If the U.S. economy remains in shutdown mode for the next several months, we are going to witness layoffs like we have never seen before in U.S. history. Of course what we have already witnessed is difficult to believe. Last week more than 3.2 million Americans filed initial claims for unemployment benefits, and that was more than four times higher than the previous all-time record. This week another massive surge is expected, and we will continue to see lots more layoffs for as long as this pandemic persists. It is going to be a very challenging time for the country as a whole, because we havenât seen anything like this since the Great Depression of the 1930s.
Nothing against what you said, but I feel it wonât happen until afteremphasized text**itâs all done. Meaning, we will feel aftershocks from this. But it wonât be as bad these economists are predicting.
I say this, because what happens when the next so-called âpandemicâ comes along? Are we going to say âIt will be in the likes of that no one has ever seen beforeâ?
Like I said, I am not disputingâŚjust throwing my two-cents in. If that is what you would like to call it that.
Things take time to trickle down. In 1987, fall, there was a stock market crash. If you look up the data, the market recovered , numerically, pretty quickly⌠However, no matter⌠It triggered lots of layoffs in the financial sector, which is the tap root of all things in nyc⌠Without the finance sector booming, all support industries, especially service sector catering to yuppies, like restaurants etc, began to wither and die, and by 1989 real estate in nyc went down the tubes⌠Point being once one domino falls, then others start falling, and it often stretched out over years of reverberations.
Yesterday I went to where I have a rented mail box to pick up my mail. The lady who owns the mailbox shop told me that at the end of April the shop will be closed forever.
She told me that the pandemic closures has killed normal business, the tourist industry that we here in Vegas thrive on. She said that the landlords of the mall that the shop is in, are unreasonable and inflexible about the rent. She said that the other shop owners in the mall complex are also closing as well.
She went on to say that she is in a business group of a few hundred mailbox shop owners where already over 25% of the owners stated that they will be shutting down. She said that the remaining 75% are just in delusion that once the pandemic is lifted, that everything will go back to the way it was!
The economic damage of this âshutdownâ is fatal, there is no recovery and no going back to the way it was.
90% of small businesses will fail. Those businesses that own their building, have no debts, and can source locally will remain.
Those furloughed, fired or laid off will find that the jobs they once had are either non-existent, or pay far less than before.
Personal and business bankruptcies will eclipse everything! Peoples personal wealth will be plundered.
Banks will fail as loans are not being paid and financial markets will fail.
Housing prices will fall.
The States and the Feds will of course respond with more nationalization, more draconian edicts and more hand-outs.
This is really âWar of the Worldsâ type gullibility. People keep watching cable news and are utterly convinced that there are corpses just piling up everywhere, but of course this isnât happening. Of course the real world observations are just a bunch of people running around acting scared for no explicable reason beyond their belief in a story that keeps not coming true. I still donât know of any infectees within any number of degrees of separation from myself. But people are begging for National Guard roadblocks.
I believe there will be many people laid off, but I canât see a 30% Unemployment rate for this year. It could happen in a year and a half - half of 2021. But not in one month are some economists are saying (or predicting). That seems a bit far-fetched. But I would put the number at around maybe half of that for the rest of April.
Having said that, I am quite optimistic that jobs will bounce back by Summer. Yes, it will be slow. But by Election time, we will see an increase in employment. And the stock markets around the world will gradually âsee the lightâ - in green.
Itâs the Winter of 2021, we may have to worry about (again). I donât know for certain.
Virusâs mutate on a regular basis. Th next iteration may be in a month or several years. One has to ask, last year 80K africans did from the flu. There was no panic, there were no lay offs, the government didnât declare a national emergency.
The flu is as contagious as the cover virus, why the panic?
And yes we can and will hit 30% unemployment as the governors add more severe restrictions on people in their state.
Iâm instituting work from home starting tomorrow and pulling all of the folks out in the field.
Iâm going to cover their average pay and see where we stand in two weeks. We still need to find out if, for instance, Unemployment Insurance will ding you for this. If they do and your number is so high, you may not be able to get unemployment insurance. Might as well close the doors if that turns out to be the case.
Went out and bought groceries for everyone yesterday and asked them to limit their trips to the grocery stores for the next two weeks.
Iâm in what is an up and coming hot spot, it kills me to do this but if anyone gets sick or dies because I made them work, Iâd have a hard time living with myself.
Grandma Vilula told me, during the Spanish flu, you could go out in the morning, look up or down any street, and see bodies wrapped in bedsheets on the sidewalks, waiting to be picked up. Several mass graves in my area. Probably in every area.
We can thank CHINA for lying and the WHO telling everyone the virus can NOT be spread from human to human . The WHO ANDTHE UN are useless money grabbing commies . They sided with CHINA and put us in this death trap .
