days ahead will be exceedingly challenging, but heroes are born when things are at their darkest.

God has a plan for you, and I encourage you to be open to that no matter how radical that plan may turn out to be.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

The Perpetual Crisis: Now The WHO Is Telling Us That COVID-19 “May Never Go Away”

Are you ready for “the new normal” to become permanent?  Originally, most of us assumed that “shelter-in-place orders” and “social distancing restrictions” would just be temporary, but now top health officials are warning us that some of these temporary measures may have to remain in place for the foreseeable future.  That means that our lives could be severely disrupted for a long time to come.  In fact, Dr. Anthony Fauci just told a Senate Committee that it may not be safe for schools all over America to reopen when the next school year begins in the fall.  Apparently Fauci and other medical “experts” believe that it will not be possible for us to fully go back to our normal lives as long as this virus keeps spreading.

But how long are we really supposed to wait?

The truth is that this pandemic could still potentially be in the early chapters.  The Spanish Flu pandemic lasted for three full years, and we could possibly be facing a similar scenario.

And this week WHO official Mike Ryan warned that this virus could even become “endemic”, and if that happens it “may never go away”

“It is important to put this on the table: this virus may become just another endemic virus in our communities, and this virus may never go away,” WHO emergencies expert Mike Ryan told an online briefing.

“I think it is important we are realistic and I don’t think anyone can predict when this disease will disappear,” he added. “I think there are no promises in this and there are no dates. This disease may settle into a long problem, or it may not be.”

In other words, Ryan is saying that this virus could become like a flu that keeps reappearing year after year.

So what are we going to do if that happens?

Are we supposed to have shutdowns every year whenever a new wave of COVID-19 infections starts happening?

Of course the lockdowns haven’t really been that effective anyway.  They may have temporarily slowed down the spread of the virus, but eventually most of the U.S. population is going to get exposed to it anyway no matter what we do.

But instead of facing the reality of this pandemic, Fauci continues to stick to his guns.  And many Americans were completely outraged when he suggested that schools should continue to remain closed when the next school year is scheduled to begin.  The following bit of commentary comes from Tucker Carlson

So just to be clear, Fauci was not simply talking about certain workers or even all workers staying at home for the foreseeable future. He implied that schools and colleges will be able to reopen only if there is a cure for this virus or a vaccine. He said that prospect was a bridge too far.

In other words, no school until the coronavirus has been cured — stopped.

The problem is there is currently no approved vaccine for any of the several coronaviruses out there. We still don’t have one for SARS. So, that may never happen. Once again, it has never happened.

A lot of people out there didn’t seem to believe me when I first started talking about how difficult it will be for researchers to create a vaccine for COVID-19.

Just like Tucker Carlson has said, there has never been a successful vaccine for any coronavirus in all of human history.

Despite all of our efforts, there is no vaccine for SARS.

And despite all of our efforts, there is no vaccine for MERS.

Needless to say, there isn’t such a thing as a “common cold vaccine” either, because such a thing does not exist.

Perhaps our scientists will beat the odds this time, and they will certainly do their best to do so.

But meanwhile many local officials all over the nation seem convinced that the best strategy for now is to continue keeping people at home.

For example, the “stay-at-home order” in Washington D.C. was just extended through June 8th

Washington, D.C., is extending its stay-at-home order through June 8, Mayor Muriel Bowser (D) announced on Wednesday.

The mayor said that the city has not yet met all the required benchmarks to reopen.

And Public Health Director Barbara Ferrer just extended the “stay-at-home order” in Los Angeles County indefinitely

Meanwhile, Ferrer extended the county’s stay-at-home order, which was implemented to slow the spread of the coronavirus and has barred gatherings and mandated physical distancing requirements. She said there is no end date to the revised health order and stressed that people should stay home as much as possible to help reduce the spread of COVID-19, which has killed more than 1,600 people in the county.

“As I’ve said from the beginning, this will be a slow journey,” Ferrer said.

Following that announcement, L.A. Mayor Eric Garcetti told Good Morning America that his city will “never be completely open until we have a cure.”

Good luck with all that.

I am so glad that I don’t live in Los Angeles, because residents of that city could be waiting for a “vaccine” or a “cure” for a very, very long time.

Are residents of L.A. just supposed to put their lives on hold indefinitely?  On Wednesday, we learned that the Hollywood Bowl has completely canceled their entire summer concert season

The Hollywood Bowl scrapped its entire summer concert season Wednesday due to the coronavirus crisis, in a “devastating” move that leaves the Los Angeles Philharmonic with an $80 million shortfall.

The famous open-air California venue has hosted acts from the Beatles to Yo-Yo Ma over nearly a century, and its concerts from June through September are a staple of Los Angeles cultural life.

I was really saddened when I first read about that.

Social gatherings are so central to the human experience, and now we are being told that most of our major social gatherings will need to be delayed, postponed or canceled for the foreseeable future.

And what makes all of this even more tragic is that we are now learning that these lockdowns were never necessary in the first place.  If we all had worn masks from the very beginning, kept our Vitamin D levels up and used basic common sense, we could have continued our normal lives all this time just like they have been doing in Japan and Sweden.

Unfortunately, common sense is in short supply in America today, and it looks like this pandemic will continue to greatly disrupt our lives for a long time to come.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

Economic Catastrophe: Millions Upon Millions Of Jobs That Have Been Lost Are Never Coming Back

Do you personally know people that have lost jobs in 2020?  I do, and I am not sure what to tell them.  As is the case all over the U.S. right now, there is hope that some of the jobs will still be there when the lockdowns end, but in other cases it looks like the jobs are gone for good.  And since virtually nobody is hiring right now, finding new jobs is certainly not going to be easy, and there will be millions of others competing for the few jobs that open up.  Of course there will be some that will decide that being a government “contact tracer” is better than not being able to pay the bills, and the mainstream media is aggressively promoting those jobs right now.  But what most unemployed workers really want is to go back to their old jobs, but unfortunately many of them will never be able to do so.

According to a new study that was just released by the National Bureau of Economic Research, a whopping 42 percent of the jobs that have been lost during this crisis are likely to have been lost permanently…

Many of the coronavirus pandemic layoffs will become permanent job losses, according to a new study with alarming implications for the future of the economy.

Forty-two percent of workers experiencing recent layoffs will suffer permanent job losses, according to a paper circulated by the National Bureau of Economic Research.

Wow.

So let’s take a moment and do a little math.

Over the past 7 weeks, 33.5 million Americans have filed new claims for unemployment benefits.

42 percent of 33.5 million is just over 14 million, and that represents almost 10 percent of all the jobs in the entire economy before this pandemic began.

Of course more Americans continue to lose jobs with each passing week.

For example, last week thousands of Uber employees were abruptly terminated during a three minute Zoom call

Thousands of Uber employees learned that they were being laid off in a three-minute Zoom call last week.

The ride-sharing company informed 3,500 people who worked in customer service and recruitment around the country that it would be their last day working for Uber on the live call.

Could you imagine being one of those employees?

There is no loyalty in corporate America today.  When the time comes, they will ruthlessly cut ties with even their most hard working employees without even a moment of hesitation.

Uber’s Ruffin Chaveleau was given the task of letting these workers go, and there was no mincing of words

Chevaleau told staff: ‘Our rides business is down by more than half. There is not enough work for many frontline customer support employees. [As a result] we are eliminating 3,500 frontline customer support roles.

‘Your role is impacted and today will be your last working day with Uber. You will remain on payroll until the date noted in your severance package.’

Do you think those jobs are coming back?

Of course not.

They are gone for good, and the company as a whole is going to have a very tough time surviving in this new economic environment.

The economic carnage that we are witnessing is truly unprecedented, and some parts of the country are being hit harder than others.  I have some good friends in Hawaii, and needless to say this pandemic has caused tourism to Hawaii to absolutely implode.

As the tourist industry has collapsed, the unemployment rate in the state has gone from 3 percent to 34 percent

Unemployment in Hawaii has skyrocketed from three percent to 34 percent as tourism vanishes from the island – and it could get worse as lockdown measures to protect against coronavirus continue.

Since March the number of people flying into Hawaii has fallen dramatically from 30,000-a-day to just 756.

Eventually some of those jobs may start coming back as the pandemic fades.

But then again, they might not.

And just about everyone agrees that the U.S. economy is going to continue to bleed jobs.

In fact, at this point even U.S. Treasury Secretary Steven Mnuchin is admitting that the numbers “are probably going to get worse”

The staggering U.S. unemployment rate reported by the government on Friday amid coronavirus lockdowns may get even worse, Treasury Secretary Steven Mnuchin said on Sunday.

“The reported numbers are probably going to get worse before they get better,” Mnuchin told the Fox News Sunday program.

The good news is that millions of workers that have been temporarily laid off should start going back to work in the months ahead as the lockdowns are ended.

But the bad news is that there are millions of newly unemployed workers that have lost their jobs permanently and won’t be able to get new ones.

As a result, the ranks of the poor will greatly surge, and many more people will end up in the streets.

Already, it is being reported that the number of homeless tents in San Francisco’s Tenderloin District has grown by 300 percent…

The streets of San Francisco’s Tenderloin District have experienced a 300 percent increase in the number of homeless tents since the coronavirus outbreak began, according to a federal lawsuit filed by the community and a law school.

Residents, businesses and the University of California Hastings College of Law are suing to demand the city clean up drug needles and human waste which have littered the streets.

I have written about homelessness a lot over the years, and before this pandemic started there were more than half a million Americans that were homeless.

As this new economic depression drags on, that number is likely to multiply.

The economic crisis that I have been warning about is now here, and the American people are going to be looking to our politicians to “fix things”.

