The 2020s like the 1930s -- Unemployment, Debt, Poverty,Homelessness,The Stock Market, Skyrocketing

The 2020s like the 1930s -- Unemployment, Debt, Poverty,Homelessness,The Stock Market, Skyrocketing Unemployment and debt skyrocketing. Temporary layoffs being replaced with permanent layoffs, Businesses who took the payroll protection program loans which will not have to pay the money back if they retain workers without laying anyone off, will then begin to lay off people after their obligations are met, businesses that have, and will continue to be permanently closed, stimulus money drying up, exposing the scammers of the paycheck protection program, end of eviction moratoriums, unemployment money drying out, and the most important thing, the real panic that will result from when the secretive federal reserve has their cronies pull all that free money from the markets. The wealth effect will turn in to a massive poverty effect. And you think the oil companies are hurting now? We ain't seen nothing yet. All that gas that will not be burned due to people not having jobs to drive to anymore. Spenders will become savers, slowing our economy even more. Or, people simply will have no more money to spend, only credit that won't be repaid. All this is right around the corner. The only thing keeping things afloat now is all the money the government is pumping in. And all that money drying up. Unemployment gone, no new stimulus rent moratoriums will expire, leading to mass homelessness and foreclosure. All hell gonna break loose. America's debt has soared past 26 trillion dollars and is now expected to leap by several more by the end of the year. This debt surge would have been unimaginable just a year ago, and adding to our woes is the road ahead appears bleak. It's over for America. The lockdowns have destroyed millions of jobs, millions of businesses, and trillions of dollars in capital. There will be no V-shaped recovery. Any more than the Titanic had one. Expect the 2020's to be like the 1930s. Expect America to be much poorer and much less free. No, money doesn't necessarily concentrate among the few. Not if we have a sufficiently free society. But given how the economy is being destroyed pretty soon, only the super-rich will be left. Thirty million people don't have as much income as they had in March 2020. Most people live paycheck to paycheck. America has reached the bottom of the barrel. The U.S. jobless claims, including federal filings, rise fourth straight week in a sign of a stalling labor market. And the Fresh wave of layoffs threatens to keep unemployment elevated. The number of Americans who applied for unemployment benefits through state and federal programs rose in early September for the fourth week in a row.Signaling that a gradual improvement in the labor market during the summer has stalled. 884,000 in the week of August 30 to September the 5th. State unemployment numbers show Longer-Term ongoing unemployment claims have increased from 27 million up to 29 million in recent weeks. The number will only continue to rise; we will be over a million a week shortly. Most restaurants and bars across the country are shut down. Many farmers are hurting because the restaurants that bought their stuff are closed, and they have to give the stuff away or let it rot in the field. Many states still in lockdown, so there is no job to go to. Lots of people are not covered by unemployment. If an employee wants to sit home and collect his bonus and refuses to go back to work would be fired on the spot after a given warning, which will cancel their gravy train. There aren't enough jobs for all the unemployed. That's kind of the problem. It is the people who were furloughed but still received pay from their employers because of the first COVID bailout bills. As that program has expired and the money is all gone now, the companies are trimming staff in order to right-size them to meet demand. The worst is yet to come. States have lost massive tax revenues. The bleeding hasn't stopped. When the unemployment runs dry, states will have millions of new welfare cases to take on. Pension debt is out of control, and taxes will go up significantly on those left with jobs. People are not paying their taxes, municipalities, school districts, transport authorities all have to start laying off people. These are all well-paying jobs. A lot of these people are owed public pensions. This will precipitate another crisis as sufficient money was never put aside to pay out so many retirees at once. Social Security, Medicare, Medicaid, State and Municipal pension funds will all go bankrupt because the 29 million unemployed are not paying into the system; instead they are drawing extended unemployment. The poor stay poor, but they got free stuff, the rich get richer, flirting with power. The majority of middle-class Americans get squeezed by stagnant income and higher living costs and taxes. A small percentage of them will join the rich, a certain percentage will stay in the middle, and the rest will join the poor. More unjustified, manufactured gains pumped into the most grossly overvalued market in history. The Stock Market is up; that is the only thing that is important. Screw all the little people. Lowering corporate tax rates from 35% to 21%, so companies buy back their stocks, was a poor idea. Sixty of America's top 500 companies paid no taxes during 2018. Amazon and Netflix should have paid a collective $16.4 billion in federal income taxes based on the Tax Cuts and Jobs Act's 