The Economic Depression Of 2020: Many Of The Restaurants, Bars And Retailers That Have Closed Will Never Open Again

It appears that we are heading into the worst economic downturn of the post-World War II era, and that is going to be true no matter how this coronavirus pandemic ultimately plays out.  There are some that believe that this virus will only kill thousands, and there are others that are warning that it could kill millions, but everyone can agree that this outbreak is causing an unprecedented amount of fear.  And even once this pandemic starts to fade, a certain percentage of the population will continue to be afraid to go to restaurants, bars and other small businesses that are open to the public.  Of course many restaurants, bars and small businesses were just barely scraping by during the “good times”, and so many of them will simply not be be able to survive if a substantial portion of the population is literally petrified to step through their doors for the foreseeable future.

As long as fear of the coronavirus persists, the U.S. economy is going to be in for a world of hurt, and it looks like we may still be in the very early stages of this pandemic.

In fact, we are now being told that the death toll in the U.S. “could reach 100,000 or more”

President Donald Trump acknowledged Sunday for the first time that deaths in the United States from coronavirus could reach 100,000 or more, adding that if the death toll stays at or below 100,000, “we all together have done a very good job.”

Trump’s assertion came after he was asked about comments the nation’s top infectious disease expert, Dr. Anthony Fauci, made earlier Sunday on CNN’s “State of the Union” that based on models, 100,000 Americans or more could die from the virus.

Of course the death toll could ultimately be much lower than that if effective treatments are made widely available to the general public.

We shall have to wait and see if that actually happens.

But meanwhile, fear of the coronavirus is absolutely devastating the economy.  According to the National Restaurant Association, our restaurant industry has lost 25 billion dollars in sales so far this month…

The U.S. restaurant industry has lost $25 billion in sales since March 1, according to a survey of 5,000 owners by the National Restaurant Association. Nearly 50,000 stores of major U.S. retail chains have closed, according to the companies.

An estimated $20 billion in monthly retail real estate loans are due as early as this week, according to Marcus & Millichap, a commercial real-estate services and consulting firm. Many retailers and restaurants have said they are not going to pay their April rents, which in turn poses a threat to the $3 trillion commercial mortgage market.

As this crisis stretches on, all of the dominoes in the commercial mortgage market are going to begin to fall.

What we are watching is deeply tragic, because those that work in our restaurants are some of the hardest working people in the entire country.  At this point, 3 percent of our restaurants “have already permanently closed”, and another 11 percent “anticipate they will permanently close within 30 days”

Three percent of restaurants have already permanently closed due to the coronavirus crisis, according to research from the National Restaurant Association. Forty-four percent of operators have temporarily closed their restaurants, and 11% anticipate they will permanently close within 30 days.

Can you imagine that?

By the end of next month, 14 percent of all restaurants in America could be gone for good.

And the longer this pandemic lasts, the higher that number will go.

We didn’t see anything like this back in 2008.  What we are now facing is truly unprecedented, and there is going to be a whole lot of vacant buildings in the days ahead.

Of course it isn’t just restaurants that are being hit extremely hard.  According to the Wall Street Journal, a wide variety of businesses all over the country are already in very serious trouble…

Companies of all sizes are feeling the squeeze, especially retailers and restaurants that have closed their doors during the outbreak. Nike Inc. is asking to pay half its rents. TJ Maxx is delaying payments to its suppliers. Victoria’s Secret and Men’s Wearhouse have furloughed thousands of workers. Cheesecake Factory Inc. closed 27 of the company’s locations and furloughed 41,000 hourly workers, nearly 90% of its total staff.

Even if all of the lockdowns all over the U.S. were immediately lifted, economic activity would not return to “normal”, because millions upon millions of Americans would still be deeply afraid of the virus.

And that isn’t going to happen anyway.  In fact, President Trump just extended the national “social distancing guidelines” through April 30th

President Donald Trump announced on Sunday that the White House would be extending its social distancing guidelines through April 30 – a month longer than an initial 15-day timeline when they were implemented on March 16.

“The peak in death rate is likely to hit in two weeks,” Trump said. “Nothing would be worse than declaring victory before the victory is won.”

So that means that it is probably unlikely that any of the lockdowns on the state level that we have witnessed will be lifted before April 30th.

Across the Atlantic, citizens of the United Kingdom are being warned that life may not get back to normal “for six months or even longer”

Britons should not expect to get back to ‘normal life’ for six months or even longer, the government’s deputy chief medical officer warned today.

Dr Jenny Harries told a Downing Street press conference that people should not be viewing the coronavirus crisis as something that will blow over soon.

Would they really try to keep people inside for that long?