But as Egon von Greyerz has noted, there isn’t going to be any solution to this crisis…

This is what is so sad with the current economic crisis – there is no solution. Nobody should believe that it is the Coronavirus that has caused this catastrophe for the world. CV was the catalyst but the underlying problems have been there for a long time. The Great Financial Crisis in 2006-9 was temporarily patched up with trillions of dollars of money printing but it was never solved. The Great Financial Crisis was only a rehearsal and now the world is facing the inevitable collapse of the financial system.

As usual, he is right on target.

All of the economic dominoes are starting to tumble, and fear of this virus is going to be with us for a very long time to come.

Those that are still hoping for a “V-shaped recovery”, a “U-shaped recovery” or any sort of a major recovery at all are going to be deeply disappointed.

The beginning of the end has arrived for the U.S. economy, and we are all going to be absolutely horrified by the things that take place in the months ahead.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

It Is Much Worse Than You Are Being Told

For a long time I warned that our economic bubble would burst and that we would plunge into a nightmarish economic collapse.  Now it has happened, and it turns out that fear of COVID-19 was the “black swan event” that triggered the collapse.  The ironic thing is that COVID-19 is not even close to the worst thing that is going to happen to us.  But it was more than enough to topple our incredibly fragile economic system, and now tens of millions of Americans are deeply suffering.  On Friday, the April jobs report was released, and it was the worst jobs report in U.S. history by a very, very wide margin.  According to the official numbers, 20.5 million Americans lost their jobs during the month, and the unemployment rate shot up to 14.7 percent.  During the last recession, the unemployment rate peaked at about 10 percent, and we have already left that number in the dust.  The figures that we are seeing now are truly, truly horrifying, and what is even more frightening is that they aren’t even that accurate.

But don’t take my word for it.

On Friday, the U.S. Labor Department publicly admitted that the true unemployment rate in April was closer to 20 percent

Millions of U.S. residents were counted as employed in April despite having no job, suggesting April’s true unemployment rate was closer to 20%, much higher than the official 14.7% reported, the Labor Department said Friday.

The jobless rate should have included people on temporary unpaid leave, furloughed because of the coronavirus pandemic, the government said.

I applaud the Labor Department for trying to be honest.  In the report, they openly admitted that an “additional 7.5 million workers” should have been classified as unemployed

But responses to the survey by which the data was collected show 11.5 million people were categorized as employed but absent from work because of vacation, parental leave or other reasons, but including 8.1 million absent for “unspecified” reasons, a group that usually numbers about 620,000.

“One assumption might be that these additional 7.5 million workers …should have been classified as unemployed on temporary layoff,” a note attached to the government’s jobs report Friday said.

If those workers had been correctly classified, the official unemployment rate would have been about 19.5 percent, and that would have put us solidly in Great Depression territory.

But others have looked at the numbers and calculated that the true rate of unemployment should be even higher than that.

For example, Standard Chartered has calculated that the true rate of unemployment could be as high as 27.5 percent

While it is true that what the BLS reported that the April unemployment rate (UR) was less than expected (14.7% versus consensus of 16.0%) and the drop in payroll employment of 20.5 million was also less than the 22.0 million expected, Standard Chartered bank has calculated that adjustments to the headline unemployment rate push the effective number of unemployed to 42 million and the effective UR rate to 25.5%, higher even than the U-6 underemployment rate of 22.8%. Worse, if one treats underemployed in line with the U-6 methodology, the true April unemployment number would rise to an mindblowing 27.5%.

So how did Standard Chartered arrive at those numbers?  The following is how Zero Hedge explained it…

How does one get these numbers? As the bank’s chief FX strategist Steve Englander explains, start with the 23.1 million unemployed as published by BLS. To this add 8.1mn people who have dropped out of the labor force since February (previously the labor force had been growing steadily, so these are likely unemployed).

Add back 7.5MM workers classified as ‘employed but not at work for other reasons’ – BLS states that these workers are likely misclassified as employed, when they are in fact unemployed. Involuntary part-time work for economic reasons has gone up by 6.6MM and we treat these as half-unemployed (i.e., a contribution of 3.3MM).

This totals almost 42 Million effectively unemployed.

And Standard Chartered is not the only one that has come up with such a high figure.

In fact, John Williams of shadowstats.com says that if honest numbers were being used that the U.S. unemployment rate would now be an eye-popping 35.4 percent.

Wow.

Of course everyone admits that things are really, really bad and that the numbers for next month are likely to be even worse.

If you can believe it, even White House economic adviser Kevin Hassett is admitting that the official unemployment rate is likely to surge above 20 percent in “May or June”

White House economic adviser Kevin Hassett believes the unemployment rate could rise above 20% and the worst job losses would come in “May or June” because of the ongoing coronavirus pandemic.

When asked Sunday what the “bottom” of the country’s unemployment pain would be, Hassett, who advises the Trump administration on economic policy and is the former chair of the Council of Economic Advisers, told CBS’s “Face the Nation,” “to get unemployment rates like the ones that we’re about to see … which I think will climb up toward 20% by next month, you have to really go back to the Great Depression to see that.”

And even once this pandemic fades, many of those jobs won’t be coming back.

Initially, many employers had anticipated that they would be bringing all of their employees back following a short, severe crisis.  But at this point reality is beginning to set in for many of them.

For example, a restaurant owner in Kentucky named Britney Ruby Miller has had to lower her expectations as this pandemic has dragged on…

In late March, Britney Ruby Miller, co-owner of a small chain of steakhouse restaurants, confidently proclaimed that once the viral outbreak had subsided, her company planned to recall all its laid-off workers.

Now? Miller would be thrilled to restore, by year’s end, three-quarters of the roughly 600 workers her company had to let go.

Yes, the state of Kentucky is starting to “reopen for business”, but for now her restaurants will “be limited to 33% of capacity” and there will be all sorts of other new expenses that Miller will be forced to deal with…

Yet business won’t be returning to what it was before. In Kentucky, the restaurants will be limited to 33% of capacity. They are putting six feet between tables in all their restaurants, thereby limiting seating. Miller estimates that the company’s revenue will plunge by half to three-quarters this year.

And expenses are rising because the company must buy face masks and other equipment for the workers it does recall and restock its food, drink, and equipment supplies.

There are very, very few restaurants that can be profitable under such circumstances.

Unless the state of Kentucky lifts those ridiculous restrictions, Miller may soon lose all of her restaurants and all of her employees may soon be permanently out of jobs.

Of course more layoff announcements just keep rolling in from all over America with each passing day.  The following examples come from the Wall Street Journal

This past week, General Electric Co., Uber Technologies Inc. UBER 6.01% and Airbnb Inc. said they would lay off thousands of workers. MGM Resorts International MGM 4.42% warned that some of the 63,000 employees it has furloughed may be let go permanently starting in August. Aerospace supplier Raytheon Technologies Corp., RTX 2.91%  job-listings site Glassdoor and United Airlines Holdings Inc. UAL 11.74% also said in the past week that they had reduced jobs or planned to do so.

This is what an economic depression looks like, and it is going to be so incredibly painful.

And it is critical to understand that what we have experienced so far is just a warm-up act for the next chapters.

If you remember how bitter the last recession was, that should motivate you to take action to prepare for what is ahead, because this economic downturn is already even worse.

Yes, the months in front of us will be exceptionally challenging, but you can get through this.  Things may look really bleak, but for now you just need to keep hanging in there.

There will be life on the other side, but your future may end up looking far different than you originally anticipated.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

We Are Witnessing Economic Carnage Like We Have Never Seen Before, And The Economy Is Going To Continue To Bleed Jobs

Now we are up to 33.5 million jobs lost.  In just 7 weeks, the U.S. economy has been completely turned upside down, and the numbers are unlike anything that we have ever seen before.  On Thursday, the Labor Department announced that 3.17 million Americans filed initial claims for unemployment benefits last week.  That brings the grand total for this crisis up to 33.5 million, and that figure absolutely dwarfs what we witnessed during the last recession.  And as I discussed yesterday, even the mainstream media is now admitting that millions of those jobs are never coming back.

Yes, some Americans will be going back to work now that the lockdowns are being ended, but for now it is being projected that the job losses will continue to surpass any gains that are made by workers that are returning to their old jobs.

In fact, one prominent economist told CNBC that it will likely take until mid-June before the number of Americans filing new claims for unemployment benefits each week falls below a million…

At the current pace, the week claims numbers should fall below 1 million by mid-June, according to Ian Shepherdson, chief economist at Pantheon Macroeconomics. “We’re very hopeful that June will see the beginnings of a rebound as states begin to reopen,” Shepherdson said.

To put that in perspective, prior to this year the all-time record for a single week was just 695,000.

So even when we get down to a million new claims each week, that will still be a catastrophic level.

And the truth is that these numbers don’t even tell the entire story.  Because state unemployment websites have been so overwhelmed, there are vast numbers of unemployed Americans that still have not been able to successfully file claims.

One of those unemployed Americans is Florida resident Roselande Guerrier

Roselande Guerrier lies in bed each night, waiting for her cellphone to display 7:30 a.m. – when the Florida unemployment office opens – and calls, aching for answers, searching for help.

“All night, my eyes are open,” she said. “Five o’clock, my eyes are open. I call at 6 o’clock and the office is closed. I call at 7:30 and boom, ‘All lines are busy.’ Every number they give me, I try, but they’re always busy.

She has been trying day after day, and she still hasn’t been successful.

So for now she doesn’t have a single penny coming in, and she has three hungry kids to feed

Guerrier, 36, has spent 13 years changing sheets, picking up dirty towels and scrubbing bathrooms as a housekeeper at the Fontainebleau hotel, the iconic Miami Beach resort. At night, she would do the same at the Cadillac Hotel & Beach Club, an art deco resort a few blocks away.

Both those jobs vanished on March 23 when the hotels were forced to close because of the COVID-19 pandemic. With three children to care for, she hasn’t seen a nickel of unemployment benefits or federal relief money.

Could you imagine being in her situation?

When you have little ones depending on you, it can be absolutely soul crushing to have nothing to provide.

