Eviction Moratorium Ruled Unconstitutional, Largest Tsunami Of Evictions In U.S. History Incoming…

Ever since last summer, a federal moratorium on evictions has prevented landlords from evicting millions of tenants that are behind on their rent payments.  This moratorium has caused extreme financial distress for many landlords, but it has also kept us from witnessing millions upon millions of Americans being thrown out into the cold streets.  Of course this moratorium on evictions was never actually legal, and it was just a matter of time before it was challenged in front of a federal judge that still had respect for the U.S. Constitution.  On Thursday, a federal judge in the Eastern District of Texas named John Campbell Barker ruled that the federal moratorium is completely unconstitutional

J. Campbell Barker, a Trump-nominated judge in the Eastern District of Texas, issued the 21-page ruling Thursday in response to a lawsuit from a group of landlords and property managers.

“The federal government cannot say that it has ever before invoked its power over interstate commerce to impose a residential eviction moratorium,” Barker wrote, noting that it did not do so during the Spanish Flu pandemic or during the Great Depression. “The federal government has not claimed such a power at any point during our nation’s history until last year.”

But Barker did not issue any sort of an injunction, and so the moratorium is still in effect for the moment.  In his ruling, Barker expressed his belief that the defendants will “respect the declaratory judgment” and will willingly withdraw the moratorium on their own…

The scope of the order is unclear. Barker wrote that given “defendants’ representations to the court, it is ‘anticipated that [defendants] would respect the declaratory judgment.’”

Federal officials could attempt to drag their feet, but the current moratorium is set to expire on March 31st anyway.

So whether it happens immediately or in a few weeks, the federal moratorium on evictions is ending.

Of course some states have their own moratoriums in place, and Barker noted that those are constitutional.  So renters in those states will still have at least some protection moving forward.

But for most of the country, things are about to change in a major way.

According to one recent study, a whopping 10 million U.S. households are currently behind on their rent payments

An analysis released last month by Moody’s Analytics and the Urban Institute said that some 10 million renters are behind on paying rent and risk being evicted. Moreover, the typical delinquent renter is almost four months and $5,600 behind on monthly rent and utility payments as of January, according to the analysis.

“To put that into some perspective, approximately seven million households lost their homes in foreclosure during the five darkest years of the global financial crisis,” the researchers wrote. “Here we have 10 million families facing a similar fate over a matter of months.”

Even if rent moratoriums remain in place in some states for the foreseeable future, we are still going to see millions upon millions of households evicted here in 2021.

It will be the largest tsunami of evictions in U.S. history, and homelessness is going to rise dramatically.

Needless to say, it isn’t going to be a happy time.

Meanwhile, we have already been witnessing a tsunami of bankruptcies.

In fact, the number of Chapter 11 bankruptcy filings in 2020 was “at least 30 percent higher than any of the previous four years”

Bankruptcies filed by entertainment companies in 2020 nearly quadrupled, and filings nearly tripled for oil and gas companies, doubled for computer and software companies and were up 50 percent or more for restaurant owners, real estate companies and retailers, compared with 2019, data from the research firm show. There were 5,236 Chapter 11 filings in 2019, but 6,917 last year, a tally at least 30 percent higher than any of the previous four years.

This isn’t what an “economic recovery” looks like.

Sadly, the truth of the matter is that the U.S. economy is in the process of melting down all around us, and a whole lot more pain is ahead.

Up until just recently, the stock market had been one of the very few bright spots, but now chaos has returned to Wall Street.

On Friday, the Dow was down another 469 points

The Dow Jones Industrial Average swung wildly Friday to close near its session low as Wall Street struggled to shake off fears of rapidly rising rates.

The blue-chip benchmark ended the volatile session 469.64 points, or 1.5%, to 30,932.37 after trading in the green earlier. The S&P 500 fell 0.5% to 3,811.15 as energy and financial stocks pulled back. The Nasdaq Composite ended the day 0.6% higher at 13,192.34 as Big Tech names rebounded after a large sell-off in the previous session amid surging bond yields. Facebook, Microsoft and Amazon each rose more than 1%. The tech-heavy benchmark gyrated in Friday’s session where it jumped 1.9% at its high and fell as much as 0.7%.

As I discussed yesterday, I do not believe that a massive stock market crash is imminent.  But the early warning signs that we are witnessing now should definitely not be ignored.

