"Another 4.4 million Americans filed for initial jobless claims last week, revealing that at least 26 million people have requested unemployment benefits since the outbreak of the coronavirus pandemic.
In just one month, all job gains since the Great Recession have disappeared, according to new data released Thursday by the Department of Labor. The economy had created around 22 million jobs since 2010, during a historic decade of economic expansion that came to an abrupt end in February."
There are some 30 million small businesses in this country, and many of them are struggling to stay afloat.
“We continue to stem the bleeding to make sure we do not get to the second wave,” Slok said. “The conversation is changing from the sheer magnitude of these numbers to what can be done to stem this significant deterioration.”
The $350 billion Paycheck Protection Program, part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, helped some business owners secure low-interest loans. However, the majority of America's small businesses missed out, after funds dried up just two weeks into the program.New legislation would replenish the fund, and many businesses are hopeful they will have better luck in a second round, but time is of the essence.
We have obviously reached unemployment numbers that will equal the last recession
The question then becomes
1: Who many will have jobs to return to post opening up
2: How many Co.s large and small will have a broken supply chain or BK
Then we ask ourselves?? How much do we rely on China to provide goods and be involved in the supply chain. If we establish new supply chains that will take time. In the mean time once people get accustomed to having their pay check topped up, it is very hard to take money away from people. We then must think how much this added unemployment will cost our federal gov't. By end of 2021 the deficit will almost or for sure out of control. The stimulas bills just continue one after the other.
That is why I bought silver, just in case our debt causes a monetary break down.. The whole world is printing money in a race to the bottom. I don't see how this is sustainable, given my thoughts the world economy will not recover any time soon
Less revenue and more debt seems to me to be a recipe for disaster.
Thanks Wayne!
I have no idea on how this will end.
I was 100% for the shutdowns from the get go, so do know that when viewing my latest position, which we need to open things up faster than we are in many places(where the risks are low).
We have already done 100 times more damage than the virus has done. A bad flu season worth of lives lost is very sad and my condolences to those that lost somebody.
But the, productive healthy, under 65 members of society that are at very minimal risk to dying from the coronavirus need to get back to work.
Completely shut in and protect as much as possible, the old/sick until a vaccine is available.
It's well past the point of being a no brainer.
If it gets bad again and hospitalizations start going up? We shut things down right away.
But we can't take the chance of the virus making a comeback?
WTHeck. We just found out that 50 times more people were infected than we thought and almost all of them were asymptomatic which means this is no worse than the flu except for old/sick people.
Every day shutdown is increasing the massive, way out of proportion damage to the economy and very slightly reducing the chances that the virus MIGHT come back later.