Sadly, the job losses just continue to roll on.  This week, several more big companies have publicly announced layoffs

The layoff announcements by larger companies continue on a daily basis. Yesterday, Uber announced that it would lay off 3,700 people; Haliburton announced that it would lay off 1,000 people at its corporate headquarters, after having already laid of thousands of people elsewhere; the Natural History Museum in New York City announced it would lay off 450 people; etc. etc. It’s a loud and terrible drumbeat. Thousands of smaller companies are laying off people without media attention.

If you were assuming that the U.S. economy would just bounce back to where it was before, you can forget about that right now.

In fact, Bob Michele told Bloomberg that it may be more than a decade before U.S. employment returns to the levels that we saw prior to this pandemic…

J.P. Morgan Chief Investment Officer Bob Michele predicted it will take 10-12 years after the pandemic for U.S. employment to get back to its pre-coronavirus level, insisting it won’t be as simple as turning the economy back on.

“No, it’s not that simple … it’s going to take years, or longer to get back to where we are, or where we were,” Michele said on Bloomberg when asked if reopening would be as simple as “turning on the lights.”

Ladies and gentlemen, this is what an economic depression looks like, and it is going to be with us for the foreseeable future.

Of course Congress certainly didn’t help matters when they created a big, fat juicy incentive for people to stay unemployed.  As Zero Hedge reminds us, millions of unemployed workers are now bringing home a lot more money than when they were actually working…

Worse still, the final numbers will likely be hurt even more due to the bailout itself: as a reminder, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed on March 27, could contribute to new records being reached in coming weeks as it increases eligibility for jobless claims to self-employed and gig workers, extends the maximum number of weeks that one can receive benefits, and provides an additional $600 per week until July 31. A recent WSJ article noted that this has created incentives for some businesses to temporarily furlough their employees, knowing that they will be covered financially as the economy is shutdown. Meanwhile, those making below $50k will generally be made whole and possibly be better off on unemployment benefits.

I certainly don’t understand why Congress would do such a thing.

If only we had elected at least a few people that could have brought some common sense to that institution…

Getting back to the economy, we continue to get more evidence that we are in the midst of a complete and utter economic implosion with each passing day.

For example, we just learned that orders for Class 8 trucks in April were down a whopping 73 percent compared to a year ago…

The misery in Class 8 heavy duty truck orders continues. Still struggling with the remnants of an order backlog that started almost two years ago with record orders in August 2018, the industry was unable to find an equilibrium prior to the coronavirus pandemic. Orders were sluggish and we noted numerous trucking companies that closed up shop altogether in 2019.

Post-pandemic, things look even more helpless. In April, the industry posted its worst order number on record as the economy ground to a halt as a result of the nationwide lockdown. Only 4,000 Class 8 orders were made last month, which is down 73% year over year and 44% from March.

Virtually every corner of the economy is dramatically slowing down, and that is going to force more layoffs in the months ahead.

As I discussed yesterday, one survey just found that 52 percent of all small business owners expect to be out of business in the next six months.  Traditionally, small businesses are the primary engine of job growth in this country, but now they are going to be failing at an unprecedented rate.

One of those small businesses that is in the process of failing belongs to wedding invitation designer Emily Rose Asher

Wedding plans nationwide have been shot to hell in this age of social distancing. But Chicago-based calligrapher and wedding invitation designer Emily Rose Asher still has some work creating “save the NEW date” cards that couples are now sending to guests when they decide to reschedule their big event.

Still, Asher said, whereas she used to earn thousands of dollars during wedding season, she’s now earning hundreds. And the fact that she still has any income at all likely will disqualify her for unemployment benefits. But she did apply for a PPP loan at the end of April after trying to sort through conflicting guidance from two accountants about her eligibility.

I have such respect for people that create a business out of nothing and slowly nurture it into a success.

But now fear of COVID-19 threatens to kill millions of such businesses.

In other words, millions of hard working Americans are about to see their dreams go up in smoke right in front of their eyes.

It is a tragedy of almost unimaginable proportions, and I wish that it wasn’t happening.

But it is happening, and what is truly sad is that all of this could have been avoided if we had made much different choices.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

The Number Of Jobs Lost In April Was More Than Double The Total Number Of Jobs Lost During The Last Recession

Yes, you read that headline correctly.  The economic downturn of 2008 and 2009 is often referred to as “the Great Recession” because the U.S. had not experienced economic pain of that magnitude since the Great Depression of the 1930s.  Millions of Americans lost their jobs, mortgage defaults soared and Wall Street was shaken to the core.  But as bad as things were during the last recession, things are even worse now.  To say that what we are witnessing is “unprecedented” doesn’t do it justice, because what is happening to the U.S. economy in 2020 is truly, truly horrifying, and many believe that what we have experienced so far is just the beginning.

ADP has been tracking private payrolls in the United States for many, many years, and each month their payroll report is watched very carefully by economists.

Prior to this year, the worst month in the history of the ADP report was in February 2009 when 834,665 jobs were shed from U.S. private payrolls.  Needless to say, that old record just got completely shattered

Private payrolls hemorrhaged more than 20 million jobs in April as companies sliced workers amid a coronavirus-induced shutdown that took most of the U.S. economy offline, according to a report Wednesday from ADP.

In all, the decline totaled 20,236,000 — easily the worst loss in the survey’s history going back to 2002 but not as bad as the 22 million that economists surveyed by Dow Jones had been expecting. The previous record was 834,665 in February 2009 amid the financial crisis and accompanying Great Recession.

So what this means is that the number of private payroll jobs lost in the United States last month was more than 24 times greater than the previous all-time record.

In fact, the number of private payroll jobs lost last month was more than double the total number of jobs lost during the last recession

“Job losses of this scale are unprecedented,” said Ahu Yildirmaz, co-head of the ADP Research Institute, which compiles the report in conjunction with Moody’s Analytics. “The total number of job losses for the month of April alone was more than double the total jobs lost during the Great Recession.”

We have never seen an unemployment spike like this ever before, and we may never see a spike quite like it ever again.

Of course there are some people out there that have been quick to remind me that many of these job losses are “temporary” and that millions of Americans will soon be going back to work.

Yes, as states begin to end their lockdowns the U.S. economy will regain millions of the jobs that have been lost.

But there are also millions of jobs that we aren’t ever going to get back.  The following comes from a Bloomberg article entitled “Layoffs Start Turning From Temporary to Permanent Across America”

Plenty of layoffs that just a month ago were labeled “temporary” are now tagged “indefinite” or “permanent.” Alongside announcements of sweeping staff cuts by major employers such as Boeing Co. and U.S. Steel Corp. and the accelerating pace of downsizing in brick-and-mortar retailing, such notices are a sign that even as businesses continue to hope for a speedy recovery, they are starting to plan for a slow one.

I personally know quite a few people that have permanently lost their jobs, and you probably do too.

This week, we learned that Lord & Taylor plans to start the process of liquidating, and all of their employees will soon be out on the street on a permanent basis

Venerable U.S. retailer Lord & Taylor plans to liquidate inventory in its 38 department stores once restrictions to curb the spread of coronavirus are lifted as it braces for a bankruptcy process from which it does not expect to emerge, people familiar with the matter said on Tuesday.

Lord & Taylor’s preparations to liquidate its inventory as soon as its stores reopen offer a window into the grim future of a high-profile retailer – a storied department store chain founded in 1826 and billed as the oldest in the United States – that does not expect to survive the pandemic’s economic fallout.

But much, much, much more importantly, we are about to see a wave of small business failures in the United States that will absolutely dwarf anything that we have ever seen before in our history.

Governors all across America can end the lockdowns, but they can’t order people to go out and spend money.  For many months to come, fear of COVID-19 is going to prevent millions of consumers from resuming their normal economic patterns, and so small businesses all over the country will be facing greatly reduced revenues for the foreseeable future.

Needless to say, many of them aren’t going to make it and those that fail are going to have to let all of their workers go.  In an article that I just posted, I discussed a stunning new survey that discovered that 52 percent of all small business owners in the United States “expect to be out of business within six months”.

We are talking about millions of businesses that may soon be saying goodbye to all of their employees for good.

Giant corporations have the resources to make it through an extended downturn, but most small businesses do not.  It is hard enough to try to run a profitable small business even when conditions are ideal, but now this pandemic has made that task nearly impossible in many cases.

So yes, the U.S. economy will recover some of the jobs that were lost during the lockdowns, but we will also continue to bleed more jobs in the months ahead.

I know that a lot of my readers are quite eager for a return to “normal”, but we have to realize that the “old normal” is gone.

Instead, a “new normal” is starting to emerge, and on Tuesday California Governor Gavin Newsom warned that we won’t fully get there “until we get to immunity and a vaccine”

California Gov. Gavin Newsom said as many counties around the state prepare to reopen retail for curbside pickup Friday, maintaining physical-distancing measures will be crucial to reduce the risk of coronavirus spread.

“We’re not going back to normal,” said Newsom, who gave Tuesday’s press briefing from the site of a Sacramento business called Display California. “It’s a new normal with adaptations and modifications, until we get to immunity and a vaccine.”

Unfortunately, it is exceedingly unlikely that we will reach “herd immunity” in the United States before 2021, and the quest for a “vaccine” is not going to be easy.

If you doubt this, just do some research and find out how many other successful coronavirus vaccines there have been in our history.

When they tell you that an easy solution is right around the corner, they aren’t being honest with you.

Meanwhile, the U.S. economy is literally imploding all around us, and this is just the start of our troubles.

The good news is that COVID-19 is not as deadly as many were originally projecting.  Instead of millions dead, the final death toll in the U.S. will probably only be in the hundreds of thousands.

