👉20 Million Americans Lost Their Jobs In The Greatest Wave of Unemployment in US History
The small business rescue fund set up by Congress is officially out of money, as another 5.2 million Americans applied for unemployment last week, bringing the four-week total to 22 million. That means at least 1 in every 10 American adults has lost their job over the previous four weeks.
The unemployment claims set a new record, smashing even the worst estimates of the most cynical analysts.
In fact, 5.2 million Americans applied for unemployment claims for the week ending April 11,
according to the Department of Labor, adding to the sharpest and most severe rise in joblessness in the nation's history.
In four weeks alone, that is more than 22 million people seeking jobless benefits.
And those are just the ones that got through to the call center.
Twenty-two million people out of work, that's more than the last ten years job gains, and nearly wiping out the 22.4 million jobs created in the 11-year recovery that followed the last recession in 2009.
California has over 10 million claims alone. At this rate, 90% of the jobs left will be government and health services.
Literally, in one month, the last ten years' gains in employment have been destroyed.
We have now entered into the second Great Depression. Even if they reopen now, it will take a couple of years to pull out of this.especially as some states are talking about reopening in July. ‘
We are most definitely going to be in a recession. July will bring the collapse.
And this doesn’t include the self-employed and the small businesses who have no resources.
The small business rescue set up by Congress to avert massive layoffs is set to exhaust its $350 billion funding capacity, top lawmakers say.
The economists believe that the unemployment rate is likely already up to at least 15 percent. And Rest assured that none of the financial parasites that caused this shitstorm will be losing their jobs.
Unemployment is for the serfs.
But the federal government has not laid off one person.
Federal government employees will live the illusion the longest, for sure. They will probably get a high depression cost of living raises before this is over.
Congress definitely wrote a raise into the stimulus bill for themselves, which is repulsive at a time like this and to add insult to injury, they are preparing to take a three-week vacation.
Soon the only people employed will be government workers, and then who pays taxes? Each government worker gets paid more than they pay back in taxes meaning they are a net loss for tax receipts. Without private jobs, there are no net gain taxpayers.
When you have 50-year-old retired state troopers indulging in $150,000/ year pensions with lifetime medical, multiplied by tens of thousands of other unionized public servants who produce NOTHING, the tax-donkey starts to get a little discouraged. Politicians have raked in millions of union dollars to feather the nest of the public sector. Crime scene.
Meanwhile, The Farmers are plowing under crops and dumping milk supplies and eggs because this administration cannot figure out how to get food to markets.
We have a primary service economy. People are waking up to the fact they will have no money coming in for months, in the luckiest scenario. Consumer spending is being shut down completely.
The REAL unemployment numbers are FAR HIGHER than noted.... what about those who work for themselves and are not able to collect the traditional unemployment payments? There's a lot of them out there too!
The US already had 30% unemployment, according to John Williams of shadowstats. And now everything is shut down or at a bare minimum.
Almost no one is hiring.
Shut down is hurting the people who actually want to work and HAD a job. Small businesses are closing, and so many of these jobs will never come back.
We have entered into the Greatest Depression. With peak hitting in another month, things are only going to get much direr. People are going to starve before they see any stimulus money, so prepare yourself , we haven’t seen anything yet.
Starvation and rioting are going to kill more than this corolla virus.
Wake up, people. This is the reset. Many of the businesses that closed doors will never open again.
The economy and the stocks and your job, kiss them goodbye. The Republic has fallen, and nothing will ever be the same.
Can we say DEPRESSION now?
The horrors are yet to be revealed. At least during the first great depression, there were fewer people on earth. The grace discovered is that they possessed more values and patriotism. Everybody pulled their weight and helped their neighbors. Today's culture is calling for break-ins, food thefts, drive-by shootings, domestic violence with child abuse. What will the history books record about this depression?
In the last Great Depression, the saying was, "brother, could you spare a dime." This Great Depression will be "Brother, can you spare a trillion dollars."
Welcome back to The Atlantis Report.
The small business rescue fund set up by Congress is officially out of money.
That's because the Wall Street hedge funds and vulture capitalist firms bleed the funding dry, while mom and pop operations cannot even get the paperwork.
The correct procedure would have been to open-up and utilize the unemployment insurance mechanism to provide a direct injection of capital into the demand side of the economy.
Unfortunately, McConnell was too busy penning another round of massive tax cuts to the ultra-wealthy.
Why Is Trump Being Allowed To Give BILLIONS IN BAILOUTS To His Billionaire Friends Cruise Ship Owners, Who Do Not Pay Taxes To America Because They Fly Flags On Their Ships From TAX HAVEN Countries! Trump Handed Over To Mickey Arison $1.2 BILLION As A Bailout In 2016! Now He Wants To Hand Arison More Billions! Surely He Should Be Helping Small Businesses With The Money he is willing to give These Scavengers!
