America’s Slide Into Economic Oblivion Is Already Starting To Accelerate Here In 2021

Isn’t it fun to live in a rotting, decaying society that is coming apart at the seams all around us?  The latest economic numbers are extremely depressing, but now that free speech is being abolished and the elite are consolidating control over every aspect of our society, we are being assured that better days are right around the corner.  We have just got to be willing to accept the “new normal” which includes living in “tiny homes”, snacking on worms, and never expressing any independent thoughts which diverge from official mainstream narratives.  So with that in mind, I will try to share the horrible economic news that we have been getting in the most positive light possible.

This week, we learned that another 965,000 Americans filed new claims for unemployment benefits during the previous week…

The number of people seeking unemployment aid soared last week to 965,000, the most since late August and evidence that the resurgent virus has caused a spike in layoffs.

The latest figures for jobless claims, issued Thursday by the Labor Department, remain at levels never seen until the virus struck. Before the pandemic, weekly applications typically numbered around 225,000. Last spring, after nationwide shutdowns took effect, applications for jobless benefits spiked to nearly 7 million – 10 times the previous record high. After declining over the summer, weekly claims have been stuck above 700,000 since September.

But we are being told that this is only because of the failed policies of the outgoing administration and that things will definitely be much better under the next socialist administration.

2020 was particularly a tough year for low paid workers.  At this point, even officials at the Federal Reserve are admitting that the unemployment rate for low paid workers “is above 20%”

Unemployment for the lowest-paid workers in the U.S. is above 20%, a figure that Federal Reserve Governor Lael Brainard said underscores the importance of policy help for the economy.

The figure indicates how uneven the recovery has seen since efforts to control the Covid-19 pandemic resulted in the biggest quarterly GDP drop since the Great Depression.

How can we put a positive spin on this?

Well, at least more of them have had an opportunity to stay home and not catch COVID.

So I guess you could say that this unemployment crisis has actually had a positive impact for public health.

And more Americans are getting the opportunity to “stay home” with each passing day.  Here is just one example

Dropbox is cutting its global workforce by about 11%, the company said in an 8K filing released Wednesday. The company’s stock was down more than 4.5% in late-morning trading.

The move will affect 315 people, who will be notified by the end of the business day.

Of course as fear of COVID continues to rise, American consumers are doing less shopping at Walmart and other corporate behemoths, and U.S. retail sales just fell for a third month in a row.

But that problem will soon be fixed, because more universal basic income checks are on the way.

All of the previous socialist “stimulus packages” weren’t enough, and so Joe Biden has unveiled “a $1.9 trillion plan to prop up the economy”

Friday offered the first chance for traders to act after President-elect Joe Biden unveiled details of a $1.9 trillion plan to prop up the economy. He called for $1,400 cash payments for most Americans, the extension of temporary benefits for laid-off workers and a push to get COVID-19 vaccines to more Americans. It certainly fit with investors’ expectation for a big and bold plan, but markets had already rallied powerfully in anticipation of it.

Doesn’t that sound great?

And Biden is also calling for “a national minimum wage of $15 an hour”.

Don’t worry, that won’t hurt the restaurant industry at all.

I don’t know why that statement is true, but that is what the “fact checkers” want us to say.

And since Republicans and Democrats both abandoned any pretense of fiscal responsibility long ago, nobody is really pointing out that we are already 27.6 trillion dollars in debt and that we simply can’t afford any more “stimulus packages”.

In fact, thanks to all of the reckless spending that we have already done, the budget deficit for the month of December 2020 was more than 10 times larger than the budget deficit for the month of December 2019…

The U.S. government posted a December budget deficit of $144 billion – a record for the month – due to far higher outlays with coronavirus relief spending and unemployment benefits, while revenues ticked slightly higher, the Treasury Department said on Wednesday.

The Treasury said the December deficit compares with a $13 billion deficit in December 2019, before the COVID-19 pandemic started in the United States.

Overall, the U.S. national debt increased by more than 7 trillion dollars under the outgoing administration, and even CNN is admitting that “it will go much higher under Biden”.

But the adherents of Modern Monetary Theory assure us that “deficits don’t matter” and that we can borrow and spend as much money as we want.

Since that is true, why don’t we make the stimulus payments much larger?

If we are liquidating the Republic anyway, why not send a billion dollars to everyone?

Seriously though, there are millions upon millions of Americans that are deeply hurting as the U.S. economy melts down all around us.

