The Dow Just Hit 30,000, But Meanwhile The Real Economy Is Having A Meltdown

Did you hear the good news?  The Dow Jones Industrial Average hit 30,000 for the first time ever this week.  In the midst of the worst economic downturn since the Great Depression of the 1930s, the stock market has been soaring to heights that we have never seen before.  What we have been witnessing is completely insane, but I suppose that if the entire system is utterly doomed, we might as well go out with a bang.

I have often said that the stock market has become entirely detached from reality, and that statement has never been truer than it is right now.

For the companies listed on the S&P 500, profits are down about 48 percent compared to last year.  But fundamentals do not seem to matter in the giant casino that Wall Street has become.

Instead, the key is to create as much buzz and speculation around your company as possible.  In this type of environment, a mirage known as “Tesla” can be worth more than all of the other major automakers in the entire world combined

The electric car maker’s shares continued to climb more than 4% on Tuesday, increasing its total market value above $500 billion for the first time. Tesla’s market cap rose to more than $520 billion Tuesday afternoon.

Tesla (TSLA) is now worth more than the combined market value of most of the world’s major automakers: Toyota (TM), Volkswagen (VLKAF), GM (GM), Ford (F), Fiat Chrysler (FCAU) and its merger partner PSA Group (PUGOY).

Anyone that believes that Tesla is actually worth 500 billion dollars is probably clinically insane.

But of course there are hundreds of other big corporations that are wildly overvalued at the moment as well.

Meanwhile, the real economy continues to implode.  According to Fox Business, we are facing “a tidal wave of evictions at the end of the year”…

The U.S. is facing a tidal wave of evictions at the end of the year unless the federal government, in the eleventh hour, extends key pandemic-related protections for millions of renters and homeowners.

More than 5.8 million adults say they are somewhat to very likely to face eviction or foreclosure over the course of the next two months, according to a U.S. Census Bureau survey completed Nov. 9. That represents about one-third of the 17.9 million Americans who were behind on their rent or mortgage payments last month.

The reason why millions upon millions of Americans are in danger of losing their homes is because we have seen an unprecedented tsunami of unemployment in 2020.

More than 70 million Americans have filed new claims for unemployment this year, and there has never been another year in all of U.S. history when we have even seen half that number.

This absolutely massive wave of job losses has pushed millions of Americans into poverty, and hunger is on the rise all over the country.  The following comes from Simon Black

New York City is up 33% this year. St. Louis is up 66%. In Oregon it’s up 100%.

I’m not talking about real estate prices, local budget gaps, or even property tax rates.

These are the startling increases in the number of people across the country, and the world, who are in need of food.

But at least the stock market is doing well, right?

In Texas, the CEO of one food bank says that the number of people that they are helping has doubled this year

Eric Cooper, CEO of the San Antonio Food Bank, told CNBC that his Texas food bank now feeds double the amount of people it used to compared to before the coronavirus pandemic gripped the United States.

“Pre-pandemic we fed about 60,00 people a week and now we’re seeing about 120,000 per week, and most of those are new to the food bank, and have never had to ask for help before,” Cooper said during a Tuesday evening interview on “The News with Shepard Smith.”

And what makes all of this even more heartbreaking is the fact that most of the households that need assistance have children living at home.  Just check out these numbers from Washington state

Nearly one-third of Washington households have struggled to get enough to food at some point since the start of the coronavirus pandemic, a new study found.

Of the 30% of households that experienced food insecurity, 59% had children living at home, according to the Washington State Food Security Survey, put together by a team of professors and researchers at Washington State University, the University of Washington and Tacoma Community College.

Now another wave of lockdowns is being instituted all over the nation, and that is going to take the level of economic suffering in this country to an even higher level.

For many workers, being laid off just before the holidays is especially painful

Waiters and bartenders are being thrown out of work – again – as governors and local officials shut down indoor dining and drinking establishments to combat the nationwide surge in coronavirus infections that is overwhelming hospitals and dashing hopes for a quick economic recovery.

And the timing, just before the holidays, couldn’t be worse.

Can you imagine just barely making it through the first round of lockdowns and then being told that you have to do it again?

This is the reality that so many Americans are facing at this moment.  For example, this is what 34-year-old Tracey Grey told CBS News about her situation…

My savings are depleted. If 10 of my clients cancel their membership, right now, I’m done. When I say I’m literally just making it, I am literally just making it. I’m one paycheck away and that’s not even an exaggeration.