I can promise you that people do not have that much patience.

If you doubt this, just look at what is happening in China

Angry crowds rioted near the Chinese city of Wuhan after the region’s two-month coronavirus lockdown was lifted but residents were told they could not travel elsewhere in China.

Shocking footage showed a mob overturning a police van on a bridge linking Wuhan, which is the capital of Hubei Province, and neighbouring Jiangxi.

Here in the U.S., I have been seeing people all over social media clamoring for a return to normalcy.

Sadly, that is simply not going to happen for the foreseeable future, and the consequences for the U.S. economy are going to be extremely, extremely bitter.

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 Pace At Which The Coronavirus Is Changing Life In America Is Absolutely Breathtaking

Fear of COVID-19 has fundamentally transformed our entire country in a matter of weeks, and as long as people are afraid of this virus life is definitely not going to return to normal.  In fact, every “shelter-in-place” order in America could be lifted tomorrow and economic activity would not rebound even close to previous levels because a large percentage of the population would still be extremely hesitant to leave their own homes.  As coronavirus survivors tell us stories of the hellish ordeals that they have endured, an increasing number of Americans are finally realizing how dangerous this crisis has become.  If you have asthma, a history of respiratory problems or other serious underlying health conditions, I strongly recommend that you do everything in your power to avoid catching this virus.  The global death toll is more than nine times larger than it was back on March 1st, and you do not want to become a statistic.

Here in the United States, we now have more confirmed cases than anywhere else in the world.  If you would have told me at the beginning of this month that the U.S. would be the first nation to 100,000 confirmed cases, I would have laughed at you.  And even though about half the country is currently under some sort of a “shelter-in-place” order, the virus just keeps on spreading.  In fact, the number of confirmed cases in the United States has doubled in just three days

Confirmed COVID-19 cases in the U.S. surpassed 100,000 Friday, doubling in just three days as the pandemic accelerates and the U.S. rolls out broader testing measures.

Data from Johns Hopkins University showed the total number of coronavirus cases as 101,707 and the total number of deaths in the U.S. as 1,544.

We had better hope that the measures that have already been implemented will start to slow down this rate of growth, because otherwise every healthcare system in America will soon be completely overwhelmed.

Of course this has already happened in New York, and now other hotspots across the country are starting to become major problems.

For example, Louisiana Governor John Bel Edwards is openly admitting that his state is on pace to become “the next New York”

Louisiana Governor John Bel Edwards has warned that the state ‘doesn’t have long’ to bring the coronavirus pandemic under control, as he admitted the state is on track to become ‘the next New York’.

Speaking at a press conference Friday, Edwards announced that the number of cases in Louisiana had surged in the last 24 hours, rising to 2,746 as of noon – a spike of 441 in a single day.

Sadly, it looks like we will soon be seeing similar numbers virtually everywhere.

The very first coronavirus case in the U.S. was confirmed by the CDC on January 20th.  Just a little over two months later, we are in the middle of the biggest economic shutdown in U.S. history and according to one recent survey 11 percent of all Americans personally know someone that has caught the virus.

At first, a lot of Americans were mocking this pandemic, but now people are starting to understand that once you catch this virus you can go from being “perfectly healthy” to dead in just a matter of days

A “perfectly healthy” father of six from Texas died Thursday from the coronavirus — two days after he received his positive diagnosis, a report said.

Adolph Mendez, known as TJ, was 44-years-old.

Please pray for that family, and hopefully that community will rally and provide what they need now that their father is gone.

But if hundreds of thousands of fathers start dying, who will provide for all of those mourning families?

And millions of Americans all across the country are already trying to figure out how they will provide for themselves now that they have lost their jobs.

On Thursday, we learned that more than 3.2 million workers filed new claims for unemployment benefits last week, and unfortunately next week is going to be really bad as well.  The following comes from Wolf Richter

And it’s going to get worse. The five largest counties of the San Francisco Bay Area were the first major region in the US to go into lockdown on March 17. The State of California followed on March 20, toward the end of the unemployment-claims reporting week (through March 21), and many other states followed within days – and many of those claims were filed after this reporting week had ended.

In all of U.S. history, we have never seen anything like this.

Many experts are projecting that we will shoot past the peak unemployment rate during the last recession very rapidly, and I agree with that assessment.

In the months ahead, we are going to see things that most Americans never imagined were possible.  If you can believe it, one new survey has found that 23 percent of U.S. adults say that they are no longer working as a result of this economic downturn…

Twenty-three percent said they have already lost their jobs because of the coronavirus, or that their employer was forced to close and “I no longer go to work, but I am still employed by them.”