I hope that you enjoyed my attempt at injecting some humor into our situation, but what many Americans are facing right now is not humorous at all.

At this point, most Americans are barely scraping by from month to month, and some are literally facing life or death financial decisions

A mother’s tearful confession that she can’t afford her son’s insulin despite working full-time has left commenters deriding the American healthcare system.

Katie Schieffer’s ten-year-old son was recently diagnosed with Type 1 diabetes and requires insulin every two hours — but the North Carolina mother was left in tears when she couldn’t afford his $1,000 prescription.

Can you imagine what it would be like to be in her shoes?

Our entire system is failing, and things are only going to get worse in the months and years ahead.

For decades, America has been running in the wrong direction and our leaders have been making incredibly foolish decisions.

Now there is deep pain everywhere around us, and the level of suffering is only going to increase as the U.S. slides even faster toward economic oblivion.

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

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.  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)  By purchasing the books 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.  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 FacebookTwitter and Parler, 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.

Waiting For The Other Shoe To Drop…

Do you feel like another major crisis could erupt at any moment?  If so, you are certainly not alone.  Here in 2020, it has just been one thing after another, and we have come to expect the unexpected.  Right now, so many people that I am hearing from are anticipating that more big trouble is just around the corner, but as we wait for “the other shoe to drop”, economic conditions all over the United States continue to rapidly deteriorate.  For example, on Thursday we learned that the number of initial claims for unemployment benefits last week was the highest in four months

The US job market continues to suffer, and Thursday brought more bad news. Another 885,000 people filed for first-time unemployment benefits last week — an increase from the week prior and higher than the 800,000 claims that economists were expecting.

The latest figures, which are adjusted for seasonal factors and reported by the Labor Department, are particularly grim since last week’s numbers were revised up to 862,000. And even before the revision, that week had been the highest level since mid-September.

This isn’t how the numbers were supposed to be trending.

For four of the past five weeks we have seen the number of new unemployment claims go up, and experts are warning that we should expect things to get even worse as we head into winter

‘US weekly jobless claims continue to head in the wrong direction,” Edward Moya, an analyst at the currency trading firm OANDA, wrote in a research note.

‘The labor market outlook is bleak as the winter wave of the virus is going to lead to more shutdowns.”

Could we soon see more than a million Americans filing new claims for unemployment each week like we did earlier in the pandemic?

To put this in perspective, the previous all-time record prior to 2020 was just 695,000, and that old record was set all the way back in 1982.

We absolutely shattered that record once COVID-19 started spreading widely in the United States, and we have been above that old record every single week throughout this entire pandemic.

Just think about that.

We are seeing numbers that we have never seen before in all of U.S. history every single week, and now they are starting to climb higher once again thanks to the new lockdowns.

In addition, the number of Americans that are collecting unemployment aid from two major federal programs is also on the rise again

The number of jobless people who are collecting aid from one of the two federal extended-benefit programs – the Pandemic Unemployment Assistance program, which offers coverage to gig workers and others who don´t qualify for traditional benefits – surged to 9.2 million from 8.6 million for the week that ended Nov. 28.

But the number of people receiving aid under the second program – the Pandemic Emergency Unemployment Compensation program, which provides 13 weeks of federal benefits to people who have exhausted their state aid – also rose from 4.5 million to 4.8 million.

By now, the “recovery” was supposed to be in full gear, but instead major companies keep laying off more workers at an astounding pace.

For example, on Thursday we learned that Coca-Cola will be eliminating 12 percent of their entire U.S. workforce…

Coca-Cola is planning to cut 2,200 jobs, including 1,200 in the United States, as it faces declining sales during the pandemic.

In the United States, where there were about 10,400 employees at the end of last year, the cuts represent roughly 12% of the workforce. In Atlanta, where the company is headquartered, about 500 jobs are being eliminated, the company said Thursday.

Coca-Cola wouldn’t be doing this if the U.S. economy was about “to turn a corner”.

All of these big corporations that are letting workers go can see what is about to happen, and they are slimming their payrolls in an attempt to make it through the coming storm.

Meanwhile, Congress is getting close to approving yet another “stimulus package”, and the Federal Reserve is promising to do whatever it takes to support the financial markets.

Trillions upon trillions of dollars are being slammed into the system, and as a result M2 is up more than 60 percent so far this year.

In other words, our money supply has been increasing at an almost vertical rate in 2020.