As this pandemic eventually begins to subside, use it as an opportunity to get prepared for what is coming next, because COVID-19 is definitely not the worst thing we are going to face.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

They Want To Make “Social Distancing” A Permanent Part Of Our Lives

Humans are inherently social creatures, and that is never going to change.  Within each one of us there is a fundamental need for connection with others, but now these coronavirus lockdowns have separated us from one another like never before.  Thankfully, many states are now starting to end their lockdowns, but unfortunately this is definitely not the end for “social distancing”.  Just as 9/11 greatly altered our society on a permanent basis, many of our social engineers now intend to make “social distancing” a permanent part of our lives.  If they have their way, there will be written or unwritten rules about how close you can get to other people virtually everywhere that you go.

Can you imagine a world where you have to constantly be concerned about walking, standing or sitting too close to someone else?

Already, there is talk of putting physical markings on sidewalks in order to constantly remind all of us not to walk too closely to one another…

Arrows on the ground, and other physical markers to encourage and enforce distance. Imagine sidewalks with scoring every 6 feet so those walking could make sure they’re the human equivalent of a few car lengths behind. Or large sculptures deployed to separate people.

And Wal-Mart and other major retailers are already starting to put arrows on the floor to remind us which direction to shop so that we can maintain proper “social distancing”.

We are being told that restaurants may have to start putting empty tables between customers, sports stadiums may have to keep at least half their seats empty, and churches may have to start holding services in shifts.

Just like in the days after 9/11, we will be told that the changes are just “temporary measures”, but once we accept “temporary measures” long enough they have a way of becoming permanent.

When I was much younger, I loved to attend concerts.  And at first I was encouraged to hear that some states were going to start allowing live concerts once again, but then I learned about the new “fan pods”

Travis McCready, the singer of the country-rock band Bishop Gunn, will be performing what’s billed as an “intimate acoustic set” in Fort Smith at the city’s TempleLive venue — but with social distancing measures in place. The show will take place on May 15, three days before the scheduled reopening.

According to Billboard, assigned seats for the show will be at least six feet apart per grouping in what Ticketmaster is calling “fan pods.” As fans enter the venue, they’ll be required to wear face masks (including the venue’s employees), have their temperatures taken at the door and capacity for the 1,100 person venue will be capped at 229.

Are you kidding me?

I understand that they are trying to prevent the spread of the virus, but it isn’t going to work.

Look, unless you plan on locking yourself in your own home for the next couple of years, you are almost certainly going to be exposed to the virus no matter how careful you are.

And once you are exposed to the virus, what is really going to matter is the strength of your immune system, and so that should be your focus instead of trying to maintain “proper social distancing” at all times.

To me, some of the “social distancing” measures that we are now seeing are completely and utterly ridiculous.  For example, at one supermarket in Philadelphia cashiers are actually working in “tent-like” plastic enclosures

At a Philadelphia supermarket, the cashier’s side of each checkout line has been outfitted with a tent-like plastic enclosure, keeping essential workers safe while on the job.

Alexander Tavares, 19, captured now-viral footage of the new working conditions, constructed to prevent the spread of the coronavirus, at a store on March 25.

Those enclosures may protect those workers for a short period of time, but it is inevitable that they will eventually be exposed to the virus.

This pandemic is never going to burn itself out until herd immunity is achieved, and herd immunity is never going to be achieved until about 70 percent of the population catches the virus.

Of course it would be wonderful if someone could actually find a way to keep 70 percent of the population from becoming infected, but because this virus spreads like wildfire that simply is not going to be possible.

In the end, “social distancing” can temporarily slow the transmission of the virus, but roughly the same proportion of the population will eventually catch it whether we have “social distancing” or not.

Thankfully, some industries are already starting to push back against “social distancing”.  There has been an effort to require airlines to keep middle seats vacant on all flights from now on, and the airlines are fighting this really hard

Airlines are pushing back on proposals to require social distancing onboard aircraft. During a press briefing today, airline industry group IATA argued that leaving the middle seat vacant would hurt airlines’ ability to recover from the coronavirus crisis and potentially cause a spike of up to 54% in airfares.

If you get on an airplane, you pretty much have to assume that you are going to be exposed to all sorts of nasty bugs.  That has always been true, and there will never be a time when it isn’t true.

If you don’t want to be exposed to all sorts of nasty bugs, just don’t fly.

As far as COVID-19 is concerned, there are literally thousands of ways that you could potentially catch this virus, and anyone that believes that “proper social distancing” will keep people 100 percent safe is just being delusional.

Sadly, “social distancing” has been pounded into our heads so relentlessly in recent weeks that a big chunk of the population has become big believers in it.

In fact, one recent survey discovered that almost 60 percent of everyone living in Seattle intends to continue practicing social distancing “for a year or longer”…

Nearly 60 percent of people in Seattle say they plan on doing social distancing for a year or longer.

That’s according to a new survey recently released by a company in New York City called Elucd.

This company said they provide data to the City of Seattle and the Seattle Police Department on the public’s opinions on various topics.

And once you adopt a pattern for a whole year, there is a really good chance that it becomes permanent.

We can’t let them do this to us.

They fundamentally changed our society after 9/11, and now the social engineers want to do it again.

We must stop them this time, because the alternative is absolutely unthinkable.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

America Has Become “The Land Of The Snitches” During This Coronavirus Pandemic

For those that wondered if Americans would be willing to report on their neighbors on a widespread basis during a major crisis, you now have your answer.  All over the country, calls have been pouring in to authorities from “concerned citizens” that are quite eager to point a finger at their neighbors for violating the coronavirus lockdowns.  In fact, it has been reported that some very nosy people in the state of California were actually calling 911 to report that their neighbors were coughing inside their own homes.  Of course the mainstream media is not exactly helping matters when they use phrases such as “death sentence” to describe this pandemic.  Yes, we should all be taking this virus very seriously, but the truth is that this is not the end of the world and everyone needs to calm down.

Do we really want to have a society where everyone is spying on their neighbors?  When I read that a mother in Wisconsin had been visited by the police because she had permitted her daughter to go play at a friend’s house, it really touched a nerve with me

A Wisconsin mom videotaped two police officers who showed up at her home and accused her of “allowing” her daughter to play at a friend’s house, an act they deemed to be in defiance of Wisconsin’s “Stay at Home” order.

The officers are clearly agitated and condescending in their conversation with the mother, who is addressed as “Amy” when she opens the door upon their arrival.

So how did the police know that her daughter had gone to another house to play?

Needless to say, someone snitched on her.

And this next story is truly bizarre.  A Colorado woman named Heather Silchia was deeply alarmed when she discovered that her “neighbors” had put a really nasty note on her vehicle

The missive read, “PLEASE STAY HOME. I noticed a few days a week you leave home with your baby and return a short time later without it. Then I see the man of the house arrive with the baby later in the afternoon while your vehicle hasn’t moved all day. This leads me to believe that the kid is in daycare.”

The letter continued, “Stop. I am assuming that man has an essential job since he is gone all day but if you are home there is no reason for your child to be in daycare at a time like this. I also see you leave shortly after your husband (I assume) gets home. You aren’t wearing any sort of uniform and I have never seen you wear a mask. Bars are closed and you couldn’t possibly be getting groceries every night (which would also require you to wear a mask) so I again ask you to please stay home.”

Well, it turns out that Heather Silchia is actually a 911 dispatcher, and that is why she can’t watch her baby all day.

And we should be thankful for front line workers like her, because they are so greatly needed during a time like this.

Sadly, the examples that I have just shared with you are not isolated incidents.  In fact, it has been revealed that there are hundreds of people that have been snitching on their neighbors in the state of Missouri alone

Hundreds of people have been exposed for reporting people who have flouted social distancing rules and some are now scared they could receive a backlash. The names and addresses of approximately 900 people in Missouri were released as part of a media request under the Sunshine Law, which allows for the release of information submitted to a public agency (except for wrongdoing and abuse tips).

St. Louis County had urged the community to share details of anyone not following guidelines in response to the coronavirus pandemic and noted in the terms and conditions that information may be shared publicly. However some people may not have read the small print submitted tips via an online form and email from the end of March. Many had asked for their communications to remain private.

If things are this bad in Missouri, one can only imagine the level of snitching that is happening in New York or California.

And even though some states are starting to gradually lift their “shelter-in-place” orders, the truth is that our society is going to be dealing with “social distancing” for a long time to come.  In fact, the way that we share many of our public spaces is in danger of being permanently redefined

New designs for eating places. McDonald’s is already prototyping a socially distanced version of its restaurant that could be a template for fast-food spaces around the world.

Checkerboard grids on the grass in parks, with people allowed to occupy one square only if those surrounding it are empty.

Or time-sharing of public places: If you don’t show up for your 12:15 p.m. slot at the playground, you’re out of luck.

Are you kidding me?

Of course snitches will have a field day in this sort of an environment.  If you sit too close to a snitch in church or you walk too closely behind a snitch on the sidewalk, you may find yourself explaining your actions to the police.

And what is truly tragic is that none of this nonsense is even necessary.  Please take two and a half minutes and watch this video from Dr. Eric Berg.  It is the most important video about this pandemic that I have watched by a wide margin.

After watching the video, I think that you will understand why all of the coronavirus lockdowns should be ended as soon as possible.

Yes, this virus spreads incredibly easily.  But a lot of the people that catch it never show any symptoms at all, and it has become clear that there are things that we can do for those that do become sick to prevent a lot of the really severe cases.

Unfortunately, the mainstream media is not going to tell you the truth.  Instead, they are just going to keep telling you that the death toll projections are going up and that everyone should continue to stay home.

Look, the reality of the matter is that most of the population is eventually going to be exposed to this virus no matter if we have lockdowns or not.  So it is very important to be taking your vitamins and to be doing whatever you can to support your immune system.  And it is also very important to understand that this is not even close to the worst thing that we are going to face.

If we can’t even handle COVID-19, and if the mainstream media won’t even share the truth when scientific studies show absolutely amazing results, what is going to happen to our society when a really severe crisis comes along?