21 percent corporate tax rate, but instead, these corporations received a net tax rebate of $4.3 billion. And still, the US markets continue their merry way, like a drunkard intoxicated while drinking from bottles labeled borrowed money and printed money. Last days of the Roman Empire. The US Dollar is headed to zero. Dow 50,000 and NASDAQ 25,000 is just around the corner. When Venezuela, Argentina, and Zimbabwe destroyed their currency, their stocks went to the moon. The disconnect between the Fed's stock market prop up, the small number of companies (mostly tech) absolutely making money hand over fist, and what is actually happening on Main st with small businesses and the actual economy, is so huge, so seismic, it hasn't even come close to being addressed yet. But that doesn't mean it won't. The top 10% owns something like 85% of the stocks. When the Fed and Treasury do things to benefit stocks, it's not even close to evenly distributed. So the ordinary guy with a $25k 4o1(k) gets to see it go to $30k. Big deal. He's more harmed by the inflation, which is eating away his purchasing power from his wages. No one will care until they are literally standing in a bread line. That’s the problem. It is what it is, and there is NO WAY back out of the growing mess and growing Debt our nation is in. By the end of 2021, MORE than 50% of all of our nation's workers will be unemployed and with most of them facing Homelessness. Rest In Peace The USA. Our Nation and Our Economy is now too far gone, and there will NOT be any Recovery in the next 50 years,regardless of who our future President is. The day of reckoning may be coming, as it did to Rome, Greece, Great Britain, Spain, France, and other former empires. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to click the like button. Don't forget to subscribe ,And please don't forget to hit the little BELL button to get notifications. Six months in, and the weekly jobless claims are still higher every single week than the pre-COVID record. And then there's the fact that the number of people on unemployment insurance is actually going up, not even staying flat. What's going to happen when state and local governments, starved of tax revenue and facing huge COVID-related out of pocket expenses, run out of cash and need to shed jobs by the millions nationwide? If they don't get relief soon, this is almost a certainty by year's end. The jobless claims are not going down at all. What's happening is less people being approved since they only count people who are jobless and are approved to receive unemployment. The number is much, much higher. Many jobs are lost permanently. This pandemic probably marks a new job market era/revolution with all the remote work and because many organizations realize they can survive with less employees. So many people’s unemployment has run or is running out, and their jobs are not back yet. The economy was tanking before the pandemic hit. The shutdown and its trillions of extra dollars spent will make the crash all the more biggly. Even before the virus, over 50,000 retail stores had closed their doors forever and gone bankrupt. Then along came the virus to make matters even worse. Our nation's malls and shopping centers had a growing number of vacant stores from long before this virus hit. Our Nation's GDP shrank by over 30% last Quarter. Many state governors are starving small businesses. Take New York State Governor Cuomo just announced he would let New York City restaurants open at 25% capacity once the mayor puts a security staff in place to ensure compliance. Are we living in eastern Europe in the 1940s? No business is going to make a profit of 25% capacity. Many will (if they haven't already done so) permanently close. Same for casinos. Indian casinos in NYS have been open since July. No virus spread has been linked to any of them. They are following NYS rules, but don't have to. So now he's letting the private casinos open, but at 25% capacity, how long will they survive? So half of their employees will remain unemployed. Restaurants that previously stayed open late now all close at 8 pm. Walmart uses to be open 24/7 - no longer. Most stores close at 8 p.m. Others have closed for good. There are jobs, but many require specific skills, experience. And, many of the unemployed got used to making way more money then they did working and are finding it hard to go back to work for less money then they received being an idol. Where's the incentive? They want you to believe in a socialist society where you are dependent upon the government. Life will be good (in your dreams). That is until the dollar devalues and government money runs out, as those that choose not to work also do not pay taxes. But, don't worry about those at the top. They will just get richer. People returning to their same jobs because their mayor's allowed them to reopen is not adding jobs. No jobs coming back at the 100,000+ small businesses closed permanently thanks to the government lockdown. More than 100,000 small businesses have permanently closed due to coronavirus. No doubt bankruptcy attorneys are doing record business, however. A new study estimates about 2 percent of small American businesses have closed for good. Thirty-four percent of small business owners said they are either paying reduced rent or are delaying payment. Three percent of restaurant operators have gone out of business. Eight hundred eighty-one thousand additional unemployment claims filed last week alone. A number that will later be quietly revised up, as is the case every week, as unemployment claims are now approaching 60,000,000 over the last 24 weeks. 