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At this stage of the economic collapse, we should be experiencing calmer times. After every big crash, a bounce-back follows, almost as the involuntary reflex inherent to human nature, an instinct of survival, in which we supposedly would have some time to breathe through the chaos. When you hit rock bottom, the only way out is up, isn’t that what they say? But from where we stand, it feels much more like we’ve hit the economic rock bottom and we’re still trapped down there, we just have gotten a little bit more used to it, so we can’t see how bad it looks anymore, because the shock is so frequent that it became ordinary. If this is the so-called recovery, something really wrong is happening here. That’s why today we decided to unmask this delusive idea that things are getting back on track, and show you why this is far from being a recovery.
If this is supposed to be the moment when things get more stable, why does it feel like we’re still free-falling? If these are “calmer times” we wonder how much chaos is coming for us next. As we will discuss later on this video, more than half of the American families are suffering from serious financial pain, while the pace of unemployment claims continues to hit new records every week it passes by. The United States had never seen anything like that prior to 2020. The latest record was set in 1982, when 695,000 workers filed for unemployment benefits during a single week, configuring the worst rate for jobless claims for almost 38 years, and right now we have passed over that old record for 25 weeks in a row.
The study also presents that 29.6 million people who continued to claim unemployment insurance under all programs translate into 18.4% of the civilian labor force of 161 million. The blue columns stand for continued claims under state programs, showing an increase from 54k to 13.2 million, the first increase after five decreases in a row. The red columns stand for continued claims under federal established by the CARES Act and some other programs, outlining a rise from 326k to 16.4 million.
These numbers would be considered “catastrophic” at any other period in American history, but we are at a point when we constantly face catastrophic numbers so we have become somewhat desensitized to them. Even though the unemployment numbers are not as abysmal as they were earlier this year, and other economic figures seem to have stagnated for the time being, many analysts have been arguing that this moment of “relative” – and we mean very “relative” – “calm” won’t last very long.
If you are having this gut feeling that something really bad is about to happen, you’re not the only one. It feels like a simple wind strike would make the entire house of cards collapse, but let’s not panic just yet. In hard times like these, we should stick to the ones we love and care for, so if you get the chance to spend some quality time with our family, take it, especially because not everyone can afford to have this privilege right now. Unfortunately, many American families are facing anxiety over having the basics to attend their needs, and a recent report revealed that over 50 percent of the households in some of our largest cities are currently facing severe financial distress.
Also, millions of people can face homelessness and starvation depending on how the election goes. We reported on our last mortgage crash video that due to a massive rental insolvency, many homeowners and business owners were receiving eviction moratoriums at a very accelerated rate, because with these extremely high unemployment rates and of thousands of businesses being directly affected by the lockdown, it has become almost impossible to make ends meet. But of course, it would look really bad for the administration to let a surge in homelessness happen just before the elections, so the CDC started to invoke some of these moratoriums to build up an image of concern and care for the citizens. But the act will expire by the end of the year, that is to say, if the outcome of the election doesn’t come as planned, all these people can lose their homes for good. (INSERT LINK OF MORTGAGE CRISIS VIDEO)
Wherever we look things are falling apart. All of our systems are failing and a fog of insecurity is rising everywhere. The anticipation for the eruption of the next crisis is both nauseating and intriguing. What will be the next turn? When will the reckoning day arrive? How are you dealing with such expectations? What do you think is going to happen next? Please share your thoughts with us in the comment section, they will be much appreciated. Are you prepared for the next Great Depression yet?
Epic Economist website: https://www.epiceconomist.com”