Now more than ever, the stock market is not a barometer for the health of the overall economy.  The truth is that an economic collapse has begun, and over time it will get much, much worse.

But for the moment, nothing you can say will keep the ultra-wealthy from feeling euphoric as they monitor their rapidly rising stock portfolios.

For them, this will definitely be a very happy Thanksgiving.

But for most of the rest of the country, the current state of affairs is nothing to smile about.

***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.

Federal Reserve Chair Jerome Powell Admits The Truth: “We’re Not Going Back To The Same Economy”

Even Jerome Powell is admitting that the boom years are over.  For months, I have been trying to explain to my readers that the debt-fueled “prosperity” that we were enjoying prior to the COVID pandemic won’t be coming back, and initially I received quite a bit of criticism for saying that.  But that criticism has subsided, because at this point pretty much everyone can see the truth.  Despite stimulus package after stimulus package, and despite unprecedented intervention by the Federal Reserve, we continue to be mired in the worst economic downturn since the Great Depression of the 1930s.  Fear of the virus continues to drag down the overall level of economic activity, more businesses are going under with each passing day, and the layoff announcements never seem to end.

Normally, Federal Reserve officials try very hard to be relentlessly optimistic.  But during a European Central Bank panel discussion on Thursday, Federal Reserve Chair Jerome Powell openly admitted that “we’re not going back to the same economy”

“We’re not going back to the same economy,” Powell said. “We’re recovering, but to a different economy and it will be one that is more leveraged to technology, and I worry that it’s going to make it even more difficult than it was for many workers.”

The central bank leader said he was referring specifically to “relatively low-paid public-facing workers who are bearing this brunt,” many of whom are women and minorities.

His use of the phrase “a different economy” really got my attention.

When I am trying to break some really bad news to someone in a gentle way, I will often use the word “different” to describe what things will be like moving forward, and I think that Powell is doing the same thing here.  He knows that there is no way that things will “return to normal” any time soon, and he is quite correct to be particularly concerned about how this will affect low paid workers.

Low paid workers have been losing their jobs at a much higher rate than anyone else, and the job losses just keep rolling in.

On Thursday, we learned that another 709,000 Americans filed new claims for unemployment benefits last week, and that number is more than three times higher than what we witnessed during a typical week in 2019…

The Labor Department report showed an eleventh straight week that new jobless claims totaled below 1 million. But new claims have not yet broken back below 700,000 since the start of the pandemic and have held sharply above levels from before the outbreak. Throughout 2019, new initial unemployment claims were coming in at an average of just over 200,000 per week.

As of October 24th, a total of 21.16 million Americans were bringing home some type of unemployment assistance.

One year ago, that number was just 1.45 million.

In other words, we are in the midst of a national unemployment nightmare.

And many analysts are deeply concerned that the new wave of lockdowns that is now starting to happen around the nation will cause a renewed surge in layoffs

As colder weather sets in and fear of the virus escalates, consumers may turn more cautious about traveling, shopping, dining out and visiting gyms, barber shops and retailers. Companies in many sectors could cut jobs or workers’ hours. In recent days, the virus’ resurgence has triggered tighter restrictions on businesses, mostly restaurants and bars, in a range of states, including Texas, New York, Maryland, and Oregon.

“The risk may be for more layoffs as coronavirus cases surge and some states impose restrictions on activity,” said Nancy Vanden Houten, an economist at the forecasting firm Oxford Economics.

Yesterday, I discussed the fact that one of the experts on Joe Biden’s new COVID-19 advisory board wants a full national lockdown for at least a month once Biden is in the White House.

Needless to say, that would make the economic depression that we are currently suffering through a whole lot worse.

But of course there are a lot of Americans out there that simply are not going to put up with any more lockdowns.  In fact, one new survey has found that only 49 percent of all Americans “would be very likely to stay home for a month if health officials recommend it”

Fewer than half of Americans say are very likely to comply with another lockdown, despite growing concerns over the coronavirus pandemic, the latest Gallup polling shows.

About 49% of Americans polled between October 19 and November 1 said they would be very likely to stay home for a month if health officials recommend it following a coronavirus outbreak in their community, down from 67% in the spring.

Millions upon millions of lives were turned upside down by the lockdowns that were previously instituted, and the economic damage caused by another round of lockdowns would be incalculable.