Many economists expect the U.S. unemployment rate will surpass the 10% level that the country experienced more than a decade ago during the Great Recession. St. Louis Fed President James Bullard said it may rise as high as 30%.

Of course many Americans are already losing patience and are quite eager to get back to work.

If the “shelter-in-place” orders stretch on for months, it is probably inevitable that we will see civil unrest and rioting like we are witnessing in China right now.

Unfortunately, it appears that vast sections of the country will remain shut down for the foreseeable future.  On Friday, New York City Mayor Bill de Blasio openly acknowledged that his city will almost certainly be closed down “through May”

New Yorkers should be prepared for the city to remain in “pause” due to coronavirus through May even as President Trump gives Americans “false hope” the country will reopen by Easter next month, Mayor de Blasio said Friday.

“We have to be ready for that and I think it’s going to spread in the country,” de Blasio said when asked if the city would be closed through May on ABC’s “Good Morning America.” “This idea of Easter is, unfortunately, a false hope. It would be better for the president to be blunt with people that we’ve got a really tough battle ahead.”

I would never suggest that the decisions that our leaders are facing are going to be easy.

On the one hand, if extreme measures are not taken it is likely that millions could die.

On the other hand, shutting everything down is going to take us directly into complete economic collapse and the next Great Depression.

And actually even if they do everything right we might end up with both results anyway.

At a time like this, we need more prayer than ever, but right now churches all over America are being shut down.  In fact,Virginia Governor Ralph Northam just made it a crime “for more than 10 people to gather in a church”

Virginia Gov. Ralph Northam issued an executive order on Monday that is aimed at stopping the new coronavirus — and, in the process, makes it a criminal offense to hold a church service attended by more than 10 people.

Yes, his order makes it a crime for more than 10 people to gather in a church.

But meanwhile, the abortion clinics in Virginia just keep humming along.

I think that says a lot about where we are as a society today.

Nobody should really be surprised that the time of “the perfect storm” has arrived.  We have been slowly but surely committing national suicide for decades, and now the consequences of our very foolish decisions are rapidly catching up with us.

In the short-term, let us pray that this pandemic will start to subside as quickly as possible and that some sense of normalcy can soon be restored.

But if we just go back to the way that we were doing things, it really won’t matter, because the path that we were on doesn’t lead anywhere good.

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.

Here Are The Very Alarming Things That Scientists Have Just Discovered About This Coronavirus…

The biggest public health crisis of our time just continues to get worse.  The global death toll is rapidly approaching 20,000, and approximately a third of the world is currently under some sort of a lockdown order.  Needless to say, this is going to be absolutely devastating for the entire global economy.  Here in the United States, the spread of this virus continues to track along a trajectory that is very similar to what we witnessed in Italy.  If you doubt this, just check out this chart.  At this hour, the official death toll in the United States is up to 782, and only 378 victims have officially “recovered”.  But of course the vast majority of the 54,867 confirmed cases will not come to a final resolution for quite some time.  Sadly, the numbers that I just shared with you are likely to be much higher by the time most of you actually read this article.  This is a full-blown national emergency, and a lot of people out there are still not taking this crisis very seriously.

This is no ordinary virus.  It moves from person to person with incredible ease, and it is rapidly changing.  In fact, it has just been announced that scientists in Iceland “have found 40 mutations of the coronavirus”

Scientists in Iceland claim they have found 40 mutations of the coronavirus, which has left the world gripped in fear.

The mutations were discovered by analysing swabs of COVID-19 patients in Iceland, where almost 600 cases have been reported so far.

Using genetic sequencing, the researchers identified how many mutations the virus had accumulated.

Those sentences should send a chill up your spine, and this discovery may help to explain why we are seeing far higher death rates in the western world than we have in Asia so far.

Meanwhile, a professor in the United Kingdom is warning that a single person that has the virus can potentially infect “up to 59,000 others”

An intensive care specialist has described how one person with coronavirus could infect up to 59,000 others – as the virus is more than twice as infectious as flu.

Dr Hugh Montgomery, a professor of intensive care medicine at University College London, explained how the virus could be passed from one person to thousands as he called on Britons to heed advice on social distancing.

Previously, we have been told that someone can spread COVID-19 for many days before they even start exhibiting any symptoms.

That makes this the perfect “stealth virus” to spark a horrifying global pandemic.

And as I have discussed in previous articles, you don’t even have to encounter someone with the virus in order to become infected.

In fact, scientists have now discovered that this virus can linger on surfaces “for up to 17 days”

Researchers have made the startling discovering that a form of the coronavirus can linger around for more than two weeks.

