This Is Going To Be The Worst Winter For The US Economy In Modern Times

Authored by Michael Snyder via TheMostImportantNews.com,

We already knew that this was going to be the worst winter for the U.S. economy since the Great Depression of the 1930s, but now a new round of lockdowns threatens to rip the guts out of hundreds of thousands of small businesses all around the country.  As I write this article, 33 million people are under “stay-at-home orders” in California alone.  With each passing day, state governments are implementing even more new restrictions, and those new restrictions are going to increasingly choke the life out of economic activity in this nation.

The good news is that most of the corporate giants have enough resources to weather another round of lockdowns, but countless small businesses do not.

In San Francisco, some small businesses that have served the city for generations now find themselves on the edge of extinction

“I’ve been walking around the city nonstop talking to small businesses owners and every story is sadder than the next,” said Rory Cox, the founder of the newly-formed San Francisco Small Business Alliance. “Everyone is like, ‘I wake up every day and I don’t know how much longer I can do this. I had 60 employees but now all I have is six, or now it’s only me.’ These are family businesses, these are moms and dads, brothers and sisters. I feel firmly we’re the backbone of the city. And they’re destroying us, they’re ripping us apart, they’re tearing out the heart and soul of the city.”

Traditionally, small businesses have been the primary engine of job growth in the United States, but now they are laying off workers in droves once again.

So far this year, more than 70 million Americans have filed new claims for unemployment benefits, and this unprecedented tsunami of job losses was caused by the original round of lockdowns.

Now a new wave of lockdowns is upon us, and there is going to be extreme economic pain all over America.

Sometimes it can be mind numbing to talk about the millions upon millions of Americans that are now in horrifying financial distress, but each one of those individuals has a name

Tina Morton recently faced a choice: Pay bills — or buy a birthday gift for a child? Derrisa Green is falling further behind on rent. Sylvia Soliz has had her electricity cut off.

Unemployment has forced aching decisions on millions of Americans and their families in the face of a rampaging viral pandemic that has closed shops and restaurants, paralyzed travel and left millions jobless for months.

As I discussed the other day, the Aspen Institute is estimating that up to 40 million Americans could be facing eviction in 2021 because they have gotten behind on rent or mortgage payments.

We have never seen anything like this before in all of American history.  We are literally murdering the economy, and most of the politicians that are doing this don’t seem to care.  Perhaps their jobs are secure, but there are millions of others that haven’t been able to find a new job after being laid off months ago.  In fact, the percentage of “long-term unemployed workers” as a share of all those that are unemployed is now the highest it has been during this entire pandemic

In November, the number of workers jobless for at least 27 weeks — economists’ barometer for “long-term” unemployment — grew by 385,000 to 3.9 million.

That accounts for 37% of all unemployed workers — up from a third in October and 19% in September.

And of course most of those that are still working are just barely scraping by from month to month.

According to a survey that was just released, nearly tw0-thirds of Americans say that they are living paycheck to paycheck at this point…

In a year still ravaged by the coronavirus pandemic and its economic fallout however, it appears many will be struggling through the most festive part of 2020. A survey finds over 60 percent of Americans say they’re now living paycheck-to-paycheck as the year draws to a close.

The poll of over 2,000 Americans, commissioned by Highland Solutions, wanted to see how spending habits and personal finances in the U.S. are holding up during the pandemic. Their results find 63 percent of respondents have cut back on their spending due to COVID. Six in 10 say they’re doing it to be more cautious, but 49 percent add it’s because of losing income at work.

Now this new wave of lockdowns is going to push millions more struggling Americans into poverty once they lose their jobs.

I feel especially bad for those that have pouring blood, sweat and tears into their small businesses for years only to have them utterly destroyed by politicians like California Governor Gavin Newsom.  What one small business owner named Robert Carroll had to say about the new lockdowns in California will stay with me for a very long time

“We have basically been left with no options and essentially no hope for the future,” wrote Robert Carroll, the owner of the bar Sodini’s in Redwood City. “We understand COVID-19 is serious, and dangerous, however in this scenario it’s not only dangerous to our health, but our financial and mental wellbeing as well. People need to decide for themselves what risks to take, we don’t take risks at Sodini’s, we insist on masks and distancing, all we want is a CHANCE to maintain our business. If you’ve never had a dream taken away and there’s nothing you can do about it, it’s the worst feeling in the world.”