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

18 Signs That We Are Facing A Record Breaking Economic Implosion In 2020

In just six weeks, the entire global economy has completely come apart.  All over the world we are seeing numbers fall faster than we ever have before, and the outlook for the rest of the year is exceedingly bleak.  Fear of the coronavirus is going to paralyze global trade for the foreseeable future, and the lockdowns in some nations will last for many months to come.  Here in the United States, some states are attempting to make an effort to “reopen”, but in most instances that will involve “multiple stages”.  Meanwhile, tens of millions of Americans have already lost their jobs, much of the population has already run through their meager savings, and financial institutions are becoming extremely tight with their money.  Even if COVID-19 disappeared tomorrow, our momentum would still take us into an economic depression, but of course this virus isn’t going to disappear any time soon.  After 9/11 our society evolved into an anti-terror state, and COVID-19 is going to permanently alter our society as well.  So anyone that was hoping for a quick “return to normal” can forget it, because “normal” is about to be completely redefined.

The pace at which economic conditions have deteriorated in recent weeks has been absolutely breathtaking, and the numbers just keep getting worse and worse.

The following are 18 signs that we are facing a record breaking economic implosion in 2020…

#1 According to economists surveyed by the Wall Street Journal, the April jobs report will show that the unemployment rate in the United States is now above 16 percent.

#2 U.S. manufacturing orders just crashed by the most ever.

#3 U.S. gasoline consumption just dropped to the lowest level ever recorded.

#4 Light vehicle sales in the U.S. just fell to the lowest level that we have seen since the early 1970s.

#5 The government program that was supposed to get small businesses through this crisis has been a tremendous failure

According to the CNBC/SurveyMonkey Small Business Survey released Monday, which surveyed 2,200 small business owners across America, while the $660 billion Paycheck Protection Program was instituted to give them a lifeline through the coronavirus and economic shutdown, only 13% of the 45% who applied for the PPP were approved.

#6 The “coming meat shortages” are already here.  According to the New York Post, Costco is now rationing meat and Kroger is warning customers of very serious supply problems…

Costco on Monday said it will be limiting customers to just three packages of meat per shopper, while Kroger supermarkets posted an alert on the meat section of its website warning that it may have limited inventory “due to high demand.”

Grocers have been bracing for a run on meat in mid-May as major meat processing plants, including Tyson Foods, have been forced to shut down production. But the shortages appear to have come earlier than expected as consumers worried about the meat shortage have been stocking up, experts say.

#7 Global smartphone shipments were down 11.7 percent in the first quarter compared to a year ago.  That represents the fastest drop on record.

#8 Hong Kong just recorded the worst economic contraction in the city’s entire history.

#9 U.S. consumer spending was down 7.6 percent during the first quarter of 2020.

#10 American Airlines posted a loss of 2.2 billion dollars during the first quarter of 2020.

#11 It looks like retail giants Neiman Marcus, J. Crew and JC Penney are all headed for bankruptcy.

#12 Fox Business is reporting that Hertz is preparing to file for bankruptcy due to plunging car rental ridership.

#13 Gold’s Gym field for bankruptcy on Monday.

#14 Edmunds is projecting that auto sales in the United States this month will be down by more than half compared to April 2019.

#15 In Mexico, manufacturing activity is falling at the fastest pace ever recorded.  The following comes from Zero Hedge

While few have lofty expectations for economic performance with the global economy still largely shutdown, what is happening in Mexico is simply unprecedented. Here are some striking observations detailing the unprecedented economic collapse of the southern US neighbor, courtesy of Goldman.

Business confidence declined sharply in April (the seventh consecutive monthly decline) with the index now sitting deep within pessimist territory. The Manufacturing and Services PMIs also fell sharply in April, and are now at the lowest levels on record.

#16 More than 30 million Americans have already lost their jobs, and economists are projecting that millions more will lose their jobs in the weeks ahead.

#17 In March, U.S. home sales declined by double digit percentages in every region of the country.

#18 White House economic adviser Kevin Hassett is warning that U.S. GDP could fall by up to 30 percent during the second quarter of 2020.

For investors, the good news is that stock prices have bounced back quite a bit after the initial crash, and many market optimists are hoping that this Fed-fueled rally will keep on rolling.

But others are warning that this is a trap for bullish investors, and Kevin Smith is openly telling everyone that this could be the “last chance to sell” before another huge move downward…

The stock market may be flashing some ridiculously bullish signals, but hedge fund bear Kevin Smith is sticking by his prediction that the Dow and S&P 500 are on the verge of a Great Depression-level crash.

In fact, the Crescat Capital founder warns, this is your “last chance to sell” before the impending collapse.

We shall see what happens, but for the moment the financial markets are doing their best to try to defy economic reality.

Unfortunately, economic reality is hitting most Americans like a ton of bricks right now.  We are in the middle of the greatest spike in unemployment that the United States has ever seen by a very wide margin, and most of the jobs that have been lost are never coming back.

And as bad as things are already, the truth is that this is just the beginning.

A whole lot more pain is on the way, and it is going to shake our nation to the core.

Our economic and financial bubbles lasted far longer than they should have, but now fear of COVID-19 has burst them all, and it isn’t going to be possible to reinflate them this time around.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

New Study Warns Up To 70% Of Americans Will Eventually Catch COVID-19 And The Pandemic Could Last 2 Years

Are we still going to be dealing with this coronavirus pandemic in 2022?  According to a shocking new study that was just released by the Center for Infectious Disease Research and Policy, the total duration of this pandemic “will likely be 18 to 24 months”, and “60% to 70% of the population” may need to catch the virus before we get to the point of herd immunity.  Of course I have been warning for quite some time that most people in the United States will eventually catch this virus because this pandemic will never be over until herd immunity is achieved.  But most of our politicians are carefully avoiding using the phrase “herd immunity” because they don’t want to alarm the general population.

These days, the mainstream media is full of talk about “reopenings” and “recovery”, but the raw numbers paint an entirely different picture.  Despite the fact that most of the country has been locked down for weeks, we just had our deadliest day so far.  The following comes from CNBC

The United States just had its deadliest day on record due to the coronavirus as states across the country begin to ease restrictions meant to curb the spread of the virus, according to data published by the World Health Organization.

The U.S. saw 2,909 people die of Covid-19 in 24 hours, according to the data, which was collected as of 4 a.m. ET on Friday. That’s the highest daily Covid-19 death toll in the U.S. yet, based on a CNBC analysis of the WHO’s daily Covid-19 situation reports.

If this is happening even though most people are currently confined to their homes, what is going to happen once a whole bunch of states attempt to “reopen”?

I think that we all know the answer to that question.

But as long as our hospitals can handle it, we should allow people to go back to work, because the truth is that this virus is going to burn through our population whether there are lockdowns or not.

In fact, this alarming new study from the Center for Infectious Disease Research and Policy is projecting that the virus will not finally burn itself out until about 70 percent of the population is immune

As coronavirus restrictions around the world are being lifted, a new report warns the pandemic that has already killed more than 230,000 people likely won’t be contained for two years. The modeling study from the Center for Infectious Disease Research and Policy (CIDRAP) at the University of Minnesota also says that about 70% of people need to be immune in order to bring the virus to a halt.

There are many that are hoping that a “vaccine” can get us to herd immunity a lot faster, but that is a false hope.

If you don’t believe me, go to Google and do a search for an instance where scientists have developed a successful vaccine for a coronavirus.

You won’t find one, because there has never been a successful vaccine for any coronavirus in all of human history.

We can slow down this pandemic by implementing lockdowns, but that just kills the economy and extends the suffering.  In the end, there is no way that we are going to be able to stop this pandemic until herd immunity is achieved, and that is precisely what this new CIDRAP study is saying

“The length of the pandemic will likely be 18 to 24 months, as herd immunity gradually develops in the human population,” the report says. “Given the transmissibility of SARS-CoV-2” — the virus that causes COVID-19 — “60% to 70% of the population may need to be immune to reach a critical threshold of herd immunity to halt the pandemic.”

Lockdowns were never going to end this pandemic, and anyone that thought that was not being realistic.

For now, we have survived the first wave of this virus, but CIDRAP is also warning us that we need to brace ourselves for more waves to come

The report lays out several possible scenarios, including one in which a larger wave of illnesses may happen in the fall or winter of 2020 and then subsequent smaller waves in 2021. The researchers say this model — similar to the pattern seen in the devastating 1918 Spanish flu pandemic — would “require the reinstitution of mitigation measures in the fall in an attempt to drive down spread of infection and prevent healthcare systems from being overwhelmed.”

If you work in a setting where you have any sort of interaction with the public at all, there is very high probability that you will catch this virus.

And once you catch this virus, there is a very high probability that you will spread it to the rest of your family.

The good news is that many people never get any symptoms at all, and most of those that do get ill eventually recover.

But more than 68,000 Americans have died during this pandemic so far, and the death toll will almost certainly cross 100,000 in a few weeks.  So the truth is that this pandemic is killing a lot of people, and we need to take it very seriously.

Before COVID-19 ever hit our shores, I was warning my readers to “get prepared”, and thankfully a lot of them did just that.

And it turns out that many among the elite were busily preparing for a future crisis as well.  In fact, I was stunned to learn that Bill and Melinda Gates stored up food in advance.  The following comes from a recent BBC interview

EMMA BARRETT: In terms of your own — again, just to talk about you and Bill for being so familiar with this — had you made any preparations? I was very struck by when I rewatched Bill’s talk from 2015, he rolled that barrel onto the stage and said, “When I was growing up, nuclear was kind of the threat, everyone was very worried about bombs and all sorts of threats like that, and we had this barrel in our basement where we’d have to go and eat out of it if we went in.” Had you done preparation in your own lives?

MELINDA GATES: We had done some preparation, yes.