Traces of new coronavirus were found on the Diamond Princess cruise ship on surfaces in cabins where people who were infected with the virus had stayed, for up to 17 days after they had left, according to a study released Monday along with the Centers for Disease Control and Prevention’s Morbidity and Mortality Weekly Report.

I know that this information is hard to take.

But it is absolutely critical that we understand what we are dealing with.

Just like elsewhere, our healthcare system is about to be completely overwhelmed.  On his Twitter account, a New York City emergency room doctor named Craig Spencer has described what his shifts are already like each day

You’re notified of another really sick patient coming in. You rush over. They’re also extremely sick, vomiting. They need to be put on life support as well. You bring them back. Two patients, in rooms right next to each other, both getting a breathing tube. It’s not even 10am yet

For the rest of your shift, nearly every hour, you get paged:

Stat notification: Very sick patient, short of breath, fever. Oxygen 88%.

Stat notification: Low blood pressure, short of breath, low oxygen.

Stat notification: Low oxygen, can’t breath. Fever.

All day…

Sadly, this is what life is going to be like for emergency room doctors all across America for as long as this pandemic lasts.

And it is inevitable that a lot of those doctors will end up catching the virus themselves.  In fact, it is already happening

Healthcare workers across the United States are now testing positive for the coronavirus even as they man the front lines against the rapidly spreading pandemic.

The medical professionals who have tested positive for COVID-19 include two ER physicians at a Chicago suburban hospital, two doctors associated with Washington University, a doctor in Austin, Texas, as well as a doctor at a children’s hospital in Wisconsin.

I know that a lot of you out there are quite eager for life to return to “normal”, but that isn’t going to happen.

So far, the number of confirmed cases and the number of deaths in the United States are both ahead of even the most pessimistic early projections.

We should definitely be hopeful that the “social distancing” measures that have been put in place will help to “flatten the curve”, but even if that happens we still have a very long battle ahead of us.

In some countries that had supposedly “contained” the virus, we are already starting to see a stunning resurgence in cases as people bring the virus back in from other areas.

Expert after expert has assured us that most of the U.S. population will eventually catch COVID-19, and if it hits you really hard it will be a nightmarish ordeal that you will never forget.

Like so many others, I wish that this pandemic had not happened.

But it is here, and we have to deal with it.

According to a survey that was just conducted, 19 percent of Americans think that they might already have the virus.  If you are one of those people, please get the medical help that you need, and please reach out to those around you for prayer.

So many people out there have been getting really angry, but this is a time when we need to work together and all pull in the same direction.  This is truly a great challenge for this generation, and with God’s help we can get through it.

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.

Experts Warn Of A Complete And Utter Economic Meltdown As The Global Coronavirus Death Toll Explodes

Everyone that tried to tell us that this pandemic would fade away quickly has been proven dead wrong.  Right now, approximately 187 million Americans are under “shelter-in-place” orders as COVID-19 sweeps across the nation like wildfire.  There are now more than 43,000 confirmed cases in the U.S., but by the time many of you read this article that number is likely to be far higher.  But what is even more concerning is what we are seeing with the cases that have come to a final resolution one way or the other.  Of all U.S. cases that have been officially resolved, 553 patients have died and only 295 patients have recovered.  Over time, the number of patients that have officially recovered will eventually surpass the number that have died for a couple of reasons.  For one, some victims are dying in just a few days while it can take weeks for some patients to fully recover.  Secondly, more widespread testing will start to reveal more mild cases, and most of those mild cases will ultimately recover.  But without a doubt it is starting to appear that the U.S. will have a very high death rate like we are seeing in Italy, Spain and other western European nations.  Monday was the very first time that more than 100 Americans died in a single day, and it looks like the days ahead could be much, much worse.

Overall, the global death toll is rising at a pace that is very alarming.  It hit 16,000 on Monday, and that means it only took six days to double from 8,000.

If the death toll keeps doubling like that, we are going to be in very big trouble.

The number of confirmed cases is rising at an exponential rate as well, and on Monday the head of the WHO warned that this pandemic “is accelerating”

The coronavirus “pandemic is accelerating,” World Health Organization (WHO) Director-General Dr. Tedros Adhanom Ghebreyesus warned Monday.

Almost every country in the world has reported cases, he announced in a Geneva press conference.

“It took 67 days from the first reported case to reach the first 100,000 cases. Eleven days for the second 100,000 and just four days for the third 100,000,” he said.

As I write this article, there are 260,133 open cases around the world and 118,947 closed cases.

Out of the closed cases, 86 percent of the victims have recovered and 14 percent of the victims have died.

To put that into perspective, the Spanish Flu pandemic that stretched from 1918 to 1920 had a death rate of less than 3 percent.