But it appears that more lockdowns are coming anyway, and that means a lot more economic suffering is ahead.

Prior to the pandemic, 38-year-old Victoria Perez was working two jobs, but she quickly lost both of them once COVID came along.  Now she and her children are living in city housing in Oakland, California, and they are just one step away from being homeless

Among them is Victoria Perez, who was working two delivery jobs before the pandemic struck. Having lost both jobs in the spring, she is now living with her children in city-subsidized housing near Oakland, California, and hoping to avoid homelessness.

The city housing, provided to people at heightened risk of the coronavirus, lasts only through December. Perez, 38, is a cancer survivor.

After the holiday season, what is she supposed to do if she can’t find a new job?

Being homeless is bad enough.  When you add children to the equation, we are talking about the sort of nightmare scenario that nobody should ever have to go through.

Unfortunately, the ranks of the homeless are absolutely exploding all over the country as the U.S. economy crumbles right in front of our eyes.

In 2021, I am anticipating the biggest wave of traffic in the history of The Economic Collapse Blog as our ongoing economic implosion accelerates even more.  I have been hearing from so many people out there that are deeply hurting right now, and I wish that I had better news for everyone.

Sadly, the consequences for decades of exceedingly foolish decisions are catching up with us, and saying that we are heading into a “different economy” is definitely a major understatement.

***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.

The economic implosion of 2020: Job losses ramp up again as millions of Americans continue to slide into poverty

The mainstream media keeps trying to convince us that things are about to get a whole lot better for the U.S. economy, but instead they just keep getting worse.  On Thursday, we learned that another 898,000 Americans filed new claims for unemployment benefits last week.  That was the highest number that we have seen since August, and it is yet more evidence that a new wave of layoffs has begun.  But according to the experts that the mainstream media relies upon, this wasn’t supposed to happen.  According to them, the number of Americans filing for unemployment benefits was supposed to be steadily tapering off as the U.S. economy shifted into recovery mode.  Unfortunately for all of us, those experts have been dead wrong.

Yesterday, I wrote about the decline of the middle class in our country, and here in 2020 this pandemic has greatly accelerated that process.

In fact, one new study has found that almost 8 million more Americans have plunged into poverty just since May

Nearly 8 million Americans have slid into poverty since May, according to a Columbia University study reported by the New York Times.

Why it matters:The researchers found that the monthly poverty rate for September was higher than rates during April or May, and it also topped pre-crisis levels, “[d]ue to the expiration of the CARES Act’s stimulus checks and $600 per week supplement to unemployment benefits.”

And another study discovered that 6 million more Americans fell into poverty in just the last three months

A separate study by researchers at Notre Dame and the University of Chicago, found that 6 million people have slipped into poverty in the last three months, per the Times.

Our hearts should be breaking because of what is going on all over the country right now.

Millions upon millions of hard working people have lost their jobs and can’t find new ones.  As a result, they have lost the comfortable middle class lifestyles that they once enjoyed and have now joined the ranks of the poor.

But the official government numbers don’t look that bad because millions of those people are not even categorized as “unemployed”.  Instead, many of the workers that have lost their jobs during this pandemic have been thrown into a category that is called “not in the labor force”.

In order to have faith in the official government numbers, you have got to believe that more than 100 million working age Americans are “not in the labor force” because they don’t want to work.

It is such a sham.  Why don’t we just put every single American that is not working into the “not in the labor force” category so that we can have 0.0 percent unemployment?

Wouldn’t that be wonderful?

Of course the truth is that more Americans are being laid off with each passing day.  Over the past few weeks, some of the most iconic companies in the entire nation have been letting workers go

Further, companies have begun initiating layoffs on a trajectory similar to traditional recessions, economists said, as slowdowns in consumer demand (rather than state-mandated shutdowns) lead them to cut jobs or close for good.

Companies such as AllstateAmerican AirlinesDisneyRoyal Dutch Shell and United Airlines have each announced plans to cut thousands of workers in recent weeks.

Some parts of the country have been hit much harder than others by this economic downturn.

For instance, tourism has dried up almost completely in Las Vegas, and this week there have been more layoff announcements

The Tropicana Las Vegas has given notice to 828 employees that they are being laid off beginning Thursday, Oct. 15.