Back in November I included a chart in an article that I wrote which shows exactly what I am talking about.  If you are not one of my regular readers, you can find that article right here.

For many years, many of us have been warning that hyperinflation would arrive someday.

But now we can stop warning, because the process has actually started.

Other industrialized nations have also been flooding their systems with new money, and this is really starting to drive up food prices all over the globe.  The following comes from Zero Hedge

The reason this has suddenly become a hot topic is because while overall inflation remains subdued (we will spare a discussion here of why the CPI is purposefully distorted to stay as low as possible – readers can catch up herehere and here), food inflation has been on a tear in recent months. In fact, it has gotten so high that earlier this week Goldman published a report looking at “The Recent Spike In Food Inflation”, in which it noted that “in recent months, inflation has risen and surprised to the upside across a number of major EM economies (e.g. Turkey, South Africa, India, Brazil andRussia).” According to Goldman, one of the main drivers of these increases has been higher food inflation, which has coincided with a sharp increase in the price of some key agricultural commodities (e.g. grains, oils and soybeans).”

Sadly, this is just the beginning.  Eventually, the food riots which have already started on the other side of the planet will start happening in the western world too.

And as hungry people become increasingly desperate, I believe that eventually companies will start putting armed guards on food trucks.

We aren’t quite there yet, thankfully, but things are really starting to get crazy out there.

A few days ago I went to the supermarket again, and I really tried to economize and get things that were on sale, but I still spent more than 260 dollars on one cart of food.

Just one cart!

As the cost of living continues to soar into the stratosphere, many American families are going to discover that they are no longer able to afford enough food for the week.

And once millions upon millions of Americans get desperately hungry, that is when we will see absolutely insane economic riots in this country.

All of these things are coming, and we definitely will not have to wait very long at all for “the other shoe to drop”.

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

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.  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)  By purchasing the books 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.  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 FacebookTwitter and Parler, 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.

Even stricter COVID lockdowns are coming, and they are going to be extremely devastating for the U.S. economy

Are you ready for another nightmare?  Earlier this year, the COVID lockdowns that were instituted all over the nation resulted in the worst economic downturn since the Great Depression of the 1930s and forced more than 60 million Americans to file claims for unemployment benefits.  After seeing how well that first round of lockdowns worked, one of the “scientists” that will be telling Joe Biden what to do about this pandemic wants to do it again.  Yes, you read that correctly.  During an interview with Yahoo Finance, Dr. Michael Osterholm said that what we really need to do to get this pandemic under control is to lock the entire country down for four to six weeks

Shutting down businesses and paying people for lost wages for four to six weeks could help keep the coronavirus pandemic in check and get the economy on track until a vaccine is approved and distributed, said Dr. Michael Osterholm, a coronavirus advisor to President-elect Joe Biden.

And Osterholm isn’t talking about doing “soft lockdowns” like we saw in many states earlier this year.

In an article that he co-authored in the New York Times, he argued that lockdowns need to be “as comprehensive and strict as possible”

“The problem with the March-to-May lockdown was that it was not uniformly stringent across the country. For example, Minnesota deemed 78 percent of its workers essential,” they wrote in the New York Times. “To be effective, the lockdown has to be as comprehensive and strict as possible.”

Basically, Osterholm wants Australia-style lockdowns all over the United States for at least a month and probably longer.

Doesn’t that sound fun?

On Election Day, the American people had a choice between a pro-lockdown presidential candidate and an anti-lockdown presidential candidate, and approximately 80 million of us voted for the pro-lockdown guy.

So it looks like that is precisely what we are going to get.

During the campaign, Joe Biden pledged to “follow the science”, and Osterholm is going to be one of the “scientists” that will be on his COVID-19 advisory board

Osterholm was appointed to Biden’s 12-member Covid “advisory board” on Monday. The panel of advisors is co-chaired by former Surgeon General Vivek Murthy, former Food and Drug Administration Commissioner David Kessler and Dr. Marcella Nunez-Smith of Yale University. Other task force members include Dr. Atul Gawande, a professor of surgery and health policy at Harvard, and Dr. Rick Bright, the vaccine expert and whistleblower who resigned his post with the Trump administration last month.

The good news is that these psychos will not be running things until early January at the earliest.

The bad news is that governors around the country are already instituting a new round of lockdowns.  For example, New York Governor Andrew Cuomo announced new restrictions for New York on Wednesday

Governor Andrew Cuomo announced new lockdown and social distancing restrictions for New York on Wednesday as coronavirus numbers in the state continue to trend upward.