BARRETT: What does the mean in terms of — because we had issues here in the UK with people panic shopping — how does a couple like you, who has this insight, how do you get prepared for that?

GATES: A number of years ago, we talked about, “What if there wasn’t clean water? What if there wasn’t enough food? Where might we go? What might we do as a family?” So, I think we should leave those preparations to ourselves. We had prepared, and had some food in the basement in case needed, and now we’re all in the same situation.

Sadly, most ordinary Americans didn’t do anything to prepare in advance, and that is one of the reasons why there was so much “panic buying” during the early stages of this pandemic.

But now a lot of people are being lulled into a false sense of security again, and the mainstream media just keeps insisting that the worst part of this pandemic is now behind us.

It would be great if that was true, but what if it isn’t?

What if CIDRAP is correct and this pandemic stretches all the way into 2022?

Ultimately, a lot more Americans are going to get sick and a lot more Americans are going to die in the months ahead, and it appears that our battle with this virus could still be in the very early chapters.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

About One-Fifth Of All The Jobs In The U.S. Are Already Gone, And This Economic Depression Is Just 6 Weeks Old

In all of U.S. history we have never seen anything like this.  I have been sitting at my desk for quite a while searching for the proper words to convey the gravity of what we are facing, and to be honest it has been quite a struggle.  On Thursday, we learned that another 3.8 million Americans filed initial claims for unemployment benefits last week.  That was much higher than many experts were anticipating, because by now the initial surge of unemployment caused by the coronavirus lockdowns should have started to fade quite a bit.  But instead, the job loss tsunami continues to roll on, and at this point a total of 30.3 million Americans have filed new claims for unemployment benefits over the past six weeks.  The following comes from ABC News

Roughly 30.3 million people have now filed for jobless aid in the six weeks since the coronavirus outbreak began forcing millions of employers to close their doors and slash their workforces. That is more people than live in the New York and Chicago metropolitan areas combined, and it’s by far the worst string of layoffs on record.

According to numbers that come straight from the Federal Reserve, more than 152 million Americans were working in February, and that was an all-time high.

So losing 30.3 million jobs in six weeks means that nearly one-fifth of all jobs in the United States have officially vanished in just a month and a half.

And actually things are even worse than that, because millions of Americans still have not been able to successfully file claims because state unemployment websites have been so overloaded.  Just check out these truly alarming numbers from the Economic Policy Institute

The Economic Policy Institute found that for every 10 people who said they successfully filed a jobless claim in the previous four weeks, three to four more attempted to apply but couldn’t get through the system to file a claim.

Meanwhile, another two people didn’t even bother to try because it seemed too hard.

State unemployment websites were never designed to handle this sort of an onslaught.  For some unemployed Americans, attempting to get the benefits that they have been promised can be an exceedingly frustrating experience

Marci Oberst sat down at her computer Tuesday and embarked on what’s become a daily ritual – trying to log onto the Maryland Department of Labor’s website so she can extend her unemployment insurance.

At 9:30 AM, she was number 88,000 in line, according to the state’s labor website.

Number 88,000 in line?

How is that even possible?

Sadly, this is what an economic collapse looks like, and the months ahead are going to be exceedingly painful.

Needless to say, economic activity has come to a virtual standstill during these lockdowns, and this is really starting to show up in the numbers.  For example, Edmunds is projecting that U.S. auto sales will be down by more than half compared to last April…

The car shopping experts at Edmunds say that April will be a record down month for the auto industry due to the coronavirus (COVID-19) pandemic, forecasting that 633,260 new cars and trucks will be sold in the U.S. for an estimated seasonally adjusted annual rate (SAAR) of 7.7 million. This reflects a 52.5% decrease in sales from April 2019, and a 36.6% decrease from March 2020. Edmunds analysts note that this is the lowest-volume sales month dating back to at least 1990; the second worst month for sales in the past 30 years was January of 2009, when 655,000 vehicles were sold.

And major retailers are failing so rapidly now that it is hard to keep up with all the carnage.

The latest major victim to make headlines is J. Crew

Clothing apparel company J. Crew is preparing for a bankruptcy filing that could come as soon as this weekend, people familiar with the matter tell CNBC.

Privately held J. Crew is working to secure $400 million in financing to fund operations in bankruptcy, said the people, who requested anonymity because the information is confidential. They cautioned that timing could still slip, and plans are not yet finalized.

COVID-19 has created an environment of great fear, and as I have been warning for a very long time, financial institutions tighten the flow of credit in such an environment.

We saw this happen during the last financial crisis, and it is starting to happen again now.

All over America we are seeing lending conditions being greatly tightened, and Wall Fargo just announced that they will no longer be taking applications for HELOCs at all

Wells Fargo, one of the largest home lenders in the U.S., is stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic.

The bank informed its mortgage personnel of the news Thursday in a conference call, according to a source, and the move was confirmed by company spokesman Tom Goyda.

I was absolutely floored when I first read that.

Our entire system depends on easy credit, and these changing conditions are going to create quite a bit of chaos for the foreseeable future.  Americans are going to find that it is much, much more difficult to be approved for home loans, auto loans and credit cards, and that is going to greatly depress economic activity.

Fear is also deeply affecting U.S. consumers, and at this point they are hoarding cash at a pace that we haven’t seen since the 1980s

Americans are so nervous about the state of the economy that they are stashing cash in the bank at a rate not seen since the first year of Ronald Reagan’s presidency.

The United States government’s Bureau of Economic Analysis reported Thursday morning that the savings rate surged to 13.1% in March — up from 8% in February.

But of course there are tens of millions of Americans that have already run through their savings and can’t hoard cash because they don’t have any left.

According to one brand new survey, many of those Americans now find themselves unable “to pay the rent, mortgage or utility bills”…

The coronavirus’ seismic hit on the U.S. economy is rattling people’s finances. Roughly 41% of working-age adults say their families have experienced a job loss, a decrease in work hours or other employment-related declines in income in recent weeks, according to a new analysis by the Urban Institute.

Underscoring the jump in financial distress around the country: More than 4 in 10 of Americans whose work was affected by the pandemic said they weren’t able to pay the rent, mortgage or utility bills; skipped medical care; or were at risk of going hungry.

Fear of COVID-19 turned out to be the “black swan event” that burst our debt-fueled economic bubble, but this economic depression would not end even if the coronavirus pandemic suddenly disappeared tomorrow.

Now that the economic dominoes are tumbling, all of the economic momentum is taking us in just one direction, and nobody is going to be able to reverse this process now that it has started.

Next week, a couple more million unemployed Americans will probably be added to our rapidly growing total, and it is just a matter of time before “great civil unrest” starts breaking out.

Our debt-fueled economy and our Ponzi scheme financial system were never going to be sustainable in the long run, and many have been warning for years that we would eventually be facing this sort of a scenario.

Now it is here, and I wish that I could tell you that everything is going to be okay and that our leaders are going to be able to put the pieces of our shattered economy back together, but I can’t.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

The Economic Numbers That Are Coming Are “Going To Be The Worst In The Post-World War II Era”

We just witnessed the largest quarterly GDP decline since the last financial crisis, and experts are warning that the figure for the second quarter will be far, far worse.  In fact, as you will see below, one expert is telling us to brace ourselves for the worst economic numbers “in the post-World War II era”.  On an annualized basis, U.S. GDP fell by 4.8 percent during the first quarter, and that was a bit worse than most economists were projecting.  And economists were also surprised that consumer spending was down 7.6 percent and business investment was down 8.6 percent during January, February and March.  Under normal circumstances, those would be absolutely horrible numbers, but these are not normal circumstances.  Yes, January and February were relatively normal, but the coronavirus shutdowns began in March and that is why these numbers are so dismal.

Unfortunately, it looks like the economic numbers for the second quarter are going to be much more depressing.  One economist that was interviewed by the New York Times believes that they will actually be the worst that our nation has seen since the end of the Second World War…

“They’re going to be the worst in our lifetime,” Dan North, chief economist for the credit insurance company Euler Hermes North America, said of the second-quarter figures. “They’re going to be the worst in the post-World War II era.”

And at this point even the Trump administration is publicly admitting that the economic numbers are going to start getting really, really bad.  On Monday, Kevin Hassett actually told CNBC that U.S. GDP could fall by up to 30 percent on an annualized basis during the second quarter…

On Monday morning, the White House economic adviser Kevin Hassett warned the second quarter could reflect a 20 to 30 percent decline – something that has not been seen since the 1930s Great Depression.

‘You’re looking at something like minus 20 percent to minus 30 percent in the second quarter. It’s a very grave shock and it’s something we need to take seriously,’ he told CNBC.

But we don’t have to wait until three months from now for numbers that are truly horrific.

On Wednesday, we learned that U.S. home sales in March were down by double digits in every region on the country

Signed contracts to purchase existing homes, referred to as pending home sales, fell 20.8% compared with February and were 16.3% lower annually, according to the National Association of Realtors.

Regionally, pending sales fell 14.5% in the Northeast for the month and were 11% lower than a year ago. In the Midwest, sales decreased 22% monthly and 12.4% annually. In the South sales dropped 19.5% for the week and 17.8% annually, and in the West they fell 26.8% weekly and 21.5% compared with a year ago.

Some states are attempting to gradually “reopen” their economies, and that is good news.

But the bad news is that officials are telling us that all of the restrictions in big states such as California and New York will not be lifted until many months from now, and that is going to greatly depress economic activity for the foreseeable future.

With economic activity so low, companies all over America are laying off workers at a staggering rate.  More than 26 million Americans have lost their jobs so far, and the layoffs just keep on rolling.  For example, we just learned that Uber is planning to let thousands of employees go

Executives at Uber are discussing plans to cut around 20% of the company’s employees, as it copes with a sharp decline in its ride-hailing business due to the coronavirus pandemic, reports The Information.

Layoffs of that magnitude, which haven’t been finalized but could be announced in stages in the coming weeks, could result in more than 5,400 of Uber’s 27,000 employees losing their jobs.