Many are expecting economic conditions in the U.S. to improve as the COVID pandemic fades, but it is inevitable that many more “trigger events” will hit us in 2021 and beyond.

Considering how vulnerable we are right now, it certainly isn’t going to take much to send us into a death spiral from which we will never recover.

Unfortunately, it is always those at the very bottom of the economic food chain that get hit the hardest when challenging times arrive.

I feel very badly for the landlords that haven’t been able to collect rent for months and months, but I also feel very badly for the millions of Americans that will soon be thrown out into the streets.

The economic pain and suffering that we will soon see will be off the charts, and those that are expecting Joe Biden and his minions to save them will be bitterly, bitterly disappointed.

***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.

Someone Please Tell Powell, Yellen And Biden That We Are Going To Need A Lot More “Weimar Money”…

Volatility has returned to Wall Street, and it appears that our absolutely epic stock market bubble may be in serious trouble.  The S&P 500 closed down for the fifth trading session in a row on Monday, and that represents the longest losing streak that we have seen since last February.  Investors are starting to get quite nervous, because for most of the past year stock prices have gone in just one direction.  Even as the real economy has imploded all around us, there has been tremendous euphoria on Wall Street as stock prices have surged to dizzying heights.  If stock prices were allowed to crash, that would definitely not be good for the national mood at all.

So what is the solution?

This stock market bubble was originally created by unprecedented intervention by the Federal Reserve and by extremely wild borrowing and spending by the U.S. government, and in order to keep the bubble going we are going to need a lot more of the same.

So someone needs to tell Federal Reserve Chair Jerome Powell that it is time to go “full Weimar” so that we can prop up this bubble for as long as humanly possible.

For a while there in 2020, the Fed’s balance sheet was increasing at a nearly vertical pace, but in recent months it has only been going up at an exponential rate

If the Fed wants to keep stock prices at their current levels, Powell and his minions need to fire up the engines again.

Meanwhile, the federal government has work to do as well.  If our politicians in Washington really want stock prices to remain ridiculously high, they need to send more checks to the American people as soon as possible.

The effects of the last round of checks is already starting to wear off, and retail investors need more “stimulus money” to fritter away in their Robinhood accounts.

The good news for Wall Street is that Treasury Secretary Janet Yellen has reiterated her call for a large stimulus package, and Joe Biden has said that he is ready to sign one into law.

Of course at this point poor old Joe signs anything that his handlers put on his desk.

We haven’t added another trillion dollars to the national debt in a few months, and investors are quite eager to see our grand total cross the 28 trillion dollar mark.  Most of them believe that more stimulus money will mean higher stock prices, but more stimulus money will also cause our money supply to grow even larger.

Since the start of the pandemic, M1 has been growing at a rate that would put the Weimar Republic to shame…

When I look at that chart, I feel like I am going to throw up.

But the only way to “save Wall Street” is to throw more giant mountains of money on to the fire.  If we don’t go “full Weimar”, stock prices might crash to reasonable levels, and investors would be absolutely horrified.

And we are already starting to see warning signs.  Just look at what happened to Tesla on Monday

Shares of Tesla closed down 8.55% on Monday, as investors betting on a pandemic comeback rotated out of Big Tech and piled into cyclical stocks.

It’s Tesla’s biggest drop since Sept. 23, 2020, when it closed down 10.34%.

Do you want to be responsible for Tesla investors losing hundreds of billions of dollars in paper profits?

If not, then you need to support more printing, more borrowing and more spending.

Of course I am being facetious in this article.

By going down the road of hyperinflation, we are systematically destroying the value of the reserve currency of the world, we are piling up trillions of dollars of debt that future generations would never possibly be able to repay, and we are setting the stage for the inevitable meltdown of our current financial system.

In other words, we are literally committing national suicide.

Following World War I, they did the exact same thing in Germany.

The Weimar Republic created money like there was no tomorrow, and at first it fueled a tremendous speculative boom.  Just a couple days ago, Michael Burry posted about this on his Twitter account

“Speculation alone, while adding nothing to Germany’s wealth, became one of its largest activities. The fever to join in turning a quick mark infected nearly all classes..Everyone from the elevator operator up was playing the market.”

But that bubble didn’t last, did it?

Germany plunged into a horrific economic depression that shocked the entire world.  Eventually, people were running around with wheelbarrows full of cash to pay for things, but nobody wanted the money because it was so worthless.

And of course the collapse of the Weimar Republic set the stage for World War II.

So why do we refuse to learn from history?