And layoffs at two Paris Las Vegas restaurants are coming soon as notices have been filed with the state. Mon Ami Gabi intends to lay off 96 employees, and the Eiffel Tower Restaurant will lay off 53 employees. Both moves are scheduled to happen on Dec. 16, and the layoffs will be permanent.

In the end, most of the jobs that have been lost in Las Vegas will never come back until the tourists return, and that is simply not going to be happening for the foreseeable future.

Next door, the state of California has been absolutely devastated by this crisis as well.

If you can believe it, one out of every four Californians received unemployment benefits between March and July.  The state may have more billionaires than anywhere else in the country, but according to the U.S. Census Bureau it also has the highest poverty rate

Home to 166 billionaires, who made over $235 billion since the beginning of the pandemic, the Golden State also has the highest poverty rate: 17.2% when adjusted for the cost of living, according to a recent Census Bureau analysis.

That means that almost one out of every five people in the entire state of California is living in poverty right now.

If this is what a “recovery” looks like, I would hate to see what the “bad times” are going to look like.

And without a doubt, economic conditions are definitely going to get worse than they are now.

So many families in California are just barely scraping by from month to month, and more of them are falling into poverty every day.  In fact, even USA Today is admitting that “California’s middle class isn’t done shrinking”…

To many, the streets of the Bay Area are renowned for the enduring homelessness crisis as much as for the renowned tech giants of Silicon Valley. In-between, California’s middle class isn’t done shrinking; teachers, artists, waiters and gig workers are awaiting their fate, often one government program away from having to take a minimum-wage job — or lose their homes.

It is kind of ironic.  Many of those that live in California like to lecture the rest of us about “wealthy inequality”, but it is worse in their state than anywhere else.

Those at the very, very top of the pyramid are thriving (for now), but meanwhile countless others are falling out of the middle class.

It is like a really perverse game of musical chairs.  Every time the music stops, more people lose their seats and the middle class shrinks some more.

Sadly, I think that this process is going to accelerate even more in 2021, and that is really bad news for millions upon millions of middle class American families that are deeply struggling right now.

***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.

Goodbye Middle Class: Half Of All American Workers Made Less Than $34,248.45 Last Year

If you are making less than $3,000 a month, you have plenty of company, because about half of the country is in the exact same boat.  The Social Security Administration just released new wage statistics for 2019, and they are pretty startling.  To me, the most alarming thing in the entire report is the fact that the median yearly wage was just $34,248.45 last year.  In other words, half of all American workers made less than $34,248.45 in 2019, and half of all American workers made more than $34,248.45.  That isn’t a whole lot of money.  In fact, when you divide $34,248.45 by 12 you get just $2,854.05.  Needless to say, it is not easy to survive in America today on just $2,854.05 a month, and this may help to explain why we have been seeing so many people fall out of the middle class in recent years.

And of course all of the figures that I am sharing with you in this article are just for 2019.  This year, we have seen more than 63 million Americans file new claims for unemployment benefits as the U.S. economy has imploded during this pandemic, and so the final wage numbers for 2020 could be quite a bit worse than the numbers for 2019 were.  Please keep that in mind as you go through the rest of this article.

Once upon a time in America, a single income could easily support a middle class household in most cases, but those days are long gone.

The cost of living has been rising far faster than our paychecks have, and as a result many Americans have been working themselves to the bone just to survive financially from month to month.

To give you an idea of just how bad things have gotten, I would like to share with you some key numbers from the report that the Social Security Administration just released

-32.26 percent of American workers made less than $20,000 last year.

-44.79 percent of American workers made less than $30,000 last year.

-56.46 percent of American workers made less than $40,000 last year.

-65.91 percent of American workers made less than $50,000 last year.

Today, the poverty level for a household of five in the United States is $30,680.

That means that close to half of all workers in this country do not even make enough to get a family of five above the poverty level.

Wow.

There are tens of millions of Americans that are referred to as “the working poor” because they are living in poverty even though they are employed and are working extremely hard.  Many of you that are reading this article know exactly what I am talking about.  Some of you are working way more than 40 hours a week, and yet there never seems to be enough money at the end of the month.

Sadly, the truth is that our system has evolved in a manner that makes it almost impossible for most Americans to ever build up much wealth.