Even in the most wildly optimistic scenario imaginable, it is hard to imagine how we could possibly avoid the most painful winter for the U.S. economy since the Great Depression of the 1930s.

Perhaps that is why corporate insiders are now selling stocks at the fastest pace that we have seen in almost four years.

Corporate insiders absolutely nailed the two short-term peaks in the market that we witnessed earlier this year, and now they seem to think that an even larger move down is coming.

But ultimately what we are heading into is not just another temporary economic setback.  Sadly, the truth is that our entire system has started the process of completely melting down.

The COVID pandemic has greatly accelerated matters, but we were going to get to this point one way or another eventually.

Now a day of reckoning is upon us, and this winter is going to be very dark, very cold and very, very bitter.

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26 Comments
Llpoh
Llpoh
December 8, 2020 7:54 am

It is terrible. Enough is enough. I do not understand why all those tens of millions are not taking to the streets every day demanding an end to the insanity.

It really is time.

Montefrío
Montefrío
  Llpoh
December 8, 2020 10:03 am

Short and perhaps over-simplified answer: testsosterone deficiency.

Thunderbird
Thunderbird
  Llpoh
December 8, 2020 1:27 pm

Llpoh why should tens of millions take to the streets demanding an end to this insanity when they can just stay home and watch it all implode? You might not realize it yet but this insane pandemic is also taking down big government and the giant corporations. We are soon to see massive government worker layoffs and giant corporate layoffs. Very low amounts of tax collections are coming into government coffers and much lower income is coming into corporate pockets will result into bankruptcy of municipal, State and Federal government. Giant corporation will have to downsize to survive or go bankrupt. Take the large airlines like Delta and Southwest for example. They will not be able to maintain their size due to lack of demand so they will have to give up many of the routes, opening up for others to enter the market and provide services with smaller planes. The positive aspect of this pandemic is that many monopolies will be broken up; not with legislation, but by natural circumstances.

And something else: we are hearing said by the media that large corporations will require one to be vaccinated to have a job. Will let them do it and see what happens. They will lose many good workers; just like they lost with their drug policies. Stupid is what stupid does and it will end up in their demise. This second lockdown; if they do it, will be to their Sjogren, because it will take the giant corporations down along with many layers of government.

Who is John Galt?

CCRider
CCRider
December 8, 2020 7:59 am

It’s mostly happening in democrat run areas. You get at what you aim at. Stupid should hurt.

Steve
Steve
December 8, 2020 8:11 am

Break em’ all down until they’re destitute and the big govt saviour comes along to “help” but with long strings attached.
It’s part of the plan. BASTARDS…

Glock-N-Load
Glock-N-Load
December 8, 2020 8:25 am

Everyone has got to stop saying Covid is dangerous and serious. It lends reason to the lockdowns. Start going against the grain. It ain’t that serious.

flash
flash
  Glock-N-Load
December 8, 2020 8:55 am

If there ever was a Covid, which is doubtful, it has mutated and gone.

VIRAL VIDEO — Oregon doctor’s license revoked over refusal to wear mask

https://youtu.be/Mc_Qv5plZ3I

yahright
yahright
December 8, 2020 8:38 am

The Gov. shut everything down. Now what? tell people that a new quickly made experimental vaccine is coming and to just bend over and take it until then. and I keep reading about how masks may be a normal thing going into the future even with the vaccine. It’s really fucked up. I think this reset thing is being pushed with the actions or lack of action we see. About half the country appear to be retards and vote for this stuff. I apologize to any retards who may have been offended by being compared to Democrats.

flash
flash
December 8, 2020 8:42 am

comment image

flash
flash
December 8, 2020 9:00 am

At this point Congress is little more than a cartel of criminals. Prove me wrong.