Trump and Mnuchin raided the coffers to buy an election with political favors to Trump’s biggest donors.
Trump’s first move as soon as the bill was signed was to say that “I’m the oversight” and get rid of the IG in charge of oversight.
This is why this money is gone, and real small businesses have got very little of it.
350 Billion dollars - all of it went to people with connections to the administration. There have been reports some of the funds intended for small business has been awarded to big businesses.
Before they bail out big corporations and banks, the Government should keep AMERICAN CITIZENS HEADS ABOVE WATER.
Even if the country slowly does reopen businesses, on a state by state basis, the economy will still be in the toilet.
Consumers will still avoid large gatherings and many crowded retail stores. Any business that relies on jamming people together and breathing on each other (movie theaters, theme parks, airlines, bars, shopping malls) are going to be down for a long while.
Social distancing, face mask, and glove-wearing, even when things do start opening up, will kill multiple business models.
Not to mention consumer confidence, which has effectively been shredded.
And can you imagine if airlines tried to pack in people again, crammed into each other in tight seats.
If they have to space people out, even one seat apart, they're going to need a government backstop for the foreseeable future. The business model for travel and hospitality doesn't work when consumers social distance and wear face masks.
When there is No demand, there is No economic activity period.
And while main street is burning, wall street is booming.
The Fed has caused 93% of the entire stock market movement since 2008. The stock market now is supposed to instill a false sense of calm while Main Street burns.
Markets are irrelevant right now. Most of it is being pumped by Fed money/backstops. That's not a conspiracy theory; it's a plain fact, part of stimulus efforts.
The stock market has been disconnected from reality for the past 20 years. It is a rigged, contrived palace economy run by and for the 1%.
The virus is real. BUT, the fallout from the government response is even more real. Planned and executed to near perfection.
Methodically an evil master plan.
Please stay safe. I know it is easier said than done, but we are in a serious situation.
There is a serious disruption of goods being moved due to economic shutdown around the globe.
People life’s are turn upside down; the whole financial structure of a system is gradually destroyed.
Small businesses that do rely on credit, as well as services, are being killed one by one, since getting more access to a line of credit capital is becoming very thin.
2008 is a walk in a park compared to this.
Consumption, employment, socialization, and on and on, will never be the same. Even if the virus wraps up in a month, so what.
Who's going to be running out to buy a new vehicle!
Nobody with any brains. 5-8 years worth of payments in the face of zero job security. No thanks.
How's post-secondary education going to fare? A huge question. Who wants to invest time, effort, and big money into a process, for which there is no guaranteed conclusion?? Who wants to be subjected to an institutional overlord, that now has you on a social credit system, let alone be housed with hundreds?
Consumption of dust collecting crap will never be the same. The lockdown proves what really matters, and it ain't that. Nobody's sitting at home right now thinking, I can't wait until the stores open, I need a new dress. They're opening their closets to reams of clothes that are barely if ever used.
Investing for retirement? Freedom 55, 60, 65, 70, 75, 80?
For all those with extra properties, they're probably thinking about overhead costs and how they don't really need that place anyways.
And perhaps, more importantly, how do they divest when everyone else is going to have the same agenda.
Household and new family formation!
Who in their right mind wants to bring kids into this world?
And more simply — who the hell wants to get on an airplane to fly halfway across the country to waste time in useless meetings that could be conducted with a camera and a microphone?
I could go on and on, but you get the idea.
Nothing will ever be the same, ever again.
COVID gets blamed, but we knew this market was going to blow up one day. When the fed was printing a trillion, and the market went up a trillion. That wasn't the mom& pop investors buying it.
Trump has crashed both the economy and the stock market. So much "winning."
And he CONTINUES to dither!
And manipulate everything to his personal advantage.
Atomic bomb dropped on global economy a-la 1929 - check.
FDR New Deal-like plan from Trump - check.
New Deal ultimately failed to bring the country out of depression - soon to be checked.
A war that brings country out of depression - soon to be checked, as Trump is spoiling for war with China or Iran.
Think about it; we have hit the point where our government knows we are in such trouble that the POTUS finds it that he needs to call a financial TV show in an attempt to keep the markets from imploding. Do they not think we can't see right through this? Optics are worse to see all of this panicking.
So What happens after four months of unemployment checks?
Probably another war in the Middle East.
Think they plan on going to war. Allowing people to stay home and collect money from the government will send a false sense of security. It's a game the elites like to play. They foster false trust and then slam the hammer on hands.
Something about the maximum fear and terror before they sacrifice on evil high and unholy days.
It's the excuse to prepare the country for mass casualties when they start a war. The deep state is up to something bad, and they anticipate a strike on the US.
This was The Atlantis Report.
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