Sadly, it isn’t just the U.S. that is going down a hyperinflationary path.  Governments all over the globe have been printing, borrowing and spending money at unprecedented levels, and now the ratio of the world’s debt to GDP has reached a staggering 356 percent

The world’s debt-to-GDP ratio rose to 356% in 2020, a new report from the Institute of International Finance finds, up 35 percentage points from where it stood in 2019, as countries saw their economies shrink and issued an ocean of debt to stay afloat.

We all know how this story ends.

It ends with an absolutely nightmarish global economic collapse.

I have been sounding the alarm for years, and many others have as well.

Unfortunately, those warnings have gone unheeded.

Even though our forefathers handed us the keys to the greatest economic machine the world had ever seen, in our insatiable greed we always had to have more.

We just kept borrowing and spending, and many of us assumed that our self-destructive behavior would never actually catch up with us.

Disaster didn’t strike when our national debt hit 10 trillion dollars, and it didn’t strike when it hit 20 trillion dollars either.

To a lot of Americans, it seemed like we could keep this charade going indefinitely.

But now we are facing a day of reckoning, and the price for going “full Weimar” is going to be very bitter indeed.

***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.

8 Million More Living In Poverty, 9 Million Small Businesses In Danger Of Closing, 10 Million Behind On Rent…

The economic downturn that we are currently experiencing is making the last recession look like a Sunday picnic.  Yes, 2008 and 2009 were bad, but they weren’t anything like this.  Unprecedented intervention by the Federal Reserve has allowed the rich to get even richer during this crisis, but meanwhile millions upon millions of ordinary Americans are deeply suffering.  Unfortunately, what we have gone through so far is just the beginning.

As a child, I was a big fan of Sesame Street, and one of the characters that really stood out to me was Count von Count.  I loved the fact that he was always counting things, and that is what I am going to do in this article in order to illustrate how bad economic conditions have now become.

Let’s start with the number 7.  According to the Congressional Budget Office, approximately 7 million more Americans would have jobs right now if the COVID pandemic had never happened

But in fact, what the CBO is projecting is dire: around 7 million people out of work in 2021 whom CBO thought before the pandemic would be working. That’s dire – and a call to immediate action, not calm, not wait-and-see.

Personally, I think that estimate is way too low.

In fact, the Federal Reserve says that 152 million Americans were working before the pandemic started, and only 142 million Americans are working now.

So the CBO estimate appears to be off by about 3 million.

Count von Count would not be happy.

Let’s try another number.  According to Bloomberg, the number of Americans living in poverty has risen by 8 million during this crisis…

Support is rising among policy makers to address America’s child-poverty crisis, which is getting worse as the pandemic drags on.

More than 8 million Americans — including many children — fell into poverty during the second half of last year, exacerbating the racial and income inequalities that are holding back the U.S. economy.

In this case, I think that this is a reasonable estimate, but that number will inevitably keep growing in the months ahead.

One of the big reasons why it will continue to rise is because hordes of small businesses will be collapsing, and that brings us to our next number.

According to a study that was recently released by the Fed, 9 million small businesses in the U.S. say that they “won’t survive” in 2021 without more government assistance

Three in ten small businesses — or 9 million out of the estimated 30 million in the United States — fear they won’t survive in the coming year without additional government assistance, according to a survey recently published by the Federal Reserve.

The Small Business Credit Survey, which was conducted last September and October and released last week, showcased the incredible burden the coronavirus pandemic has placed on America’s small businesses, as 88% of the businesses surveyed reported that sales had not yet returned to pre-pandemic levels.

Can you imagine what our country would look like if almost a third of all small businesses permanently disappeared?

If you watched the Super Bowl, you were bombarded with messaging about the plight of our small businesses.  We have never seen anything like this before, and that is because our small businesses have never had to face a crisis of this magnitude.

With each passing day, more small businesses are folding, and nothing that the federal government is going to do will completely stop this trend.

Our next number is 10.  According to the U.S. Census Bureau, 10 million renters were behind on their rent payments in January, and many more people anticipated not paying rent in February…

An estimated 10 million renters were behind on their rent and at risk of eviction in the middle of January, according to a Census Bureau survey. And an estimated 16 million renters had little to no confidence they could pay rent in February.

Overall, U.S. renters now owe at least 30 billion dollars in back rent.

This has created extreme financial pain for America’s landlords, and when the rent moratoriums are finally lifted we are going to see the largest tsunami of evictions in all of U.S. history by a very wide margin.

