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 ‘shutdown’ 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.
And, in the end we all live in Mad Max World.