If you are making the median monthly wage of just $2,854.05, there simply is not going to be much left over after all of the bills are paid.  First of all, you are going to need some place to live.  In the middle of the country you may be able to find something habitable for under $1,000 a month, but in most of our major metropolitan areas that simply is not going to be realistic.

Secondly, you are going to need to pay your utility bills.   If you can keep the combined cost of your power, water, phone, television and Internet bills to about $250 a month, you are doing quite well.

Thirdly, you will need a vehicle in order to get around, and these days it is hard to buy or lease a vehicle for less than $300 a month.  In addition, you will also need insurance, and that will set you back even more.

Fourthly, you will need health insurance.  If you are young and single, maybe you can find a plan for just a few hundred dollars a month, but most Americans pay far more.

Fifthly, you will probably want to eat, and that will cost you several hundred dollars a month as well.

At this point almost all of your money is already gone, and there are so many expenses that I haven’t even mentioned yet.

And of course you never even started with $2,854.05 in the first place, because all sorts of taxes were taken out of your paycheck before you even got it.

Are you starting to understand why so many families in America are deeply, deeply struggling today?

We have an economy that works for those at the very top of the food chain, but pretty much everyone else is desperately trying to stay afloat.

And now we have entered an economic downturn during which tens of millions of Americans have lost their jobs.  According to John Williams of shadowstats.com, if honest numbers were being used the real unemployment rate in the U.S. would be 26.9 percent right now, and that would rival the worst levels that we witnessed during the Great Depression of the 1930s.

Others have come up with similar numbers.  For example, Axios is reporting that the “true unemployment rate” in the United States is currently 26.1 percent

A person who is looking for a full-time job that pays a living wage — but who can’t find one — is unemployed. If you accept that definition, the true unemployment rate in the U.S. is a stunning 26.1%, according to an important new dataset shared exclusively with “Axios on HBO.”

No matter how you want to crunch the numbers, everyone should be able to agree that millions upon millions of Americans are really hurting financially and are deeply concerned about the future.

And they have good reason to be concerned about the future, because our economic system is in the process of imploding.

For decades, the greatest debt bubble in the history of the world allowed us to enjoy a level of debt-fueled prosperity that was far greater than we actually deserved.

Now the party is ending, and our society is going to experience an enormous amount of pain as everything changes.

***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.

The number of Americans that have filed for unemployment benefits in 2020 exceeds the number that voted for Trump in 2016

I am not trying to make a political statement with this article.  I am simply pointing out that the number of Americans that have filed initial claims for unemployment benefits in 2020 is almost unimaginable.  In 2016, a total of 62,984,828 votes were cast for Donald Trump.  Here in 2020, a total of 63,600,000 million Americans have filed new claims for unemployment benefits since the middle of March.  So the number of Americans that have filed for unemployment during this pandemic is now greater than the number of Trump voters in the last election.  Of course if Hillary Clinton had won in 2016, we would be saying the exact same thing about her in a couple of weeks.  Back in 2016, she received a grand total of 65,853,514 votes.  The point is not to assign political blame to one side or the other, because neither side knew that COVID-19 was coming.  Rather, I am trying to get my readers to understand that we have witnessed a collapse in employment during this pandemic that is absolutely unprecedented.

And more layoff announcements keep rolling in with each passing day.  For instance, we just learned that ESPN will be laying off hundreds of workers

ESPN could lay off hundreds of employees in the coming weeks, sources told Front Office Sports.

One source pegged the potential number of job losses between 300 and 700 employees. Another estimated 400 possible lost jobs.

The cuts are expected to hit hardest among ESPN employees who work behind the camera.

For many, working in sports television is a dream job, and it hurts me to think that many of those employees will soon lose jobs that they truly love.

Elsewhere, Amtrak has just announced that they could soon be eliminating 2,400 more jobs

Amtrak will need to cut 2,400 more jobs and could see “drastic impacts” on its rail service if Congress does not intervene and provide emergency funding for the passenger rail provider, the company announced Thursday.

In a letter to lawmakers, Amtrak President and CEO William Flynn requested nearly $4.9 billion in fiscal year 2021 to help it close massive budget gaps it faces amid the pandemic.

I know that I am probably boring my readers by discussing layoff announcements day after day after day, but I am trying to make a very important point.

We are not in any sort of a “recovery”.  Instead, we have entered a horrifying economic downturn which isn’t going to end any time soon.

If they actually believed that it was going to end soon, all of these big corporations would not be laying off large numbers of workers.