Before I wrap up this article, let me leave you with just one more number.  So far in 2021, the number of passengers at U.S. airports is down by more than 60 percent compared to 2019…

Over the past seven days, not quite 707,000 passengers per day on average passed TSA checkpoints at US airports, a measure of how many passengers in the US are flying somewhere. This was down by 61.6% from the same period in 2019, the last full year of the Good Times. At the end of January, the drop from 2019 was over 65%.

I honestly do not know how the airline industry is going to survive this without government help.

Speaking of not surviving, Democrats have introduced a bill in Congress that would essentially deal a death blow to the gig economy

The legislation at the core of their agenda is the PRO Act, which Democrats just re-introduced with sponsors including Speaker of the House Nancy Pelosi and Senate Majority leader Chuck Schumer. Among many other things, the bill would severely restrict the legal definition of independent contractors in a way that would largely end the gig economy as we know it.

The legislators’ stated intention is to protect workers and bolster their rights under law. Through the reclassification of independent contractors, Democrats hope to force gig economy companies to hire workers as full employees and thus provide them the accompanying salaries and benefits.

If this bill passes, it would absolutely devastate Uber, Lyft and countless other companies that rely on gig workers.

Basically, millions of jobs would go “poof” with one stroke of Joe Biden’s pen.

According to the Bureau of Labor Statistics, more than 50 million Americans are currently employed by the gig economy.  It is great to want those workers to have higher pay and more benefits, but if those companies go out of existence there won’t be any jobs at all.

These are very dark times for the U.S. economy, and the outlook for the future is exceedingly bleak.

However, in the short-term economic conditions should stabilize somewhat thanks to the huge stimulus payments that the government will be sending out.

But that bubble of hope will be very brief, and everyone should be able to see that much more pain is on the horizon.

***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.

We Must Have MOAR: Almost Everyone In Washington Seems To Agree That More Free Money Will Fix The Economy

There seems to be a growing consensus in Washington that the only way to fix the worst economic downturn in more than 70 years is by giving out much more free money.  Joe Biden wants more “stimulus”, Treasury Secretary Janet Yellen wants more “stimulus”, and most members of Congress from both parties want more “stimulus”.  Of course none of the previous “stimulus packages” that we spent trillions of dollars on fixed the economy, but they insist that this latest one will finally do the job.  In addition to the 1.9 trillion dollar package that Biden has already proposed, Democrats in Congress are now pushing monthly direct payments to parents that have children under the age of 18.  Needless to say, that proposal has overwhelming support among the American people, because direct socialist payments have become wildly popular since they were first introduced last year.  But by borrowing and spending so much money, we are literally committing national suicide, but very few people are concerned about that at this point.

Even though the previous round of “stimulus payments” is still being sent out, Biden and his minions can’t wait to start sending out another round.

In fact, Biden insists that we literally “don’t have a second to waste”

“We don’t have a second to waste when it comes to delivering the American people the relief they desperately need. I’m calling on Congress to act quickly and pass the American Rescue Plan.”

Quite a few independent economists are alarmed by the inflation that previous “stimulus payments” have created, but Treasury Secretary Janet Yellen is dismissing those fears.

Instead of focusing on inflation, she says that not sending out more free money would be an even greater risk

“As treasury secretary, I have to worry about all of the risks to the economy, and the most important risk is that we leave workers and communities scarred by the pandemic and the economic toll that it’s taken, that we don’t do enough to address the pandemic,” Yellen told CNN’s “State of the Union” on Sunday.

“I’ve spent many years studying inflation and worrying about inflation, and I can tell you, we have the tools to deal with that risk if it materializes,” she continued. “But we face a huge economic challenge here and tremendous suffering in the country. We’ve got to address that. That’s the biggest risk.”

She is assuring us that inflation is not an imminent threat, and perhaps we should believe her.

After all, if we can just completely ignore the hard numbers and the extremely shocking charts the Federal Reserve keeps putting out, what she is saying sounds pretty good.

I know that it is not “normal” for M1 to nearly double over the course of 12 months, but this is the “new normal” where the laws of economics are suspended and we can do whatever we want.

So let’s borrow and spend trillions more, because this party is just getting started.

A while back, “Republican” Senator Mitt Romney proposed thousands of dollars in direct payments to parents with children, and Democrats liked that idea so much that they plagiarized it

Under the proposal, the Internal Revenue Service would provide $3,600 over the course of the year per child under the age of 6, as well as $3,000 per child of ages 6 to 17. The size of the benefit would diminish for Americans earning more than $75,000 per year, as well as for couples jointly earning more than $150,000 per year. The payments would be sent monthly beginning in July.

The benefits would not be deducted off taxpayers’ existing tax liability, meaning American parents would still receive $250 per month per child — or $300 per month per young children — even if they have an existing tax obligation with the IRS.

I think that this proposal will have a 90 percent approval rating with U.S. parents.

Of course a minority will strongly object.  They will insist that these are “socialist welfare payments” and that the federal government should not be doing this.

If you are one of those objectors, you are 100 percent correct.

But take the money anyway.

Let me be 100 percent serious for a moment.  Since the entire ship is going down anyway, take anything that they send to you and use it for yourself and your family.  At this point, survival is the priority.

There is no going back to the way that things once were.  We are literally committing national financial suicide, and at this point even most Republicans in Washington have completely discarded any pretense of fiscal responsibility.

In the old days, Republicans in Congress at least made minimal attempts to slow down the wild spending that the Obama administration was pushing.  But now almost all resistance is gone, and the left is greatly rejoicing that “the path to a fast recovery and an era of prosperity is now open for Biden”…

The left has stewed for a dozen years over Obama’s inability to secure more fiscal stimulus. And while he might perhaps have gotten a bit more out of Congress with more clever design, ultimately the most important constraints came from outside 1600 Pennsylvania Avenue. Obama’s economic-recovery push came in an atmosphere of pure hysteria, in which media and business elites joined by many members of his own party believed the United States stood on the precipice of hyperinflation and a public-debt crisis, the resolution of which had willing partners across the aisle. All those myths now lay in tatters. After hard experience, the path to a fast recovery and an era of prosperity is now open for Biden.

Yeah, we’ll see about that.

But what we do know is that all of the insane borrowing and spending that has been going on is already causing inflation to show up in countless ways.

In 2020, silver performed even better than the stock market did, and it continues to climb higher.

Gold has been surging too, and the outlook for precious metals is going to continue to be bright as long as our leaders continue to flood the system with more money.

Meanwhile, the real economy continues to steadily deteriorate

Without a fresh round of COVID-19 aid from the federal government, about a third of the nation’s pandemic-stricken small businesses are warning they won’t be able to survive.

That’s according to a new report published by the Federal Reserve, which found that sales for 88% of small businesses have not yet returned to pre-crisis levels. About one in three — roughly 30% — of businesses said they expected they could not stay afloat without further assistance from the government, according to the report from the U.S. central bank’s 12 regional offices.

No amount of complaining from the rest of us will prevent a new round of stimulus payments from going out.

The good news is that all of this new money is likely to improve short-term economic conditions for a very brief period of time.

But the bad news is that our long-term problems continue to get much, much worse.

We are literally in the process of completely destroying our money, and since the U.S. dollar is the de facto reserve currency of the whole world, the economic fate of the entire globe is in our hands.

***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.

We Are Suffering Through The Most Painful Economic Crisis Since The Great Depression Of The 1930s

I warned that an economic collapse was coming, and an economic collapse is exactly what we got.  2020 was a “personal financial disaster” for 55 percent of all Americans, approximately 12 million U.S. renters are “at least $5,850 behind in rent and utilities payments”, the Aspen Institute is projecting that up to 40 million people could be facing eviction when the rent and mortgage moratoriums finally end, and more than 70 million new claims for unemployment benefits have been filed since the COVID pandemic began.

Nobody can point to a time since the Great Depression of the 1930s when the U.S. economy was in worse shape than it is right now.

Unfortunately, there are no indications that this nightmare is going to end.  Last week, another 900,000 Americans filed new claims for unemployment benefits

Another 900,000 people filed new unemployment claims last week, President Donald Trump’s last in office, a snapshot of the significant labor market challenges facing President Joe Biden.

An additional 423,000 people in 47 states filed new claims for Pandemic Unemployment Assistance, the program created to help gig and self-employed workers.

Prior to 2020, the all-time record for new unemployment claims in a single week was just 695,000, and that old record was set all the way back in 1982.

We shattered that old record early in 2020, but the bigger story is what has happened since we broke it.

At this point, the number of new claims for unemployment benefits has been above 695,000 for 44 weeks in a row.

That is starting to come close to a full year.

If that does not qualify as a “collapse”, then you are probably using a completely different definition of the word than I am using.

This unemployment crisis has hit low wage workers particularly hard.  At this point, even Fed officials are being forced to admit that the unemployment rate for low wage workers “is above 20%”.

Many of those low wage workers used to be employed in the restaurant industry, but the restaurant industry continues to be mired in the worst stretch that it has ever encountered

The number of “seated diners,” a daily measure with which OpenTable tracks walk-ins and diners with reservations, in the week through January 20 in the US was down on average by 57% from the same period last year.

The hospitality industry also typically employs large numbers of low wage workers, and we are being told that last year was the “worst year on record” for that industry…

According to STR, Inc, a hotel industry market data firm, 2020 was absolutely the worst year on record for hotels as industrywide profits fell to zero, as the virus pandemic and resulting government-enforced social distancing measures kept travelers at home.

STR’s latest report said the US hotel occupancy rate was 44% for the year, down from 66% in 2019. This was the lowest occupancy rate on record. In an earlier STR report, we noted weeks ago that the industry had one billion unsold room nights for the first time, surpassing the record of 786 million in 2009.

Countless numbers of small business owners have also been absolutely devastated by this economic downturn.

Each month, thousands of small businesses die a permanent death, and the outlook for the months ahead is not good at all.

The Epoch Times recently interviewed one small business owner in Minnesota who admitted that “the fallout by this time next year will be shocking”…

The ramifications of the forced shutdowns on thousands of small businesses in Minnesota is going to be huge, says Julie Schroeder, who owns two craft stores in the Minneapolis metro area.

“The fallout by this time next year will be shocking,” she told The Epoch Times on Dec. 30, 2020.

Meanwhile, north of the border small businesses are being destroyed at a staggering rate as well

The Canadian Federation of Independent Business is warning that more than 220,000 businesses across the country are at risk of permanently closing due to the COVID-19 pandemic.

The CFIB, a lobby group that represents small and medium-sized businesses (SMBs) in Canada, released a new report on Thursday that surveyed 4,129 members about business prospects through the pandemic. The survey found that 181,000 businesses – or one in six – are seriously contemplating permanently closing. That’s up from a similar survey conducted in July, which found that 158,000 businesses were at risk of closing.

In the end, if we can keep the amount of small businesses in the U.S. and Canada that go under to less than 20 percent that should be considered a major victory.

Because I have a feeling that the final number is going to be well above that threshold.

And the Biden administration does not seem too sympathetic to the needs of small businesses at this point.  For example, one new law that Biden is likely to sign would absolutely cripple small truckers

Trucking industry experts expect Joe Biden’s presidency to seriously jeopardize many small American trucking companies, and the prospects of truck drivers who work as independent contractors.

Biden is poised to sign a transportation law passed in the Democratic House and stalled in the then-Republican Senate in 2019. The Moving Forward Act had required commercial motor vehicles to maintain more than $2 million in insurance liability, more than doubling the existing $750,000.

Wouldn’t it be nice if our representatives in Washington were forced to take a basic course in economics before they were allowed to serve?

The blind are leading the blind, and the economic nightmare that we are currently experiencing is eventually going to get a whole lot worse.

But hopefully we can at least have a short period of time where things will plateau a bit before the next major trigger event happens.

So many people out there are really hurting right now, and it is not just financial pain that they are dealing with.

The past several months have been excruciatingly painful for tens of millions of Americans, and the truth is that there are countless people out there that are emotionally shattered at this moment.

If you are one of those people, just keep hanging in there.

It will take some time, but you will get through this and you will recover.

And I will continue to be here pumping out articles as I do my very best to try to help everyone make sense of a world that is going completely mad.

***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.

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.

The U.S. Has Lost More Than 110,000 Restaurants, Setting The Stage For A Commercial Real Estate Collapse Of Epic Proportions

The restaurant industry is in the midst of a complete and total meltdown that is unlike anything that we have ever seen before.  If you ask Google how many restaurants there are in the United States, it will tell you that there are 660,755, although that number is a few years old.  But for the purposes of this article, that is a good enough estimate.  Americans love to eat out, and restaurant workers are some of the hardest working people in the entire country.  So it is incredibly sad to see more restaurants constantly going under.  In some cases, restaurants that have served their communities for decades are deciding to permanently close their doors.  For example, over the weekend Sammy’s Roumanian Steakhouse in New York City announced that it had finally reached the end of the road

Landmark New York City restaurant Sammy’s Roumanian Steakhouse has closed its iconic basement-level doors as the coronavirus pandemic continues to cripple the restaurant industry.

The Lower East Side fixture was famous for its latkes spreads, chopped liver, and vodka bottles frozen in blocks of ice and was known as a boisterous party spot frequented by celebrities.

Unfortunately, Sammy’s is far from alone.

In fact, in a recent article that he penned for Fox Business, Adam Piper lamented the fact that more than 100,000 U.S. restaurants have gone out of business during this pandemic…

State and local governments have wielded the coronavirus pandemic as license to steal freedom and opportunity in pursuit of unprecedented omnipotence. Unreasonable, unnecessary and hypocritical actions have forced over 100,000 restaurants to close and endanger countless others.

And according to Bloomberg, the true number of dead restaurants is now over 110,000…

More than 110,000 restaurants have closed permanently or long-term across the country as the industry grapples with the devastating impact of the Covid-19 pandemic.

Just think about that.

More than one out of every six restaurants in the U.S. is already gone, and the National Restaurant Association is warning that there will be more carnage in the months ahead because the industry is in “an economic free fall”

“The restaurant industry simply cannot wait for relief any longer,” Sean Kennedy, executive vice president of public affairs at the association, said in a letter to Congress. “What these findings make clear is that more than 500,000 restaurants of every business type — franchise, chain and independent — are in an economic free fall.”

This is what an economic depression looks like.

With tens of thousands of restaurants sitting empty, and with tens of thousands of others not paying rent, the stage has been set for a commercial real estate disaster of unprecedented scope and size.

Of course there are millions of square feet of office space and retail space that are not being productive right now as well.  In a recent article, Lee Adler referred to this looming commercial real estate nightmare as “a monster in the room”…

I think that if there’s anything that illustrates the head in the sand problem of the banks, it’s this. Commercial real estate (CRE) finance. There’s a monster in the room. All that empty space. No longer income producing.

For now, big financial institutions are doing their best to hide their coming losses, but according to Adler for certain sectors the losses will simply be unavoidable

Multifamily will take a haircut but will survive. My guess is that industrial, while overpriced and overvalued, will produce enough income to get by. Office and retail? Kiss it goodbye. It’s done. Over. Kaput.

Sadly, he is right on target.

The coming commercial real estate crisis is going to make the subprime mortgage meltdown of 2008 and 2009 look like a Sunday picnic.

And the longer this pandemic stretches on, the larger the losses will ultimately become.

For residential real estate, the big story is that hordes of Americans are fleeing both coasts and are moving to smaller communities in the middle of the country.

So even as housing prices drop substantially in major cities on the east coast and the west coast, they are rising rapidly in cities such as Pittsburgh, Boise and Austin

Smaller metropolitan markets like Pittsburgh, Cleveland, Cincinnati, Indianapolis, Kansas City, Boise, Idaho, Austin, Texas, and Memphis, Tennessee are seeing some of the strongest price gains in the nation now, according to the Federal Housing Finance Agency. Prices in those cities are now at least 10% higher than with a year earlier.

And as I discussed yesterday, we are actually starting to see hyperinflation for high end properties in desirable rural and suburban areas of the country.

Just recently, a friend sold a home that is located not too far from us for a price that almost made my eyes bug out of my head.  I literally had a difficult time believing the insanely high price that they were able to get, but this is what happens in a hyperinflationary environment.

2020 may have been a “personal financial disaster” for 55 percent of all Americans, but thanks to the hyperinflation in the stock market the wealthy have more money to throw at high end real estate than ever before.

Unfortunately, all of this wild money printing is not going to be able to prevent the coming crash in commercial real estate.

No matter how much money they have, many Americans are simply too afraid of COVID to eat out right now, and that will remain the case for the foreseeable future.

And we are going to continue to see more Americans migrate away from the large cities on both coasts, and more businesses in those core urban areas will continue to fail.

As the commercial real estate crash unfolds, a lot of financial institutions simply won’t be able to make it without government help.

So will the federal government bail them out?

You never know, but every dollar the federal government borrows and spends just makes our long-term problems even worse.

All of the dominoes are starting to fall, and we are still in the very early chapters of this horrifying economic collapse.

Unfortunately, most Americans still don’t understand what is happening, and most of them have no idea that economic conditions will soon get even worse.

***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.