But even after everything that has transpired, there are still lots of Americans that are not taking this pandemic seriously.  I don’t understand this, because all of our medical authorities are warning us that the worst is yet to come.  In fact, Surgeon General Jerome Adams just told us that “it’s going to get bad” …

Surgeon General Jerome Adams warned Monday that the coronavirus outbreak will worsen this week and said people across the country are not taking the threat seriously enough.

“I want America to understand this week, it’s going to get bad,” Adams said in an interview on the “TODAY” show.

And as I have been warning for weeks, this pandemic is going to plunge the United States and the entire globe into a horrifying economic nightmare.

At this point, even CNN is using “the d-word”….

A global recession, once unthinkable in 2020, is now a foregone conclusion and some experts warn that the pandemic could drag the world’s economy into a depression. More bad news: The coronavirus outbreak may just be getting started.

Central banks and governments are now unleashing a tsunami of interest rate cuts, loan guarantees and new spending, tapping emergency powers to reassure investors, cushion the shock to companies and workers and preserve the foundations of a functioning economy for the future.

A month ago, most Americans wouldn’t have imagined that such a thing could be possible.

But now “the everything bubble” has burst and we have just witnessed the fastest 30 percent decline for the S&P 500 in all of U.S. history

Twenty-two days.

That’s all it took for the S&P 500 to fall 30% from its record high, the fastest drop of this magnitude in history.

The second, third and fourth quickest 30% pullbacks all occurred during the Great Depression era in 1934, 1931 and 1929, respectively, according to data from Bank of America Securities.

In the short-term, the good news for investors is that we should see a substantial bounce in stock prices this week, and that could especially be true when Congress finally gets around to passing their “stimulus” package.

But whether the market goes up or down in the short-term, it isn’t going to stop the complete and utter economic meltdown that is now unfolding.

According to billionaire Tom Barrack, the commercial mortgage market is on the precipice of a historic collapse…

Real estate investor Tom Barrack said the U.S. commercial-mortgage market is on the brink of collapse and predicted a “domino effect” of catastrophic economic consequences if banks and government don’t take prompt action to keep borrowers from defaulting.

Barrack, chairman and chief executive officer of Colony Capital Inc., warned in a white paper and in a subsequent interview on Bloomberg Television of a chain reaction of margin calls, mass foreclosures, evictions and, potentially, bank failures due to the coronavirus pandemic and consequent shutdown of much of the U.S. economy.

Sadly, Barrack is 100 percent correct.

All of the dominoes are going to fall, and it is going to be horrifying to watch.

Meanwhile, we could be on the verge of a shutdown “of virtually all passenger flights across the U.S.”

Major U.S. airlines are drafting plans for a potential voluntary shutdown of virtually all passenger flights across the U.S., according to industry and federal officials, as government agencies also consider ordering such a move and the nation’s air-traffic control system continues to be ravaged by the coronavirus contagion.

No final decisions have been made by the carriers or the White House, these officials said. As airlines struggle to keep aircraft flying with minimal passengers, various options are under consideration, these people said.

To me, this is something that is exceedingly difficult to imagine, but we will see things a lot stranger than this in the days ahead.

As America literally shuts down from coast to coast, the job losses are going to be absolutely staggering.  In fact, we are being warned to expect numbers that are unlike anything we have ever seen before

Upcoming weekly jobless claims will shatter the standards set even during the worst points of the financial crisis and the early-1980s recession, with Bank of America forecasting a total of 3 million when the number is released Thursday. Those figures are expected to be so bad, in fact, that the Trump administration, according to several media reports, has asked state officials to delay releasing precise counts.

If this pandemic stretches on for an extended period of time, we will very quickly surpass the unemployment levels that we witnessed during the Great Recession.

Back then, the unemployment rate didn’t exceed 10 percent, but now the head of the St. Louis Fed is warning that we may see a 30 percent unemployment rate in the second quarter

Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product.

Could things actually deteriorate that rapidly?

I sure hope not, because most American families are just barely scraping by

How long could you sustain your household if you were to stop earning income? If you are like most Americans, the answer is not for long. Only 40 percent of Americans can afford an unexpected $1,000 expense with their savings. In fact, nearly 80 percent of workers are living paycheck to paycheck. It is no surprise that the probability of an economic recession brought on by the coronavirus pandemic caused many to worry.

For years, many of us have been begging and pleading with people to get ready.  We warned that when things finally broke loose that events would move very quickly.  I even co-authored an entire book entitled “Get Prepared Now”, but now it is too late to get prepared in advance because a day of reckoning is now upon us.  I really like how Mike Adams of Natural News made this point

Over the last several days, I’ve been called by many people I haven’t heard from in years. Suddenly they’re interested in what I have to say, even though they ignored everything I said for the last decade. And they want to assure me they’re “fully prepared” with 2-3 weeks of food.