And without jobs, a whole lot of people out there are deeply, deeply suffering.

Right now, millions upon millions of Americans haven’t been paying rent, haven’t been paying their mortgages, haven’t been making their vehicle payments and haven’t been making their credit card payments.

And I was absolutely stunned to learn that payments are being made on only 11 percent of federal student loans right now…

Less than 11% of people with federal student loans are repaying them during the pandemic, according to data analyzed by higher education expert Mark Kantrowitz. That means about 4.6 million out of 42 million borrowers are continuing to pay down their debt.

Eventually the federal government will be requiring everyone to start making their payments again, but for now this break is helping a lot of people get through this very challenging time.

But when will this challenging time finally be over?

After the election?

In 2021?

So many Americans are looking forward to having economic conditions return to “normal”, but the truth is that our entire system is in the process of melting down and things are never going to be as good as they once were.

For decades, we enjoyed an unprecedented bubble of debt-fueled prosperity that allowed us to have a massively inflated standard of living, but now that bubble is bursting.

But for the moment, there is still one bubble that has stubbornly refused to end.  Thanks to the Federal Reserve, stock prices continue to go up even in the midst of this economic depression, and this has made the gap between the ultra-wealthy and the rest of us wider than ever before

The poorest 50 percent of Americans, or roughly 165 million people, collectively owned about $2.08 trillion in wealth in the second quarter of 2020, according to Federal Reserve data released last week.

That’s less than the net worth of the nation’s 59 richest billionaires, who have a combined fortune of about $2.09 trillion, Bloomberg’s Billionaires Index shows — a number that’s grown this year despite the COVID-19 crisis kneecapping the global economy.

Just think about that.

59 Americans have as much wealth as the 165,000,000 poorest Americans combined.

And overall, billionaires around the world are now worth more than 10 trillion dollars

Billionaire wealth reached record high levels amid the COVID-19 pandemic, a report by UBS and PwC found, as a rally in stock prices and gains in technology and healthcare helped the wealth of the world’s richest break the $10 trillion mark.

The report, covering over 2,000 billionaires representing some 98% of the cohort’s total wealth, found billionaire wealth grew by more than a quarter during the early months of the pandemic to reach $10.2 trillion in July, breaking the previous record of $8.9 trillion at the end of 2019.

Meanwhile, Americans are lining up for miles to get handouts at food banks all over the nation, and it is being projected that more than 50 million Americans will soon not have enough food to eat on a regular basis.

But the mainstream media is going to continue to try to put a happy face on things.  In fact, they are telling us that “stocks will probably rise no matter who wins the presidential election”, and that has to be music to the ears of most wealthy investors.

Of course it is just a matter of time before a day of reckoning comes for those wealthy investors too.

I believe that the months ahead are going to represent a major turning point for our country.  Millions of Americans will have their hopes brutally crushed by the outcome of this upcoming election, and millions of others will be plunged into despair as our nation continues to be rocked by one major crisis after another.

If your life is defined by the system that the elite have created, the times that are approaching are going to be exceedingly difficult for you because that system is failing.

But if you choose to live for the things that really matter, you won’t be overwhelmed no matter how bad things get.

And as bad as things are right now, the truth is that all of this is nothing compared to what is eventually coming.

***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.

20 things that you must believe in order to convince yourself that everything is going to turn out okay somehow

Despite everything that we have already been through in 2020, the dominant narrative in our society right now is that everything is going to be just fine once we get past our temporary problems.  So many people that I hear from can’t understand why I am so “negative” about the future, because they are completely convinced that really great days are just around the corner.  As odd as this may sound, we are seeing this sort of wild optimism among both Democrats and Republicans, Christians and atheists, capitalists and communists.  Of course about half the country will have their optimistic hopes for the future brutally crushed by the results of the upcoming election, but we aren’t there yet.  For now, both sides are absolutely convinced that they are going to win, and both sides are envisioning a wonderful new era for our nation in which their values reign triumphant.

If only things were that easy.

The truth is that many of our largest problems have been steadily growing for decades, and they aren’t going to magically disappear just because a particular candidate wins an election.  Our debt levels are absolutely exploding, our economy has plunged into a depression, there is widespread civil unrest in our streets, our nation is more divided than it has ever been in my entire lifetime, and our society is literally coming apart at the seams as just about every form of evil that you can possibly imagine is growing rapidly all around us.