Of course it isn’t just the United States that is facing an unprecedented unemployment crisis.

According to the International Labour Organization, close to half of all the workers in the world “are in immediate danger of losing their livelihoods”…

Some 1.6 billion workers in the informal economy, representing nearly half of the global labour force, are in immediate danger of losing their livelihoods due to the coronavirus pandemic, the International Labour Organization (ILO) said on Wednesday.

The U.N. agency’s latest report sharply raised its forecast for the devastating impact on jobs and incomes of the COVID-19 disease, which has infected more than 3.1 million people globally, killed nearly 220,000 and shut down economies.

This is one of the biggest reasons why lockdowns all over the globe need to be ended as quickly as possible.  If people are not allowed to make a living, they aren’t going to have anything to feed their families.

Even in the United States, we have already seen an explosion of need that is absolutely shocking.  All over the country, people have been lining up for miles to get whatever food that local food banks are able to give them, and we witnessed more examples of this growing phenomenon on Tuesday

Masses of cars waited in line for the drive-thru food giveaway in Pico Rivera, California, as volunteers sporting face masks, gloves and high-vis jackets helped dish out supplies.

Over in Prospect, vehicles were seen snaking through the Big Butler Fairgrounds. It comes as millions of people across America lose their jobs amid the coronavirus pandemic and households have been thrown into turmoil.

If things are this bad already, what is this nation going to look like as we get even deeper into “the perfect storm”?

In recent days I have been writing quite a bit about the coming “meat shortage” that the mainstream media has been warning about, and now we are being told that a serious shortage of boneless chicken is already upon us

Goodbye, boneless chicken.

Food retailers across North America are swapping boneless chicken legs for less popular thighs and drumsticks as a wave of shutdowns at meatpacking plants has reduced supplies of sought-after cuts.

As I discussed yesterday, President Trump has decided to order meat processing facilities that were closed down because of COVID-19 to reopen, and many are hoping that this move will put a quick end to the shortages.

But on Wednesday the mainstream media was full of stories about how meat processing workers may decide to defy President Trump and refuse to go back to work…

Meat-processing plant workers are concerned about President Donald Trump’s executive order that compels plants to remain open during the coronavirus pandemic. Meat plant employees are among America’s most vulnerable workers, and some say they expect staff will refuse to come to work.

“All I know is, this is crazy to me, because I can’t see all these people going back into work,” said Donald, who works at Tyson’s Waterloo, Iowa, facility. “I don’t think people are going to go back in there.”

If fear of COVID-19 keeps a substantial percentage of workers from returning to their jobs, that could cause the emerging meat shortages to get even worse in the weeks ahead.

Of course fear of the coronavirus is paralyzing many sectors of our economy right now, and that is not going to end any time soon.

So we should expect really dismal economic numbers for the foreseeable future, and it appears exceedingly unlikely that there will be any sort of a turnaround before the election in November.

America’s next economic depression has begun, and it is going to be really, really painful.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

All Of The Coronavirus Models Were Wrong

How is it possible that all of the coronavirus models could have been so completely and utterly wrong about what was going to happen?  Very early in this pandemic, some models that were predicting millions of deaths caused quite a bit of panic all over the globe.  In fact, a projection done by researchers at the Imperial College of London warned that 40 million people could die from COVID-19 this year alone.  Obviously that estimate was dead wrong, and it has become quite clear that this pandemic is not an “end of the world” scenario.  But on the other extreme, there have been a lot of models that were forecasting a relatively low death toll, and those models have been proven to be completely wrong as well.

For example, the Los Angeles Times just published a story that discussed the fact that a number of models had projected that the U.S. would not reach 60,000 deaths until “late summer”…

The death toll from COVID-19 reached nearly 60,200 in the United States on Wednesday, and confirmed cases surpassed 1 million, according to Johns Hopkins University. Some models had suggested the U.S. would not reach this milestone until late summer.

Well, we just blew by that figure and we are rapidly moving up toward 70,000 deaths.

During the 24 hour period that just ended, another 2,390 Americans died from COVID-19, and the number of daily deaths is likely to escalate as some states attempt to “reopen” in the weeks ahead.

But a prominent model that the Trump administration has been relying on very heavily had been projecting that there would not be a single U.S. death from the coronavirus after June 21st…

An influential model cited by the White House predicts that coronavirus deaths will come to a halt this summer, with zero deaths projected in the United States after June 21.

Not a single person will die in the ensuing month and a half, according to the model, which makes predictions until August.

Obviously some U.S. officials must strongly disagree with that sort of a projection, because the Wall Street Journal is reporting that the federal government just ordered 100,000 more body bags…

The federal government ordered 100,000 new Covid-19 body bags, in what officials described as preparations for a “worst case” scenario.

The giant order last week for “human remains pouches” comes as more than 58,000 Americans have died from Covid-19, according to data from Johns Hopkins University.

That would seem to be a tremendous waste of money if this pandemic is essentially going to be over in June.

Of course the truth is that this pandemic is not going to end any time soon, and every day we continue to get more indications that it is going to be much more grisly than many had originally anticipated.  For instance, on Wednesday police in New York found dozens of dead bodies stored in trucks outside a funeral home…

Police found dozens of bodies being stored in unrefrigerated trucks outside a Brooklyn funeral home and lying on the facility’s floor Wednesday, law enforcement sources told The Post.

Between 40 to 60 bodies were discovered either stacked up in U-Haul box trucks outside Andrew Cleckley Funeral Services in Flatlands or on the building’s floor, after neighbors reported a foul odor around the property, sources said.

And the entire nation was stunned to learn that almost 70 people have died at a home for aging veterans in Massachusetts

Nearly 70 residents sickened with the coronavirus have died at a Massachusetts home for aging veterans, as state and federal officials try to figure out what went wrong in the deadliest known outbreak at a long-term care facility in the U.S.

While the death toll at the state-run Holyoke Soldiers’ Home continues to climb, federal officials are investigating whether residents were denied proper medical care and the state’s top prosecutor is deciding whether to bring legal action.

While it is true that this pandemic is not “the end of the world”, nobody out there should be attempting to claim that it is a “nothingburger” either.  Just check the carnage that authorities in Ecuador have been dealing with

Front line medics in one of Latin America’s coronavirus epicenters are lifting the lid on the daily horrors they face in an Ecuadoran city whose health system has collapsed.

In one hospital in Guayaquil overwhelmed by COVID-19 patients, staff have had to pile up bodies in bathrooms because the morgues are full, health workers say.

In another, a medic told AFP that doctors have been forced to wrap up and store corpses to be able to reuse the beds they died on.

The only reason why we haven’t seen a lot of other health systems around the world get overwhelmed is because most of the planet is shut down right now.

As some parts of the globe attempt to “reopen”, it is inevitable that cases will start to surge again in those areas.  In fact, that is precisely what is starting to happen in Germany.

Sadly, this pandemic has become highly politicized at this point, and there are many out there that would love to exploit it for their own nefarious purposes.  For example, Hillary Clinton told Joe Biden during an online town hall that “this would be a terrible crisis to waste”

This is a high-stakes time, because of the pandemic. But this is also a really high-stakes election. And every form of health care should continue to be available, including reproductive health care for every woman in this country. And then it needs to be part of a much larger system that eventually — and quickly, I hope — gets us to universal health care. [Biden nods] So I can only say, “Amen,” to everything you’re saying, but also to, again, enlist people that this would be a terrible crisis to waste, as the old saying goes. [Biden nods] We’ve learned a lot about what our absolute frailties are in our country when it comes to health justice and economic justice.

Instead of dividing us even more deeply as a nation, this pandemic should be bringing us together.  And hopefully that will happen, because even greater challenges are in our future.

But for now, we still have a very long battle with this virus ahead of us.

Many more Americans are going to get sick and many more Americans are going to die, and we really don’t have any idea what the final numbers are going to look like because all of the “scientific models” have been dead wrong so far.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

Are You Ready For The Great Depression Of The 2020s?

For those of you that were expecting just a “deep recession”, I am afraid that you are going to be very disappointed.  It took years for the U.S. economy to fully unravel in the 1930s, but now we have witnessed a similar level of economic devastation in just a matter of weeks.  More than 26 million Americans have already lost their jobs, economic activity has come to a standstill, people are lining up for miles at food banks all over the nation, and businesses are being permanently shuttered at a staggering pace.  But the good news is that some states will attempt to “reopen” their economies in the weeks ahead.  In most instances, there will be several stages before all of the restrictions are finally lifted, and that means that economic suffering will be stretched out for an extended period of time.  And of course if cases and deaths start spiking again we could see another wave of strict lockdowns all over the country, and needless to say that would greatly escalate this economic downturn.

At this moment, so many hard working people all over America are deeply hurting.

I personally know people that have lost their jobs, and you probably do too.  And because virtually nobody is hiring right now, it is going to be exceedingly difficult for newly unemployed workers to find other jobs.

Because it has an economy that is so dependent on the entertainment industry, Nevada is being hit particularly hard by this downturn.  The New York Times spoke to one Nevada resident named Valicia Anderson, and she hardly knows anyone that is still actually working

When Valicia Anderson starts to count the people she knows in Las Vegas who have lost their jobs, she runs out of fingers fast.

Her husband, the breadwinner of her family and a restaurant worker in the Rio casino. All 25 of his co-workers. Her grown son, in a temp agency. The technician who does her nails. The barber who cuts her husband’s hair. Her best friend, a waitress. The three servers and a manager at the TGI Friday’s that is her family’s favorite treat.

It has been estimated that the current unemployment rate in the state is “about 25 percent”, and that number is almost certainly going to go higher in the months ahead.