8.4% are no longer reporting unemployed because congress went on vacation and failed to extend unemployment benefits. Employment numbers come from a monthly survey, which is highly subject to timing in the month. August used the early week before the impacts of CARES act programs ending were felt, which would have a large impact on consumer spending and hiring/layoffs. I have no confidence that Wilber Ross's Commerce Dept, who oversees the BLS, made the proper adjustments. The same issue we had when 14% instead of more accurate 19% was reported back in July. Folks who said they were employed but in actuality were furloughed and not being paid who should have reported themselves as unemployed did not. Now we are hearing of these folks getting official pink slips. LET THE GOOD TIMES ROLL. HAPPY DAYS ARE HERE AGAIN! According to shadow stats, the REAL unemployment rate is closer to 30% of working-age Americans. We've lost 58+ million Americans who have applied for the first time unemployment.And we've gained 10+ million jobs.How does that equate to the magical numbers from the BLS??? The continuing claims drop is because millions who lost their jobs in March are no longer getting unemployment.In New York State, it's only for 26 weeks. These DOESN'T mean people are working,they just don't count anymore. BLS un-employed data doesn't count the 65+ million US citizens, that is, NOT PARTICIPATING in the workforce. Adjust that 65 million to almost 100 million. The criminal doesn't even begin to describe the massaging of these numbers. The official unemployment rate of 8.4% is absolutely hilarious. 100% fake. It is probably more like 25%. Sixty million people are collecting unemployment benefits, out of a total 150 million max working-age population. How does this work out to be 10 percent unemployment in anyone's math? Unless it is the new black math that we hear so much about and is being taught in $100k a year universities. It seems more like the actual unemployment of working-age Americans is closer to 40 percent than 10 percent. According to the labor dept's own statistics, new applications for unemployment assistance exceeded 1 million a week for over 19 weeks straight. At the onset of COVID, it was well over 3 million per week. Ten percent would mean 15 million people are collecting unemployment. It seems the government has also adopted the new black math. Forty percent is the new 10 percent. It's as much of a fraud as is a hedonic adjustment in the calculation of inflation. Unemployed people are those still desperately looking for a job; you don't count those who have given up (not that this makes sense anywhere). If anyone thinks employment has made any significant recovery,he is smoking something. Every week shows more and more businesses closing or downsizing. Something like 25% of the vaunted 1.8 million was in temporary census-taker jobs that will go away very quickly. The big three airlines alone are talking layoffs in the tens of thousands each. The Port of LA reported that container cargo shipping is way, way down. In California, I believe something one million people that filed unemployment claims have not had their claims processed. Because of that, it's likely that those one million people aren't in the unemployment statistics. Sure, a lot of people are working from home, but if there really was an "impressive" recovery in employment, why am I able to drive on the Bayshore Freeway from the mid-Peninsula to San Francisco at the morning rush hour without once tapping the brakes? Why, during a Friday afternoon rush hour, can I go into Foster City from San Mateo, a trip that pre-CoVid could take 45 minutes to go about 4 miles, in about 10 minutes? It's because there is a shitload of people that are NOT working, and because of the lunatic governor of this state, they aren't going to be working any time soon. Many brick and mortar jobs have been permanently lost, several million if not 10. The massive printing of money leads to inflation, and this round is not trivial. It is massive. Real wages will fall dramatically. Already going on. Been to the grocery store lately?, been to Home Depot lately to look at 2x4? Prices? I would say 5% real wage deflation over the next year as prices rise with little wage pressure due to high unemployment. The government trying to fix everything by making commerce illegal and creating mass unemployment, then bailing out anybody and everybody with the printing presses running 24/7 is no solution. Society will look back at this and say what an idiotic and overdone response to COVID. Idiots fixing things. It was cover for the largest smash and grabbed in history. $27 trillion debt, of which $8 trillion was added in the past 43 months. With $8 trillion thrown away, we still have a GDP contraction of 32.9%! Without the $8 trillion, what sort of contraction should we have had? 69%? $8 trillion is about 50% of our annual GDP before Covid. We seem to have an economy filled with holes that lead to the pockets of the few and corrupt. Between DC, Wall Street, and Silicon valley and public Unions.The PERFECT STORM IS COMING! America, the most powerful nation, is flat broke, but the rich are doing well. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels; I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have already donated. Stay safe and healthy friends! Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics