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.

Americans Have Never Been More Dissatisfied With How The Country Is Functioning Than They Are Right Now

Are you satisfied with life in America right now?  Before you answer that question, consider more than just politics.  Taking an overall view that encompasses every aspect of our society, are you generally satisfied with how our society is functioning at this moment or not?  Needless to say, we are coming off a very tough year, and 2021 has not started smoothly either.  The COVID pandemic continues to drag on, we are mired in the worst economic downturn in more than 70 years, and there is civil unrest in our streets on an almost nightly basis.  All of these trials and tribulations have taken a great toll on us emotionally, and so perhaps it shouldn’t be a surprise that a new Gallup survey has found that the American people are less satisfied with how our nation is functioning than they ever have been before…

Americans’ satisfaction with seven broad aspects of the way the country functions is collectively at its lowest in two decades of Gallup measurement. This includes satisfaction with the overall quality of life in the U.S., assessments of government, corporate and religious influence, and perceptions of the economic and moral climates.

The average percentage satisfied with these seven dimensions has plunged to 39% at the start of 2021. That compares with 53% a year ago, the highest average in more than a decade amid strong economic confidence and before the coronavirus pandemic took hold in the U.S.

For the survey, Gallup specifically asked Americans about the following seven areas…

-The overall quality of life
-The opportunity for a person in this nation to get ahead by working hard
-The influence of organized religion
-The size and power of the federal government
-Our system of government and how well it works
-The size and influence of major corporations
-The moral and ethical climate

Satisfaction for every one of those areas was way down.

In fact, for six of those categories the decline from last year was in double digits.  Shockingly, the only category that declined by just single digits was “the size and power of the federal government”.

Of course whenever economic conditions are harsh, the overall population is not going to be happy, and we have been through a really tough stretch economically.

According to Gary Halbert of Halbert Wealth Management, last year was the worst year for the U.S. economy in 74 years

Last Thursday the Commerce Department released its first estimate of 4Q Gross Domestic Product showing the economy grew at an annual rate of 4.0% in the final three months of last year. That followed the 3Q record expansion of 33.4% (annual rate) as the economy rebounded strongly following the COVID-19 lockdowns.

2Q GDP plunged by a record-shattering 33.4% (annual rate) following the 1Q slide of 5% in the first three months of the year. For all of 2020 the economy shrank by 3.5%, the worst annual decline in 74 years (WWII).

Sadly, this year has not started very well either.  The number of Americans filing new claims for unemployment benefits each week continues to be at nearly four times the pre-pandemic level

The number of Americans filing for first-time unemployment benefits last week edged down but remained elevated as the coronavirus pandemic continues to trigger a high number of layoffs.

Figures released Thursday by the Labor Department show that 779,000 Americans filed first-time jobless claims in the week ended Jan. 30, lower than the 830,000 forecast by Refinitiv economists.

And the percentage of those without jobs that are considered to be “long-term unemployed” is approaching a record high

Almost 40% of jobless workers in January were long-term unemployed, the Bureau of Labor Statistics reported Friday.

The share has grown steadily since the spring and is approaching the record set in April 2010, in the aftermath of the Great Recession. At that time, nearly 46% of the unemployed were out of work at least six months.

Our system is supposed to provide a helping hand to those that are out of work, but the help doesn’t always get to those that need it.

Even though I write about our economic problems on a regular basis, even I was shocked by a brand new survey that discovered that “just 30% of unemployed individuals are being reached by the unemployment system”…

Congressional Democrats are trying to fast-track a nearly $2 trillion coronavirus relief proposal that would extend the existing supplemental unemployment benefits, but new research suggests that the jobless aid is not reaching millions of out-of-work Americans.

At most, just 30% of unemployed individuals are being reached by the unemployment system, according to a report published this week by Eliza Forsythe, a labor economist at the University of Illinois. That means roughly three out of every four jobless workers aren’t receiving aid — or about 8 million of the 11 million people counted as unemployed in December.

But for millions of deeply hurting Americans, there is good news in the short-term.  Congress is about to pass another COVID relief bill, and soon more stimulus payments will be going out to the American people.

Of course borrowing and spending another 1.9 trillion dollars that we do not have will make our long-term debt problems even worse and will push us even farther down a highway to hyperinflation.

In the end, most Americans don’t really care that we are literally committing national suicide.  They just know that they are in pain and they want some help as soon as possible.

If economic conditions begin to significantly improve in the weeks ahead, the American people will start to feel better about how the country is doing.

But even if there is some sort of a short-term boost, the long-term outlook is bleaker than ever, and the American people are not going to be able to handle the long-term pain that is coming very well at all.

***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.

Waiting For The Other Shoe To Drop…

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

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

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

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

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

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

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

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

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

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

Just think about that.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Just one cart!

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

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

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

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

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on FacebookTwitter and Parler, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

48% Of U.S. Small Businesses Fear That They May Be Forced To “Shut Down Permanently” Soon

What would the United States look like if we lost half of our small businesses?  The reason I ask that question is because approximately half of all small business owners in the entire country believe that they may soon be forced to close down for good.  Not even during the Great Depression of the 1930s did we see anything like this.  The big corporate giants with extremely deep pockets will be able to easily weather another round of lockdowns, but for countless small businesses this is literally a matter of life and death.  Every day we are seeing new restrictions being implemented somewhere in the nation, and the politicians that are doing this are killing the hopes and dreams of countless small business owners.  According to a recent Alignable survey, 48 percent of U.S. small business owners fear that they could be forced to “shut down permanently” in the very near future…

Based on this week’s Alignable Q4 Revenue Poll of 9,201 small business owners, 48% could shut down permanently before year’s end.

In fact, this number jumped from 42% just two months ago, demonstrating how several factors have converged to devastate small businesses: COVID resurgences, forced government reclosures, elevated customer fears, and a surge in online shopping at Amazon and other national ecommerce giants.

When a small business with only a few employees closes down forever, it never makes any national headlines.

But the truth is that small businesses are the heart and soul of our economy, and we are losing more of them with each passing day.

Here are some quotes from actual small business owners that took part in the Alignable survey…

  • COVID has raised its ugly head again. I’m a caterer and I’ve had no work in November and my clients are cancelling for Dec. This is so sad. I have worked so hard to build my business the last 14 years. My business has gone from half a million to not even 200,000. This is devastating for any business.”
  • “COVID closings are killing this country! My business is on hold — no art walks or gallery openings, and I can’t even open my studio. Everything’s online.”
  • “Because therapeutic massage is so ‘up close and personal,’ I have only come back to about 40% of my previous clientele. I am afraid that the governor will shut us down again, which will be the end of my business. I also believe the ‘ruling elite’ does not care about small businesses.”

How would you feel if you spent years putting everything you had into a small business in order to make it successful, only to have the politicians come along and completely destroy it?

And every time a small business has to let workers go, it just makes the unemployment crisis in this country even worse.

On Thursday, we learned that another 853,000 Americans filed new claims for unemployment benefits last week

First-time claims for unemployment insurance totaled 853,000, an increase from the upwardly revised 716,000 total a week before, the Labor Department reported Thursday. Economists surveyed by Dow Jones had been expecting 730,000.

I have been warning that the new lockdowns would make the numbers worse, and that is precisely what is happening.

And one expert that was interviewed by CNBC says that this is just the beginning…

“It looks like the unemployment losses are starting to stack up for the economy. It’s not going to be a good month,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “You’re starting the first week of the month on a bad note, and it’s probably going to be all downhill from here. It feels like the lockdowns are intensifying. It’s closer to reality for those forecasts that look for the economy to go negative in the first quarter.”

It is also important to remember that there are many Americans that have been unemployed for so long that they are no longer eligible to receive benefits.

One of those long-term unemployed workers is 35-year-old Sarah Groome

For six months, she received unemployment benefits from the government – but those payments shrank as the programmes wound down this summer. Since October, she’s received nothing.

“I don’t know what I’m going to do financially,” she says. “I’m applying to jobs and I’ve probably applied to over 100 at this point and I’ve had one interview.”

“It’s scary,” she says. “I don’t know what’s going to happen.”

What do you say to someone in her position?

It’s heartbreaking to hear stories like that, and more people are being laid off with each passing day.

And as our new economic depression gets progressively deeper, an increasing number of Americans are becoming very desperate.

In fact, many have already become so desperate that they are turning to shoplifting

Shoplifting is up markedly since the pandemic began in the spring and at higher levels than in past economic downturns, according to interviews with more than a dozen retailers, security experts and police departments across the country. But what’s distinctive about this trend, experts say, is what’s being taken – more staples like bread, pasta and baby formula.

“We’re seeing an increase in low-impact crimes,” said Jeff Zisner, chief executive of workplace security firm Aegis. “It’s not a whole lot of people going in, grabbing TVs and running out the front door. It’s a very different kind of crime – it’s people stealing consumables and items associated with children and babies.”

Everywhere we look, our society is starting to break down all around us.  Americans have filed new claims for unemployment benefits more than 70 million times this year, the number of homeless in New York City has reached an all-time record high, and civil unrest continues to erupt all over America.

No matter what happens politically, conditions are going to continue to deteriorate as we head into 2021.

Of course the mainstream media is boldly proclaiming that the new vaccines will pull us out of this tailspin and that life in America will soon return to normal.

You can believe the mainstream media if you want, but in the end the “hope” that they are promising will turn out to be a complete mirage.