These are the same people who probably have four months’ worth of toilet paper, but only a 3-week supply of food.

I’m not even trying to educate them at this point. That day is long gone. Anyone who thinks “2-3 weeks of food” is going to carry them through a national food supply line collapse, a global consumer goods supply line collapse and a systemic, cascading finance and banking collapses is living in a land of sheer delusion.

A lot of the same people that didn’t listen and didn’t get prepared in advance are now trying to convince us that this crisis will soon be gone.

And it would be wonderful if they are right.

But at this moment the global numbers are rising rapidly with each passing hour, and the global economy is literally imploding all around 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.

This Is Why People All Over America Are Scared To Death Of Being Tested For The Coronavirus…

How would you feel if you received a bill for more than $34,000 after being tested and treated for the coronavirus?  This pandemic is showing the entire world that the U.S. healthcare system is deeply, deeply broken, and there is no way that we can continue to go on like this.  If coronavirus testing is quick, inexpensive and widely available all over the rest of the globe, why can’t that be the case here too?  Democrats and Republicans have been fighting about fixing our healthcare system all the way back to the 1990s and they haven’t gotten the job done.  Now we have a system that is a complete and utter embarrassment, and it is about to be overwhelmed by the greatest public health crisis that any of us have ever seen.

Even under normal circumstances, most Americans are deathly afraid to go to the hospital because of what it will cost.

I have written about this numerous times before, but not even I would have imagined that getting tested and treated for coronavirus would cost more than $34,000

A woman in the United States says she was billed $34,927.43 after being tested and treated for the coronavirus, Time magazine reports.

When Danni Askini first came down with the symptoms of the virus — shortness of breath, a fever, a cough and migraines — she was told by a doctor to go to the emergency room. There, she was told she had pneumonia and could go home. She visited the emergency room two more times as her symptoms persisted and worsened before she was finally tested for the coronavirus. Three days later her results showed she had COVID-19.

How in the world is it possible for a bill to get that high?

As Danni pointed out, she now owes the hospital more than she paid for both of her college degrees.

Sadly, she is going to be far from alone.  According to the Kaiser Family Foundation, coronavirus victims all over America are going to get hit with extremely high medical bills…

A new analysis from the Kaiser Family Foundation estimates that the average cost of COVID-19 treatment for someone with employer insurance—and without complications—would be about $9,763. Someone whose treatment has complications may see bills about double that: $20,292. (The researchers came up with those numbers by examining average costs of hospital admissions for people with pneumonia.)

What this means is that if even a single member of your family catches the virus it could instantly wipe you out financially, and this is especially true if you do not have health insurance.

Congress has passed a bill which will now cover the cost of coronavirus testing, but the bad news is that “it doesn’t do anything to address the cost of treatment”

Public health experts predict that tens of thousands and possibly millions of people across the United States will likely need to be hospitalized for COVID-19 in the foreseeable future. And Congress has yet to address the problem. On March 18, it passed the Families First Coronavirus Response Act, which covers testing costs going forward, but it doesn’t do anything to address the cost of treatment.

For those that catch the virus, and officials are warning that will eventually be most of us, treatment is going to cost far, far more than testing will.

You may think that you will just tough things out at home, but if this virus hits you hard enough you will either go to the hospital or you will die.

For a moment, I would like for you to consider what a medical worker in Louisiana is saying about the patients that he is treating

“With our coronavirus patients, once they’re on ventilators, most need about the highest settings that we can do. About 90% oxygen, and 16 of PEEP, positive end-expiratory pressure, which keeps the lung inflated. This is nearly as high as I’ve ever seen. The level we’re at means we are running out of options.

“In my experience, this severity of ARDS is usually more typical of someone who has a near drowning experience — they have a bunch of dirty water in their lungs — or people who inhale caustic gas. Especially for it to have such an acute onset like that. I’ve never seen a microorganism or an infectious process cause such acute damage to the lungs so rapidly. That was what really shocked me.”

Many coronavirus victims have described being in a state where they constantly feel like they are drowning.

And this medical worker in Louisiana says that there is a really good reason for that, because the severe cases that he is treating are “essentially drowning in their own blood and fluids because their lungs are so full”

“When someone has an infection, I’m used to seeing the normal colors you’d associate with it: greens and yellows. The coronavirus patients with ARDS have been having a lot of secretions that are actually pink because they’re filled with blood cells that are leaking into their airways. They are essentially drowning in their own blood and fluids because their lungs are so full. So we’re constantly having to suction out the secretions every time we go into their rooms.”