In 2011 in a split decision in Bruesewitz v. Wyeth, the US Supreme Court majority ruled that vaccines are “unavoidably unsafe” and effectively removed all liability from drug companies, even if there was evidence a drug company could have made a vaccine safer. 15 16

In a series of reports published between 1991 and 2013, the Institute of Medicine affirmed that scientific evidence demonstrates that vaccines can cause injury and death and that some people are genetically, biologically and environmentally at higher risk for being harmed by vaccines but doctors do not know how to identify who they are before vaccination. 17 18 19 20 21 Even so, federal health officials have narrowed contraindications to vaccination and eliminated almost all health conditions from qualifying for a medical exemption to vaccination. 22

https://www.nvic.org/vaccines-and-diseases/Vaccinations–Know-the-risks-and-failures-.aspx

oldtimer505
oldtimer505
  flash
December 8, 2020 9:27 am

At this point Congress is little more than a cartel of criminals. Prove me wrong.

Flash, you hit the nail on the head with this. Most of the sheepel will play follow the leader right into the showers for the final solution. They will argue that all the warnings were bull-crap.

flash
flash
  oldtimer505
December 8, 2020 9:40 am

We’ll get the old “No one could have seen it coming” universal get out of blame free spiel. Politicians are the scum of the earth.

B_MC
B_MC
December 8, 2020 9:23 am

The good news is that most of the corporate giants have enough resources to weather another round of lockdowns, but countless small businesses do not.”

I do not view this as good news, just the opposite. If the “corporate giants” did not have such resources, there would be no talk of lockdowns.

flash
flash
  B_MC
December 8, 2020 10:01 am

Corporate giants have enough resources to weather the deliberate destruction of Mom and Pop enterprises not because the welfare whores have been wisely managed, but becasue they are guaranteed bailouts and subsidies by the criminal class we refer to as government. There is no free market and capitalism is a myth.
Once Mom and Pop retail is done, and the entire economy is all rolled up and under Corporate control, then the long knives come out. If you want to shop, eat, get healthcare or travel, you will obey the corporate mandates,and government, which built the behemoths will not intervene because “private enterprise.” This is where consumerism has taken us. We have consumed our posterity.

COVID Stimulus Watch Records Added To Date
https://data.covidstimuluswatch.org/prog.php?detail=opening

Discover Where Corporations are Getting Taxpayer Assistance Across the United States
https://www.goodjobsfirst.org/subsidy-tracker

“The drive of the Rockefellers and their allies is to create a one-world government combining supercapitalism and Communism under the same tent, all under their control. … Do I mean conspiracy? Yes I do. I am convinced there is such a plot, international in scope, generations old in planning, and incredibly evil in intent.”
~ Larry P. McDonald
U.S. Congressman, 1976, killed in the Korean Airlines 747 that was shot down by the Soviets
in “Introduction” to The Rockefeller File, by Gary Allen (1975)

“Hitler’s real quarrel with the capitalist and Marxist system alike was that they stopped things from growing. They were concerned not with creation, but the one making with making the quick profits and the other with establishing an unnatural and sterile uniformity. Both were destroying quality throughout the world – the quality, not only of things, but , of what was far more serious, of men and women”

Arthur Bryant – Unfinished Victory (1940)
https://archive.org/details/ArthurBryantUnfinishedVictory1940V1/Arthur%20Bryant%20-%20Unfinished%20Victory%20%281940%29%20-%20v1

“ World War II ended the “depression.” The same Bankers who in the early 30’s had no loans for peacetime houses,food and clothing, suddenly had unlimited billions to lend for Army barracks, K-rations and uniforms! A nation that in 1934 couldn’t produce food for sale, suddenly could produce bombs to send free to Germany and Japan!… Germany issued debt-free and interest-free money from 1935 and on, accounting for its startling rise from the depression to a world power in 5 years. Germany financed its entire government and war operation from 1935 to 1945 without gold and without debt, and it took the whole Capitalist and Communist world to destroy the
German power over Europe and bring Europe back under the heel of the Bankers. Such history of money does not even appear in the textbooks of public (government) schools today. ”