***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.

This Is Going To Be The Worst Winter For The U.S. Economy In Modern Times

We already knew that this was going to be the worst winter for the U.S. economy since the Great Depression of the 1930s, but now a new round of lockdowns threatens to rip the guts out of hundreds of thousands of small businesses all around the country.  As I write this article, 33 million people are under “stay-at-home orders” in California alone.  With each passing day, state governments are implementing even more new restrictions, and those new restrictions are going to increasingly choke the life out of economic activity in this nation.

The good news is that most of the corporate giants have enough resources to weather another round of lockdowns, but countless small businesses do not.

In San Francisco, some small businesses that have served the city for generations now find themselves on the edge of extinction

“I’ve been walking around the city nonstop talking to small businesses owners and every story is sadder than the next,” said Rory Cox, the founder of the newly-formed San Francisco Small Business Alliance. “Everyone is like, ‘I wake up every day and I don’t know how much longer I can do this. I had 60 employees but now all I have is six, or now it’s only me.’ These are family businesses, these are moms and dads, brothers and sisters. I feel firmly we’re the backbone of the city. And they’re destroying us, they’re ripping us apart, they’re tearing out the heart and soul of the city.”

Traditionally, small businesses have been the primary engine of job growth in the United States, but now they are laying off workers in droves once again.

So far this year, more than 70 million Americans have filed new claims for unemployment benefits, and this unprecedented tsunami of job losses was caused by the original round of lockdowns.

Now a new wave of lockdowns is upon us, and there is going to be extreme economic pain all over America.

Sometimes it can be mind numbing to talk about the millions upon millions of Americans that are now in horrifying financial distress, but each one of those individuals has a name

Tina Morton recently faced a choice: Pay bills — or buy a birthday gift for a child? Derrisa Green is falling further behind on rent. Sylvia Soliz has had her electricity cut off.

Unemployment has forced aching decisions on millions of Americans and their families in the face of a rampaging viral pandemic that has closed shops and restaurants, paralyzed travel and left millions jobless for months.

As I discussed the other day, the Aspen Institute is estimating that up to 40 million Americans could be facing eviction in 2021 because they have gotten behind on rent or mortgage payments.

We have never seen anything like this before in all of American history.  We are literally murdering the economy, and most of the politicians that are doing this don’t seem to care.  Perhaps their jobs are secure, but there are millions of others that haven’t been able to find a new job after being laid off months ago.  In fact, the percentage of “long-term unemployed workers” as a share of all those that are unemployed is now the highest it has been during this entire pandemic

In November, the number of workers jobless for at least 27 weeks — economists’ barometer for “long-term” unemployment — grew by 385,000 to 3.9 million.

That accounts for 37% of all unemployed workers — up from a third in October and 19% in September.

And of course most of those that are still working are just barely scraping by from month to month.

According to a survey that was just released, nearly tw0-thirds of Americans say that they are living paycheck to paycheck at this point…

In a year still ravaged by the coronavirus pandemic and its economic fallout however, it appears many will be struggling through the most festive part of 2020. A survey finds over 60 percent of Americans say they’re now living paycheck-to-paycheck as the year draws to a close.

The poll of over 2,000 Americans, commissioned by Highland Solutions, wanted to see how spending habits and personal finances in the U.S. are holding up during the pandemic. Their results find 63 percent of respondents have cut back on their spending due to COVID. Six in 10 say they’re doing it to be more cautious, but 49 percent add it’s because of losing income at work.

Now this new wave of lockdowns is going to push millions more struggling Americans into poverty once they lose their jobs.

I feel especially bad for those that have pouring blood, sweat and tears into their small businesses for years only to have them utterly destroyed by politicians like California Governor Gavin Newsom.  What one small business owner named Robert Carroll had to say about the new lockdowns in California will stay with me for a very long time

“We have basically been left with no options and essentially no hope for the future,” wrote Robert Carroll, the owner of the bar Sodini’s in Redwood City. “We understand COVID-19 is serious, and dangerous, however in this scenario it’s not only dangerous to our health, but our financial and mental wellbeing as well. People need to decide for themselves what risks to take, we don’t take risks at Sodini’s, we insist on masks and distancing, all we want is a CHANCE to maintain our business. If you’ve never had a dream taken away and there’s nothing you can do about it, it’s the worst feeling in the world.”

Even in the most wildly optimistic scenario imaginable, it is hard to imagine how we could possibly avoid the most painful winter for the U.S. economy since the Great Depression of the 1930s.

Perhaps that is why corporate insiders are now selling stocks at the fastest pace that we have seen in almost four years.

Corporate insiders absolutely nailed the two short-term peaks in the market that we witnessed earlier this year, and now they seem to think that an even larger move down is coming.

But ultimately what we are heading into is not just another temporary economic setback.  Sadly, the truth is that our entire system has started the process of completely melting down.

The COVID pandemic has greatly accelerated matters, but we were going to get to this point one way or another eventually.

Now a day of reckoning is upon us, and this winter is going to be very dark, very cold and very, very bitter.

***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.