Under the new statewide restrictions, all bars and restaurants with state liquor licenses as well as gyms must close at 10p.m., starting on Friday. Cuomo called such locations “main spreaders” of the coronavirus. Indoor gatherings at private residences across the state must also be capped at ten people.

And Ohio Governor Mike DeWine is saying that his state may soon impose new restrictions on “bars, restaurants and fitness centers”

As coronavirus cases continue to skyrocket in Ohio, Gov. Mike DeWine threatened to order bars, restaurants and fitness centers closed in one week if newly confirmed cases continue to increase.

Of course this is just the beginning.

If the number of daily cases continues to soar, we could start seeing draconian lockdowns all over America even before we get to Inauguration Day.

In other words, get ready to spend a lot of time at home this holiday season, because you might not have any other choice.

To me, it is unthinkable that anyone would even want to consider locking down the country again.  The first wave of lockdowns absolutely crippled our economy and caused a record-setting tsunami of job losses that we still have not recovered from.  In fact, John Williams of shadowstats.com says that if honest numbers were being used the current rate of unemployment in the United States would be 26.3 percent.

Apparently that is not enough.

So what are we going to shoot for this time?

30 percent?

40 percent?

And what happens if we lock down the entire country for six weeks and then another massive wave of the pandemic comes along just six months later?

Are we going to keep locking down the U.S. over and over again?

At this moment, our economy is on exceedingly shaky ground and more layoffs are being announced on a daily basis.

For instance, Exxon has announced that they will be laying off 14,000 workers and Disney has announced that they will be laying off “thousands” more workers in addition to the huge wave of layoffs that they announced earlier this year.

Overall, more than 60 million Americans have already been forced to file for unemployment during this pandemic, and every single one of those individuals has a story to tell.

One of those displaced workers is a woman named Michelle Kulaski, and prior to the pandemic she was already living paycheck to paycheck.  Now that she has lost her job, she finds herself on the verge of having to “live in her car with her two cats”

Desperate for cash, Kulaski sold much of her furniture, including the bed her children sleep in when they visit and her grandparents’ desk. In all, she made around $300.

Still, Kulaski has fallen behind on her $755 rent and her landlord has moved to evict her.

If she has to leave her apartment, she said she’d probably live in her car with her two cats.

Now sickos like Osterholm want to destroy even more lives, and if Joe Biden ends up in the White House they will almost certainly get their way.

We are already in the midst of a horrifying economic depression, and a new wave of lockdowns would make things far worse.

These are such troubled times, and many believe that the difficulties that we have experienced in 2020 are just a warm up act for what is coming in 2021.

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

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.  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)  By purchasing the books 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.  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.

If You Feel Like Something Really, Really Bad Is About To Happen, You Are Definitely Not Alone

If this is “the recovery”, what are things going to look like once economic conditions start to deteriorate again?  As you will see below, more than half of all households in some of our largest cities “are facing serious financial problems”, and Americans continue to file for unemployment benefits at a rate that the United States had never seen before prior to 2020.  When 695,000 workers filed for unemployment benefits during a single week in 1982, it established a record which stood for nearly 38 years.  But now we have been way above that old record for 25 weeks in a row.  On Thursday, we learned that another 884,000 Americans filed new claims for unemployment benefits last week…

Weekly jobless claims were worse than expected last week amid a plodding climb for the U.S. labor market from the damage inflicted by the coronavirus pandemic.

The Labor Department on Thursday reported 884,000 first-time filings for unemployment insurance, compared with 850,000 expected by economists surveyed by Dow Jones. The total was unchanged from the previous week.

Of course it is always important to look at the non-adjusted numbers, and according to those numbers we actually saw an increase over the previous week

The Labor Department changed its methodology in how it seasonally adjusts the numbers, so the past two weeks’ totals are not directly comparable to the reports from earlier in the pandemic. Claims not adjusted for seasonal factors totaled 857,148, an increase of 20,140 from the previous week.

This is the second week in a row that the non-seasonally adjusted initial claims have risen.

That definitely wasn’t supposed to happen.

We are supposedly in a “recovery” right now, and things are supposed to be getting better.