For the moment, there are still enough ventilators in the U.S. for everyone, but we are still in the very early chapters of this pandemic.

Over in Europe, many hospitals are already being completely overwhelmed.  In Italy, one doctor is reporting that patients over the age of 60 are now being refused access to artificial respiratory machines

Peleg said that, from what he sees and hears in the hospital, the instructions are not to offer access to artificial respiratory machines to patients over 60 as such machines are limited in number.

When things get bad enough, doctors are going to have to make choices about who lives and who dies here too.

It is hoped that the measures that are being taken all over the nation will start to slow down the spread of this virus.

But millions of Americans continue to go to work each day, and many of them simply can’t afford not to work.

In fact, it is being reported that many delivery drivers continue reporting for work each day even though they are clearly very sick…

An increasing number of the workers sorting those boxes, loading them into trucks and then transporting and delivering them around the country have fallen sick.

They have coughs, sore throats, aches and fevers — symptoms consistent with the coronavirus. Yet they are still reporting for their shifts in crowded shipping facilities and warehouses and truck depots, fearful of what will happen if they don’t.

So the next time a delivery truck comes to your home, you may want to keep your distance.

We have never seen anything like this before.  The entire western world is shutting down simultaneously, and it is being estimated that nearly a billion people are now under lockdown orders

Close to one billion people worldwide were confined to their homes on Saturday as the global coronavirus death toll shot past 11,000 and US states rolled out lockdown measures already imposed across swathes of Europe.

The pandemic has completely upended lives across the planet, restricting movement, shutting schools and forcing millions to work from home.

Needless to say, this is going to be absolutely devastating for the economy.

If you can believe it, Morgan Stanley is now projecting a 30 percent decline in U.S. GDP on an annualized basis during the second quarter…

We now see 1Q GDP dropping by 2.4% as economic activity has come to a near standstill in March, followed by a record-breaking drop of 30.1% in 2Q. We estimate that March will also mark the first drop in nonfarm payrolls, down 700k. We expect a record-high unemployment rate, averaging 12.8% in 2Q.

We assume sharp declines in areas of consumer discretionary spending like travel, dining out, other services and motor vehicle spending among others. This will leave a large hole in consumer spending in 2Q, when we expect real personal consumption expenditures to contract at a 31% annualized pace.

And the president of the St. Louis Fed is being even more pessimistic

In an interview with Bloomberg, the president of the St. Louis Fed, predicted that U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, coupled with an unprecedented 50% drop in US GDP. That would be an outcome worse not only than every prior war the US has (officially) waged, but more than twice as dire as the worst days of the Great Depression.

It sure didn’t take much to plunge the U.S. into a horrifying economic depression.

Two months ago, everything seemed just fine to most people.

But now financial markets are crashing, workers are losing jobs at an unprecedented rate, and many of the businesses that are now being closed down will never open again.

Fear of the coronavirus has collapsed “the everything bubble”, and 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.

This Video Is For Everyone That Used To Mock Preppers

As fear of the coronavirus spreads across America like wildfire, we have witnessed “panic buying” on a scale that is absolutely unprecedented.

On Saturday, Zachary Drew posted a video that shows what the shelves at his local Wal-Mart now look like.  He lives in Illinois, and now that a “shelter-in-place” order has been issued for the entire state people are buying food like there is no tomorrow.  When I first saw this video of all the empty shelves, I was absolutely stunned.

Of course not every Wal-Mart in the country looks like this.  In some areas where the outbreak isn’t too bad yet, life is still relatively normal.

But if this pandemic continues to spread, soon we will start seeing scenes like this everywhere.

Needless to say, nobody should be visiting the stores at this point anyway.  This virus spreads so easily, and thousands upon thousands of people are steadily streaming through every grocery store that is still open.


Will This Be “Just A Recession” Or Will It Be “The Next Great Depression”?

As America slowly but surely shuts down from coast to coast, everyone is acknowledging the fact that we are heading into a very serious economic downturn.  Originally, many experts were warning that this coronavirus pandemic could spark a recession, but now some are actually starting to use the “d” word.  Yesterday, I wrote about the government planning document that envisions an 18 month pandemic, multiple “waves” of infections, and “critical shortages” of important supplies.  If that scenario actually plays out, what we will experience will be far, far worse than the “Great Recession” of 2008 and 2009.  So let us hope that a way can be found to slow down the spread of this virus.

At this point, many of our top minds are fearing the worst.  On Thursday, former White House economist Kevin Hassett warned CNN that we could actually see a repeat of the Great Depression…

The widespread shutdown of the American economy because of the coronavirus could spark a repeat of the Great Depression, former Trump economist Kevin Hassett told CNN on Thursday.

