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… (Read More...)

We Are Being Told To Prepare “To See High Prices At Grocery Stores” And “It’s Likely That Shortages May Only Get Worse”

If you have been to a grocery store lately, then you already know that prices are higher than usual and that there are shortages of certain items.  Many Americans have been assuming that as COVID-19 restrictions are slowly rolled back that these shortages will eventually disappear, but now even the Washington Post is admitting that “shortages may get worse” in the weeks and months ahead.  Of course there will still be plenty of food available in the grocery stores, but you may have to do without some of your favorite products for a while.  And you should also brace yourself for significantly higher prices for many of the products that do remain available.  As WBTV has noted, this will especially be true for basic meat staples such as ground beef and chicken… (Read More...)

This Should Be A Major Wake Up Call For Every Single Person Living On The Planet

Sometimes we need something to shake us in order to wake us from the fantasy that we have been living in.  Hopefully, this COVID-19 pandemic will serve as a wake up call for people all over the globe, because it has given us a very clear preview of what we can expect during the years ahead.  This pandemic has shown us that our economic and financial systems are not nearly as stable as most people thought, many of our politicians have been quite eager to embrace socialism and tyranny during this pandemic, and acute shortages of basic essentials started to happen very rapidly once fear of COVID-19 began to sweep across the nation.  If things degenerated this much during a relatively minor crisis like this COVID-19 pandemic, what in the world is our society going to look like once a major crisis hits us? (Read More...)

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. (Read More...)

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… (Read More...)

“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. (Read More...)

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… (Read More...)

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. (Read More...)

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