But instead they appear to be getting worse.  According to Wolf Richter, continuing claims under all state and federal programs were way up last week…

Total continued claims for unemployment insurance (UI) under all state and federal programs rose by 380,000, to 29.6 million people (not seasonally adjusted), the highest since August 1, according to the Department of Labor this morning. This was the second weekly increase in a row, after the 2.2-million jump last week.

At any other time in American history, the numbers that were just reported would be considered “catastrophic”, but we have been getting these sorts of catastrophic numbers for so long that we have become desensitized to them.

But at least the unemployment numbers are not as bad as they were earlier this year, and other economic figures seem to have hit a bit of a plateau as well.

So for the moment there is relative calm, but it won’t last for very long.

If you feel like something really, really bad is about to happen, you are definitely not alone.  There are countless others that are also waiting for “the other shoe to drop”, and I believe that it could literally happen at any time.

But for now we wait.

I would encourage you to enjoy these remaining days of summer while you still can.  This weekend, put some burgers on the grill and enjoy some time with your family.  Unfortunately, there are many Americans that are under such financial stress that it is hard to enjoy much of anything right now.  In fact, one recent survey found that 50 percent or more of the households in some of our largest cities are currently facing “serious financial problems”

There’s no question the coronavirus pandemic has forced many Americans into financial hardship, but a new NPR/Harvard T.H. Chan School of Public Health/Robert Wood Johnson Foundation survey provided a clearer picture of the extent of the struggles in the United States’ four largest cities.

At least half of all households in those cities — 53 percent in New York City, 56 percent in Los Angeles, 50 percent in Chicago, and 63 percent in Houston — reported facing serious financial problems, including depleted savings, problems paying credit card bills, and affording medical bills.

How can that be possible if we are in the midst of a tremendous “recovery”?

Of course the truth is that we aren’t in any sort of a recovery, but at least things are a whole lot better than they will be after the upcoming election.

I had such an ominous feeling coming into 2020, and I shared this repeatedly with my readers, and now I have such an ominous feeling about the rest of 2020 and beyond.

In particular, I am extremely concerned about what will happen in November.  No matter who is ultimately declared the winner, the other side is going to be convinced that the election was stolen from them and that is likely to throw our nation into a state of chaos.

And we are already being told that we probably will not know the winner until long after election day.  That period of uncertainty is almost certainly going to spark more civil unrest, and I believe that faith in the integrity of our elections will be greatly shaken.

Before I end this article, there is one more thing that I wanted to mention that I found to be extremely interesting.  This year the Federal Reserve has been buying up mortgage bonds worth hundreds of millions of dollars, and according to Mish Shedlock the Fed now owns nearly a third of that entire market…

  • The Fed has snapped up $1 trillion of mortgage bonds since March. It bought around $300 billion of the bonds in each of March and April, and since then has been buying about $100 billion a month.
  • The Fed now owns almost a third of bonds backed by home loans in the U.S.
  • Buying the securities has pushed mortgage rates lower, with the average 30-year rate falling to 2.91% as of last week from 3.3% in early February.
  • Morgan Stanley analysts pointed out in late March that the buying was running at eight times the pace seen in prior episodes of Fed purchasing under programs known as quantitative easing.

No matter who wins the election, the direction of the Fed is not going to change.  They are going to continue to engage in exceedingly reckless manipulation of the markets, and that is going to have very serious long-term implications.

All around us, we can see our society being thrown into convulsions as all of our systems begin to fail.

I know that so many of you out there are feeling the exact same way that I am.

A sense of anticipation hangs in the air, and millions of people are waiting for the next big crisis to erupt.

***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.

Things Have Gotten So Bad That A Million New Claims For Unemployment Benefits In One Week Is Considered “Good News”

The Labor Department announced on Thursday that another 1.006 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 the number of Americans that are losing their jobs each week continues to remain at a catastrophic level.  But this latest figure is actually being spun as “good news” because at least it was lower than the week before.  And I am willing to concede that point, because we should definitely welcome any sign that the numbers are starting to move in the right direction.  However, there is no doubt that what we have experienced up to this point in 2020 is nothing short of an economic cataclysm.  Over the last 23 weeks, more than 58 million Americans have filed new claims for unemployment benefits.  Even if zero workers filed for unemployment for the rest of 2020, this would still be the worst year for unemployment claims in all of U.S. history by a gigantic margin.  Vast hordes of workers have been losing their jobs week after week as the U.S. economy melts down right in front of our eyes.  This has truly been an economic horror show, and the most nightmarish chapters are still ahead of us.