Down in Texas, they are also dealing with an oil crash at the same time that they are wrestling with this coronavirus pandemic, and this has created the worst budget crisis that the city of Houston has ever seen

On the same day that the price for U.S. crude oil fell to about $30 below zero — a mind-bending concept and the first time oil prices had ever turned negative — Mayor Sylvester Turner of Houston, the self-proclaimed energy capital of the world, stood before reporters. His words were grim and muffled by the black mask covering his face.

The mayor announced that city employees would soon be furloughed, but he declined to say how many. The Houston Zoo, he said, could expect to see funding deferred under what he called “the worst budget that the city will deal with in its history.”

The high paying energy industry jobs that fueled an incredible real estate boom in Texas are now disappearing by the thousands, and it is being reported that many of those that are being laid off are learning the news “during painful Zoom sessions from home”

Thousands of energy workers, some of whom only lately moved to the region to take advantage of the recent prosperity, have been laid off. Many of them were told the bad news during painful Zoom sessions from home.

Warning letters from energy companies have been flooding the Texas Workforce Commission about layoffs and furloughs: 3,500 at Halliburton, 223 at Tenaris, 184 at Baker Hughes, 102 at Diamond Offshore Drilling, 95 at Energy Transfer.

By the way, when did Zoom become such a big thing?

It seems like so many people are using it now, and I don’t understand why it is so popular.

Perhaps my readers will help me to understand this.

Getting back to the economy, at this point even the Trump administration is admitting that the unemployment rate will soon be approaching levels that “we saw during the Great Depression”

White House senior advisor Kevin Hassett says US economy is in “grave situation” and the unemployment rate could be hitting the same numbers seen during the Great Depression due to the Covid-19 pandemic.

“We’re going to be looking at an unemployment rate that approaches rates that I think we saw during the Great Depression,” Hassett told ABC’ ‘The Week’ on Sunday.

Let’s put that into perspective for a moment.

During the last recession, we thought that things were really, really bad when the unemployment rate got up to about 10 percent.

But back in 1933 the unemployment rate peaked at 25 percent, and now we are being told that we should expect something similar here in 2020.

Wow.

And of course low income Americans are being hit harder than anyone else.  Just check out these numbers

Most Americans support stay-at-home restrictions to protect public health. And yet the burden of the country’s shutdown is disproportionately falling on those least prepared to handle it: About 52 percent of low-income Americans say they or someone in their household has experienced job upheaval, compared to 43 percent of the broader adult population, the Pew Research Center found. Only 23 percent of low-income Americans say they have enough emergency funds to last them three months.

Hopefully as some states attempt “reopenings” it will help to slow down this enormous tsunami of unemployment.

But as I pointed out the other day, millions of Americans are now making much more money being unemployed than they did when they were working, and so that is going to provide an incentive for millions of Americans to stay unemployed for the foreseeable future.

And even if all of the coronavirus restrictions in the entire country were lifted tomorrow, fear of the coronavirus would cause economic activity to be greatly depressed for many months to come.

As I discussed yesterday, the meat processing industry is a perfect example of this.  Meat processing facilities are being shut down all over the nation, and one expert just told NBC News that we should expect shortages of meat in our grocery stores “around May 1″…

Beef, chicken and pork could be as scarce as toilet paper soon because so many meat processing plants have been temporarily shut down amid the coronavirus pandemic, industry experts are warning.

“We’ve just completed our third week of reduced slaughter and production,” Dennis Smith, a commodity broker/livestock analyst with Archer Financial Services in Chicago, said. “My guess is that about one week out, perhaps around May 1, shortages will begin developing at retail meat counters.”

So many of the things that we have been warning about for a long time are starting to happen, but most Americans still do not grasp the seriousness of this crisis.

All of the economic dominoes are starting to fall, and even if the remainder of this pandemic goes much more smoothly than anticipated, it will not fundamentally alter our current economic trajectory.

The “Everything Bubble” lasted far longer than it should have, but now that it has burst the pain is going to be absolutely immense.

And it is those at the bottom of the economic food chain that are going to be hit the hardest.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

The Facts That Prove That Almost Everyone Is Wrong About This Coronavirus Pandemic

When it comes to COVID-19, most Americans seem to be gravitating toward one of two extremes.  Some are treating this pandemic like it is the end of the world, while many others are dismissing it as a “nothingburger”.  But the truth is somewhere in between.  Nobody can deny that lots of people are getting sick and lots of people are dying.  In fact, the U.S. death toll has doubled in a little over a week and it has now shot past the 47,000 mark.  And as this pandemic progresses, a lot more people are going to get sick and a lot more people are going to die, and this is going to be true whether the lockdowns continue or not.  The lockdowns were never going to stop COVID-19, and anyone that believed that was just being delusional.

The only time a lockdown should be instituted is if a pandemic has gotten so bad in an area that hospitals are being absolutely overwhelmed, because if people can’t get treatment that is a factor that could potentially increase the overall death toll substantially.

In most of the United States that is not happening right now, and so in most of the nation the lockdowns should be immediately ended.

But won’t a lot more people start getting sick if that happens?

Of course, and this is something that the “nothingburger” crowd doesn’t understand.  Lifting the lockdowns is going to cause the virus to cycle through our population at a much faster rate, and the numbers will get pretty ugly.  But as long as the medical system can handle it, lockdowns are not necessary.

What “the end of the world” crowd does not understand is that when you are dealing with a virus that spreads as easily as this one, it is inevitable that most of the population will eventually become infected.  You can “flatten the curve” and delay the inevitable with lockdowns, but that also prolongs the pandemic.  In the end, roughly the same number of people will get sick and roughly the same number of people will die no matter how the pandemic is “managed”.

This week, the “nothingburger” crowd has made a really big deal out of the fact that a study conducted in L.A. county discovered that about 4 percent of all residents had already developed COVID-19 antibodies, and they were trying to use that study to prove that this pandemic is not much of a threat at all.

Actually, it shows just the opposite.

This pandemic is not going to be over until herd immunity is achieved, and according to Johns Hopkins that does not happen until 70 to 90 percent of a population has developed immunity…

When most of a population is immune to an infectious disease, this provides indirect protection—or herd immunity (also called herd protection)—to those who are not immune to the disease.

For example, if 80% of a population is immune to a virus, four out of every five people who encounter someone with the disease won’t get sick (and won’t spread the disease any further). In this way, the spread of infectious diseases is kept under control. Depending how contagious an infection is, usually 70% to 90% of a population needs immunity to achieve herd immunity.

So let’s do some really quick math.

Let’s assume that the study conducted in L.A. County is representative of the nation as a whole and that approximately 4 percent of all Americans have now developed antibodies.

And let’s also assume that herd immunity for COVID-19 will be achieved when 80 percent of the total population has developed antibodies.

If 47,000 Americans have died at the current 4 percent level of exposure, that means that we could potentially be looking at an overall death toll of 940,000 once we hit an 80 percent exposure level.

Does anyone in the “nothingburger” crowd want to try to claim that 940,000 dead Americans is not a big deal?

I keep hearing people say that this virus “is just like the flu”, and that is absolutely absurd.  As Mike Adams of Natural News has pointed out, COVID-19 has killed more Americans in the last 17 days than the flu did in the last year…

In the last 17 days, the Wuhan coronavirus has killed more Americans (35,087) than the regular flu kills in an entire year (34,157 for the last year). It obliterates any last shred of the argument — still heard across the independent media — that the coronavirus is “no worse than the flu.”

The coronavirus remains the No. 1 cause of death in America on a day-to-day basis, clocking in at 2,804 deaths just today. Total deaths in the USA will exceed 46,000 tomorrow, confirming our earlier projection that estimated 46,000 to 93,000 deaths from coronavirus in the USA by the end of July. It’s not even the end of April, and we’re already beyond 45,000. (At the time we made the projection, it was dismissed as “crazy” by the very same people who still claim the coronavirus is “no worse than the flu.” Those are the people who can’t do math.)

And actually the number of Americans dying from the coronavirus is being seriously undercounted.

In New York City, if someone dies at home they are typically not tested to see if they have the coronavirus.  So even though the number of city residents dying at home is now nearly ten times higher than normal, the vast majority of those cases are never showing up in the official numbers.

But the “end of the world” crowd seems to think that if we just keep everyone at home long enough that we can significantly reduce the final death toll from this pandemic, and that just isn’t accurate either.

Right now, the virus continues to spread even though most of the U.S. has now been locked down for weeks.  In fact, there were nearly 30,000 more confirmed cases during the 24 hour period that just ended.  Whether it does it relatively quickly or relatively slowly, this virus will continue to rip through our population until we eventually get to the point of herd immunity.

“Experts” such as Bill Gates are suggesting that the lockdowns are “buying us time” until our scientists can develop a “vaccine”, but the truth is that is really not much more than a pipe dream.

As I pointed out yesterday, there has never been a successful vaccine for any coronavirus in all of human history, and now that scientists have discovered approximately 30 different strains of the virus that will just make the task of trying to develop a vaccine even more complicated.

Sadly, the reality of the matter is that this virus is going to be with us for a very long time to come.  Eventually herd immunity will hopefully be achieved, but until then a lot of people are going to get sick and a lot of people are going to die.

And fear of this virus is going to be with us for a long time to come as well, and that is going to paralyze our economy whether there are lockdowns or not.

The bottom line is that this virus is not going to be stopped, and the economic collapse that has now begun is not going to be stopped either.

But this isn’t the end of the world, and most of us will get through this.  Of course even bigger challenges lie beyond the end of this pandemic, but that is a topic for another article.

As of this moment, COVID-19 has killed more than 184,000 people around the globe, and by the end of this pandemic the overall death toll is likely to be much, much higher than that.

There is no way that you can possibly call that a “nothingburger”, and sticking your head in the sand is not going to help anything.  But on the other hand, trying to lock down the entire planet is not going to solve this crisis either.  It will simply delay the inevitable, because this virus is just going to continue to spread no matter what actions our politicians take.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with all many people as we possibly can.

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