But there are a whole lot of people out there that want to stick their heads in the sand and pretend that everything is going to be just fine.

If you would like to be just like them, the following are 20 things that you must believe in order to convince yourself that everything is going to turn out okay somehow…

#1 “Being 27 trillion dollars in debt is not a problem.  We can go into as much debt as we want, and future generations of Americans won’t mind at all that we are dumping all of our bills on them.”

#2 “The fact that the Federal Reserve creates trillions of dollars out of thin air whenever a major crisis erupts doesn’t really matter.  We can debase the reserve currency of the world as much as we want and the rest of the globe will continue to use it and the inflation rate in this country will never get out of control.”

#3 “Antifa is just an idea, and all of the rioting, looting and violence will somehow magically come to an end after the upcoming election.”

#4 “When I see people smashing windows, setting buildings on fire and shooting at police officers, I just remember to remind myself that those are really just peaceful protesters.”

#5 “It is perfectly okay that a former intern for Joe Biden will moderate the next presidential debate.  He has promised that he will be perfectly neutral, and I believe him.”

#6 “Kamala Harris will never become president if Joe Biden wins the election, because Joe Biden is so strong and vigorous that he could easily make it through two terms.”

#7 “The Democrats would never pack the Supreme Court, because Joe Biden and Kamala Harris are way too decent to ever allow that to happen.”

#8 “Once the election is over, the big social media companies will give us our freedom of speech back because that is the right thing to do.”

#9 “It makes perfect sense that the stock market has soared to record highs while the real economy has plunged into a horrifying depression.  This isn’t a bubble, and stock prices will just keep going up indefinitely.”

#10 “It is perfectly okay that 40 percent of U.S. children are being born outside of marriage.  America can certainly prosper without strong marriages and strong families because so many other great civilizations have shown that it can be done.”

#11 “Even though study after study has shown that antibodies fade very rapidly and that any immunity is very short-lived, a vaccine will save us from this pandemic.”

#12 “Once this virus has been eradicated, they won’t make us wear masks anymore, and they certainly wouldn’t try to force people to take vaccines if they don’t want them.”

#13 “Now that everyone has seen how much chaos this pandemic has caused, evil people would never purposely release more deadly viruses because they wouldn’t want to kick us while we are down.”

#14 “There is no need to worry that our relationships with Russia and China have gone down the tubes, because our military is so strong that nobody would ever dare getting into a military conflict with us.”

#15 “Even though the head of the UN World Food Program is warning that there will be famines of ‘biblical proportions’, I am sure that any food shortages are just temporary and everyone in the world will have plenty of food to eat in 2021 and beyond.”

#16 “More than 60 million Americans have filed new claims for unemployment benefits this year, but most of those jobs will quickly come back, and we are on the verge of the greatest era of economic prosperity in U.S. history.”

#17 “The rapid rise in crime rates in cities all over the nation is just temporary.  I am sure that things will go back to normal in 2021.”

#18 “We can ignore the hundreds of earthquakes that are shaking the west coast, because ‘the Big One’ probably won’t happen for thousands of years.”

#19 “The fact that tens of millions of Americans will be mailing in their ballots won’t cause any issues at all.  All of the ballots will be counted quickly, efficiently and accurately, and the American people will remain perfectly calm while we wait for days or even weeks to find out the winner of the presidential election.”

#20 “Even though more than 60 million children have already been aborted, and even though every form of evil that you can possibly imagine is exploding all around us, there will never be any serious consequences for our actions and the greatest days for America are still ahead of us even though we completely refuse to change our ways.”

***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.

15 Signs That America’s Economic Depression Is Accelerating As We Head Toward The Holiday Season

Hardly anyone expected that things would get this bad in 2020.  Once the pandemic hit and states all over the country started instituting lockdowns, economic activity collapsed dramatically.  U.S. GDP was down 31.4 percent during the second quarter of 2020, and that was a drop without parallel in all of U.S. history.  In fact, that decline was more than three times as large as the previous record.  But eventually states started to “reopen” their economies, and U.S. GDP for the third quarter is expected to show a significant rebound when the numbers are finally released.  Of course we still aren’t even close to where we used to be, but at least things weren’t as bad as they were in the second quarter.  But now as the fourth quarter begins, it appears that economic conditions are heading back in the wrong direction again.  The following are 15 signs that America’s economic depression is accelerating as we head toward the holiday season…

#1 All 546 Regal Cinema theaters in the United States are being shut down, and right now there is no timetable for reopening them.