Sheldon Emry
Billions For Bankers, Debts for the People
https://archive.org/details/Billions20for20the20bankers

“The Nazis came to power in Germany on 1933, at time when its economy was in total collapse, with ruinous war-reparation obligations and zero prospects for foreign investment or credit. Yet through an independent monetary policy of sovereign credit and a full-employment works program, the Third Reich was able to turn a bankrupt Germany, stripped of overseas colonies it could exploit, into the strongest economy in Europe within four years, even before armament spending began. “

Henry C K Liu
World Order, Failed States and Terrorism
PART 10: Nazism and the German economic miracle
http://henryckliu.com/page105.html

“I do not believe that this primal difference between gentile and Jew is reconcilable. There will be irritation between us as long as we are in intimate contact. For nature and constitution and vision divide us from all of you forever . . . I have no doubt that when Germany and England and America will long have lost their present identity or name or purpose, we shall still be strong in ours . . . We have joined your capitalistic world in deliberate emulation and rivalry: yet Jewish socialism and Jewish socialists are the banner bearers of the world’s “armies of liberation.” . . . But you feel our disruptive difference most keenly, most resentfully, in our deliberate efforts to change your social system. Seen in the dazzling lights of your desires and needs our ideal is repellently morose . . . Because your chief institution is the social structure itself, it is in this that we are most manifestly destroyers. We Jews, we, the destroyers, will remain the destroyers for ever. Nothing that you will do will meet our needs and demands.”

You Gentiles
By Samuel, Maurice, 1895-1972

https://archive.org/details/YouGentiles

Anonymous
Anonymous
  B_MC
December 8, 2020 8:22 pm

Resources ha, they’re raking in more than ever.

Iska Waran
Iska Waran
December 8, 2020 9:54 am

The only people I know who’ve died of Covid were Herman Cain and John Prine and they were already dead.

Arthur
Arthur
December 8, 2020 10:51 am

We are under attack. This is asymmetric warfare. The war is between the institutions and the free people.

A business owner under attack who accepts the false premise of the virus has surrendered. His business is being destroyed just as if it had been bombed by a USG drone. The choices are fight, surrender or flee, and live to fight another day.

People in states like California should probably consider fleeing. If free men leave these places and gather in places where their numbers are greater, they will have a chance to stand against the attacks. The institutions are hoping we remain isolated, divided and helpless.

Not everyone can or will leave enemy territory, but such places won’t afford them any support and they will have to endure what the institutions mete out to them.

History is replete with examples of oppression, strife and war. We are bound to face these in the coming months and years. We may not be able to predict the particulars but the principles are discernible.

So far, the oppression is relatively minor. Few people have suffered more than deprivation: oppressive, true, but far less so than the brutality of arbitrary arrest, torture and murder. We can note that the purpose of the present oppression is to demoralize and to provoke, so that those who do resist are identified for future action, and those who might resist but do not are discouraged from the attempt. It appears that coercion will not be carried forward until and unless strong resistance emerges. After this campaign resistance is unlikely to be strong enough to thwart the intended measures.

So free men are best to flee to places where they can support one another. It may be we don’t survive but this is the best hope. The enemy will not endure forever.

(((Doc B)))
(((Doc B)))
  Arthur
December 8, 2020 2:00 pm

The problem with the idea of fleeing California is that the ones most in a position to flee are the very ones who messed it up in the first place. The carpetbaggers move into a new area, like a virus, until they outnumber the native population. Then they vote for the same policies that messed up their home in the first place. All the while jacking up property values (and taxes) until the locals can no longer afford to be there. These new people treat the locals like shit and bring their mess with them.

Forgive me for not wanting a bunch of refugees from California to move to my home.

Arthur
Arthur
December 8, 2020 11:05 am

This could be what the institutions intend to do:

Interview 1604 – John Titus on Central Bank Digital Currencies