When economic numbers start getting really bad, the government often decides to “modify” how they are calculated, and on Thursday the Labor Department announced that it will be “changing how it adjusts weekly jobless-claims figures for seasonal swings”.

Presumably, that should help the numbers look a bit better starting next week.

But no matter how much they massage the numbers, they can’t erase the fact that tens of millions of people are deeply hurting right now.  According to one new survey, 61 percent of Americans need “another relief bill”, and about two-thirds of Americans from the age of 24 to the age of 54 say that they are currently in financial distress

The latest survey by MagnifyMoney reveals 61 percent of the country needs another relief bill to pay for expenses. Over 80 percent of workers who have been laid off or furloughed due to COVID-19 are counting on more assistance. The poll of 1,010 Americans adds 71 percent of Generation X (ages 40 to 54) and 65 percent of millennials (ages 24 to 39) say they are currently in financial distress.

If you are not in financial distress at this moment, you should be very thankful for your blessings, because you are definitely in the minority.

And more layoff announcements just keep on coming with each passing day.  On Thursday, we learned that Lord & Taylor will be laying off all their workers and closing every single store

Lord & Taylor, the first department store established in the United States, is officially going out of business, ending a nearly 200-year run.

The bankrupt company announced Thursday that all of its 38 remaining stores and website have begun liquidation sales — a reversal from last week’s decision to keep 14 locations open.

When I was a kid, I was always so intimidated by Lord & Taylor when my mother would take me to the mall.

I always thought that was where the rich people shopped.

I never imagined that someday I would see it go out of business forever.

Of course countless other retailers are going belly up as the worst “retail apocalypse” in U.S. history rolls on.  According to Coresight Research, approximately 25 percent of all malls in the United States “will close over the next three to five years”

Another new report out this week from Coresight Research estimates 25% of America’s roughly 1,000 malls will close over the next three to five years, with the pandemic accelerating a demise that was already underway before the new virus emerged.

Can you imagine what our country is going to look like if that actually happens?

Already, communities all over America are being blighted by one boarded up property after another, and this is especially true in many impoverished areas.

Of course our economic problems have been accelerated by a series of very unusual events that have been beyond our control.  It has been one thing after another here in 2020, and the latest major disaster to hit us was Hurricane Laura.  We were extremely fortunate that neither New Orleans or Houston took a direct hit from this storm, because it was enormously destructive.  Just consider what one survivor told the press about the devastation in his community…

“It looks like 1,000 tornadoes went through here. It’s just destruction everywhere,” said Brett Geymann, who rode out the storm with three family members in Moss Bluff, near Lake Charles, Louisiana. He described Laura passing over his house with the roar of a jet engine around 2 a.m.

Let us hope that we will have at least a little bit of time before the next major crisis comes along.  Many had been hoping that August would be a quiet month, but that didn’t turn out to be the case, and now September is just a few days away.

And as we approach the fall season, it is being reported that wealthy investors have been “hoarding cash”

A group of multimillionaire investors in the U.S. are hoarding cash at unprecedented levels.

Tiger 21, a club of more than 800 investors, reported Thursday that its members have raised their cash holdings to 19% of their total assets on concerns over the economic consequences of the covid pandemic in the U.S. That’s up from about 12% since the start of the outbreak. About a quarter now expect the crisis to continue until the end of next June, the group said.

Is this a sign that many of them believe that trouble is ahead for the financial markets?

Of course it isn’t just the wealthy that are deeply concerned about the months ahead.  Our nation has been gripped by endless turmoil for most of this year, and now a very hotly contested presidential election is just over two months away.  Meanwhile, economic conditions will continue to deteriorate, and that means that tens of millions of Americans will become even more angry and even more frustrated.  If you believe that the U.S. is just going to snap out of all of this somehow and everything will turn out just fine in the end, then you simply do not understand the times in which we are living.

For so long we were warned that a “perfect storm” was coming, and now it is here.

And if you think that 2020 has been bad, just wait until you see what else is ahead.

***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.

17 Facts That Prove The U.S. Economy Is A Complete And Total Disaster Zone At This Point

If you know people that actually believe that the U.S. economy is moving in a positive direction, just show them this article.  In all the years that I have been writing about the economy, I have never seen anything that even comes close to what we are experiencing now.  More than 100,000 businesses have permanently failed, and tens of millions of Americans have lost their jobs.  If you still have a good job you should cling to it with all of your might, because there are so many families that have no idea how they are going to pay the bills next month, or the month after that, or that month after that.  When it gets to the point where you can’t even pay the rent or the mortgage, financial worries can absolutely consume your life.  If you have been there, you know exactly what I am talking about.  And if you have children, that just makes things even worse.  How do you explain to them that “home” is no longer “home”?

Another group of people that I feel really badly for are all the business owners that have had their dreams absolutely shattered.  Starting a small business from nothing and building it into a success takes a massive amount of work, and I have a tremendous amount of respect for anyone that is able to do that.

Unfortunately, so many once thriving small businesses have now been destroyed by the events of 2020.  For a lot of those small business owners, it isn’t just time and energy that have been lost.  When you make your small business your passion, it becomes a part of who you are, and a lot of small business owners will never be the same again after this.

So please keep in mind that there are real people and real dreams behind each of the numbers that I am about to share with you.  The following are 17 facts that prove the U.S. economy is a complete and total disaster zone at this point…

#1 According to the San Francisco Chamber of Commerce, more than half of all the storefronts in the entire city of San Francisco are no longer in business.

#2 Just a few hours ago, New York City reported that it had an unemployment rate of almost 20 percent during the month of July.

#3 Speaking of New York, 83 percent of all restaurants in the city were unable to pay their full rent last month.

#4 In 2020, the state of Louisiana has lost twice as many jobs as it did after Hurricane Katrina.  By the way, many are concerned that Hurricane Laura could soon become a similar monster storm.

#5 In the state of South Carolina, an eye-popping 52 percent of all renters “are at risk of eviction”.

#6 Americans now owe more than 21 billion dollars in unpaid rent.

#7 Overall, 27 percent of all Americans did not make their rent or mortgage payment last month.

#8 According to the Mortgage Bankers Association, the delinquency rate on residential mortgages increased by 386 basis points last quarter.  That was the most rapid rise that we have ever seen by a very wide margin.

#9 U.S. bankruptcies are already at their highest level in 10 years and they are expected to surge dramatically as we approach the end of this calendar year.

#10 For companies with more than 1 billion dollars in assets, it is being projected that there will be a record number of bankruptcies in 2020.

#11 World trade plunged to the “lowest levels on record” during the month of June.

#12 The percentage of hotel mortgages that are 30 or more days delinquent soared to a whopping 23.4 percent last month.

#13 American Airlines just announced that they will be eliminating 19,000 jobs next month.

#14 31 percent of U.S. workers that were brought back to work after being laid off during the early stages of this pandemic have been laid off a second time, and another 26 percent have been told that layoffs may be coming soon.

#15 According to one recent survey, about half of all U.S. workers that have been laid off during this pandemic believe that their jobs losses are permanent.

#16 The IRS is projecting that it will receive 37 million fewer W-2 forms for this year than originally anticipated.

#17 Over the last 22 weeks, more than 57 million Americans have filed new claims for unemployment benefits.  In all of U.S. history, we have never seen anything that is even worth comparing to this.

Many of the numbers in that list are so catastrophic that it is difficult to believe that they are actually true.

What we experienced back in 2008 and 2009 was a “deep recession”, but what we are experiencing now is so much worse.

And at this point even the mainstream media is admitting that this new downturn will be with us for a long time.  For example, the following comes from a CNN article entitled “We’ll be stuck in this economic slump for years, economists say”

America remains in a deep downturn and is running a serious risk of a worsening recession that will last at least another year, economists warned Monday.

About half of the National Association of Business Economics members expect US gross domestic product — the broadest measure of the economy — won’t return to its pre-pandemic level until 2022. A majority of those experts also say the US job market will be back to its February level in 2022 at the earliest.

Unfortunately, those projections are actually way too optimistic.  Industry after industry is in the process of unraveling, major economic bubbles are bursting all around us, and the economic pain that is on the horizon is going to dwarf what we are going through at this moment.

The mainstream media admits that a “collapse” has happened, but they still believe that eventually things will turn around and get back to where they were before.

And there are some people out there that actually believe that America’s greatest days of economic prosperity are still ahead of us.

You can go ahead and believe that if you want, and I definitely understand that many people would prefer to be optimistic about the future.

But sticking our heads in the sand won’t make the facts go away.  It has taken decades of catastrophic decisions to get us to this point, and anyone that thinks we can just snap our fingers and turn things around is just being delusional.

***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.

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.