#2 It is being reported that AMC Entertainment (the largest movie theater chain in the U.S.) will “run out of liquidity” in 6 months.

#3 Over the weekend, I was told by someone that works in the industry that he expects most movie theaters in the country to eventually close down permanently because of this pandemic.

#4 The average rent on a one bedroom apartment in San Francisco is 20.3 percent lower than it was one year ago.

#5 During the 3rd quarter, the number of vehicles delivered by General Motors was down about 10 percent from a year ago.

#6 It is being reported that Anheuser-Busch will be laying off 400 employees in Loveland, Denver, Littleton and Colorado Springs.

#7 Allstate has just announced that they will be laying off 3,800 workers.

#8 JCPenney says that it will be cutting approximately 15,000 jobs as we approach the holiday shopping season.

#9 At least one-fourth of the 28,000 layoffs that Disney will be conducting will happen in Florida.

#10 Collectively, American Airlines and United Airlines let 32,000 employees go last week.

#11 On Thursday, we learned that another 787,000 Americans filed new claims for unemployment benefits during the previous week.

#12 Overall, more than 60 million Americans have filed new claims for unemployment benefits so far in 2020.  That number is far higher than anything we have ever seen before in all of U.S. history.

#13 Retail store closings in the United States continue to surge along at a pace that is absolutely unprecedented.

#14 Bankruptcy filings in New York City have risen 40 percent so far in 2020.

#15 This number is hard to believe, but it is being reported that almost 90 percent of New York City bar and restaurant owners couldn’t pay their full rent for the month of August.

None of this was supposed to happen.

By now, we were supposed to be well into a “V-shaped recovery” that would soon have Americans forgetting all about the dark days in the middle of 2020.

But instead, millions upon millions of Americans have lost their jobs and are facing a deeply uncertain future.  One of those Americans is an unemployed cook named Juan Jose Martinez Camacho

Juan Jose Martinez Camacho, 59, has been a cook for 30 years, since he was asked to fill in one day when he was working as a dishwasher in a restaurant.

He has worked as a cook at the Crowne Plaza in Redondo Beach, California, for 22 years. When he was laid off on March 23, he was thinking it would be only two or three months before things got back to normal. But late last month he was notified he had permanently lost the job, which paid $22 an hour. He has been looking for other cooking jobs without any luck.

Can you imagine doing the same thing for 30 years and suddenly being out of a job?

Like most Americans, he assumed that the pandemic would soon pass and he would be going back to his old routine.

But that hasn’t happened, and so he is among the millions of restaurant workers that are not bringing in any income right now.

With so many Americans out of work, food banks around the country have been dealing with a tsunami of demand.  In previous articles, I have written about the absolutely massive lines that we have been seeing in certain portions of the nation.  In some cases, people have started lining up at 2 AM in the morning and the lines have gotten up to 2 miles long.

And every week we see more gigantic lines at food banks all over America.  The following is how one local news source described the massive lines that have been consistently forming in the state of Texas…

Thousands of cars form tightly packed lines across the state every week now to receive food. From Chihuahuan Desert border towns and cities to the staked plains of the panhandle, across the piney wood of deep East Texas, down to the Rio Grande and back cars stack, growing into steel and fiberglass caterpillars, hungry.

These events have distributed tens of millions of pounds of food over the past six months.

If you still have your job and you haven’t been forced to visit a food bank during this crisis, you should be thankful for your blessings.

Just like in the 1930s, we are witnessing colossal lines for food all over the nation, and this is just the beginning.

If you have been waiting for a “recovery”, you can stop waiting, because what we witnessed during the third quarter was about all the “recovery” that we are going to get.

Now we are less than a month away from a presidential election that promises to be incredibly chaotic, and the extremely deep divisions that already exist in our nation are likely to get even worse.  Many believe that this election will produce even more civil unrest, and that will likely depress economic activity even further.

I truly wish that economic conditions would “return to normal” and that all of us could get back to our old patterns.

But there isn’t going to be any “return to normal” any time soon.

Instead, very dark days are ahead, and those very dark days will shake this nation to the core.

***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.  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.

Do NOT follow this link or you will be banned from the site!