The startling warning from a former White House adviser comes as Wall Street banks say the United States faces an historic collapse in GDP and mounting job losses.

Just a few weeks ago, the mainstream media was full of talk about how bright the future looked for the U.S. economy.

But now Hassett is telling us that we could be about to witness the “worst jobs number you ever saw”

Hassett, who left the White House last year and is now a CNN commentator, predicted that when the April jobs report comes out it will be the “worst jobs number you ever saw,” with perhaps two million jobs lost.

That would easily surpass the worst jobs report of the Great Recession, when payrolls plunged by 800,000 during March 2009.

Could you imagine the panic that would cause on Wall Street if we actually do see a job loss of that magnitude?

Of course Hassett is not the only one using such strong language.  A former economic adviser to Barack Obama says that this pandemic “could do more damage to the economy than the financial crisis did”

Jason Furman was a top economic adviser to President Barack Obama, serving as deputy director of the National Economics Council from 2009 to 2013, and as chair of the Council of Economic Advisers from 2013 to 2017. He played a key role in designing the administration’s response to the financial crisis and Great Recession. He’s now a professor at Harvard’s Kennedy School of Government.

I’ve spoken with Furman often over the years, and to put it bluntly, I’ve never heard him as alarmed as on Thursday. He believes the coronavirus could do more damage to the economy than the financial crisis did, and that policymakers aren’t even close to designing a large enough response.

Sadly, he is likely to be entirely correct.

In fact, if this pandemic stretches on for many more months it will make what happened in 2008 look like a Sunday picnic.

For a long time I have been warning that a recession is coming, but I don’t have to warn about that any longer.  On Thursday, Bank of America boldly declared that the next recession is already here

Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here.

“We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.”

If you can believe it, Bank of America is actually projecting that the U.S. economy will shrink by 12 percent on an annualized basis in the second quarter, and they are warning that more than 3 million jobs will be lost during this crisis…

Bank of America looked at the labor market as a way to understand the “magnitude of the economic shock.” The firm expects the unemployment rate to nearly double, with roughly 1 million jobs lost each month of the second quarter for a total of 3.5 million.

Actually, if we only lose 3.5 million jobs during the course of this pandemic that should be considered to be a rip-roaring success.

Never before in U.S. history have we witnessed such a widespread economic shutdown.  On Thursday, the governor of Pennsylvania actually ordered almost every business in the entire state to close up shop

Governor Tom Wolf ordered all non-life-sustaining businesses in Pennsylvania to close their physical locations by 8 p.m. Thursday in an effort to slow the spread of COVID-19.

Enforcement actions against businesses that do not close their physical locations will begin at 12:01 a.m. Saturday, the Wolf administration said in a press release.

That means that almost everyone is going to be staying home and virtually all economic activity in the state is going to come to a grinding halt.

There is a good chance that this will slow down the spread of the virus in Pennsylvania temporarily, but unless every other state does the same thing simultaneously, people from other states are just going to keep bringing the virus back in.

In Texas, Governor Greg Abbott just instituted a whole host of restrictions, but most businesses will continue operating normally

Gov. Greg Abbott issued an executive order limiting public gatherings to 10 people, shutting schools, prohibiting visitors to nursing homes and retirement communities and limiting bars and restaurants to take-out through April 3 in an effort to slow the spread of COVID-19. He also recommended that non-essential state employees telework.

In California, about a third of the state is currently locked down, but the COVID-19 has just continued to spread.

In fact, Governor Gavin Newsom just told the press that he expects more than 25 million people to eventually become infected in his state alone

California estimates that more than half of the state — 25.5 million people — will get the new coronavirus over the next eight weeks, according to a letter sent by Gov. Gavin Newsom to U.S. President Donald Trump.

“In the last 24 hours, we had 126 new COVID-19 cases, a 21 percent increase. In some parts of our state, our case rate is doubling every four days,” Newsom wrote in a letter dated Wednesday. Newsom asked Trump to dispatch the USNS Mercy Hospital Ship to the Port of Los Angeles through Sept. 1 to help with the influx of expected cases.

Overall, the number of confirmed cases in the United States has dramatically escalated over the last 48 hours.

As long as the number of confirmed cases continues to explode, the lockdowns will persist and the restrictions on our freedoms will become more severe.

And if this pandemic does end up lasting for 18 months as the government is now projecting, it will paralyze our society to an extent that we have never seen before.

The U.S. economy has fallen off a cliff, and I have a feeling that it has a long, long way to go before it hits bottom.

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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