Stories Of Economic Despair From America’s Worst Economic Downturn Since The Great Depression Of The 1930s

The economic pain that we are witnessing right now is far greater than anything that we witnessed during the last recession.  U.S. GDP declined by 32.9 percent on an annualized basis last quarter, more than 100,000 businesses have permanently shut down since the COVID-19 pandemic first hit the United States, and more than 54 million Americans have filed new claims for unemployment benefits over the last 19 weeks.  Up until just recently, a $600 weekly unemployment “supplement” and a federal moratorium that prevented many evictions had helped to ease the suffering for millions of American families, but both of those measures have now expired.  As a result, a tremendous amount of economic pain which had previously been deferred will now come rushing back with a vengeance.  Millions of American families are no longer going to be able to pay their bills, and experts are warning that we could soon see an “eviction crisis” that is absolutely unprecedented in American history. (Read More...)

Right Now There Is A “Mad Rush” To Get Out Of The Cities

So many wealthy people are rushing to move away from the big cities that it is creating a bit of a “real estate boom” in many suburban areas, small towns and rural communities.  Fear of COVID-19, a collapsing economy and the tremendous urban violence that we have witnessed in recent weeks have combined to create a frenzy of activity.  Last week, my wife and I heard from a friend in New York City that is all of a sudden desperate to move to another state, and I certainly can’t blame him for wanting to relocate.  If I was in his shoes, I would be wanting to move too.  But at this point so many people are all thinking the same thing that the demand for housing in certain areas threatens to greatly exceed the supply.  In fact, one real estate agent in the San Francisco area is describing it as “a mad rush to get out of the city”(Read More...)

They Are Telling Us That The 2nd Wave Of The Coronavirus Is Here, And The Stock Market Is Totally Freaking Out

Are you ready for the next wave of COVID-19?  Actually, the mainstream media is telling us that it is already here, and that has sparked another round of fear and panic on Wall Street.  But the fact that the number of confirmed cases is rising again should not surprise anyone.  As restrictions were lifted, it was inevitable that the virus would begin spreading more rapidly, and that is precisely what we have witnessed.  During the 24 hour period that just ended, there were more than 136,000 new cases reported around the globe, and that is the highest one day total that I have seen so far.  Here in the United States, there were 23,300 newly confirmed cases, and that represented an increase of over 2,000 from the previous 24 hour period.  Concern that this could be the dreaded “second wave” that the mainstream media keeps talking about pushed stock prices dramatically lower on Thursday(Read More...)

As Businesses Flee The Violence, Will Major U.S. Cities Be Transformed Into Economic Wastelands?

Urban communities all over the U.S. are now facing the possibility of a mass exodus of businesses, and many local leaders are freaking out because they realize what such a mass exodus will mean for their cities.  In the aftermath of George Floyd’s death, peaceful protests were held in more than 300 cities all across America, and a recent CNN poll found that 84 percent of all Americans supported those peaceful protests.  Unfortunately, rioting, looting and violence also erupted in major cities from coast to coast, and very little was done to suppress that violence.  As a result, the core areas of many of our largest cities now resemble war zones, and in the months ahead there will be a constant threat that the violence could flare up again at any time. (Read More...)

As U.S. Cities Crumble, Demand For Rural And Suburban Properties Is Soaring

Have the events of 2020 caused you to consider moving somewhere else?  If so, you are definitely not alone.  The COVID-19 pandemic, a historic economic downturn and extremely violent riots in major cities all across America are fueling a sudden surge in interest in rural and suburban properties.  This represents a major shift, because prior to 2020 we had seen a tremendous boom in real estate prices in large cities such as New York, San Francisco and Seattle.  Now a lot of those buyers have become very motivated sellers, but there just isn’t a lot of demand for tremendously overpriced homes in core urban areas that are currently being torn to pieces by rioters. (Read More...)

Fear Of The Coronavirus Has Absolutely Destroyed America’s Future

Very few people are talking about it, and even fewer are bothering to object, but by borrowing and spending so much money our politicians are essentially feeding America’s financial future into a wood chipper.  It took from the founding of our country all the way to 1981 before the U.S. national debt reached one trillion dollars.  Incredibly, we just added more than a trillion dollars to our national debt in less than a month.  On April 5th, we were 23.9 trillion dollars in debt, and by May 4th we were 25 trillion dollars in debt.  Fear of the coronavirus has caused nearly all of our politicians to suddenly become socialists, and we are being told that trillions more in spending may be coming.  This is complete and utter lunacy, and we are leaving future generations of Americans with a mountain of debt that would absolutely crush them.  But of course our society may not even last too much longer at the rate we are going.  For years I have been loudly warning that our absurd national debt is an existential threat to America’s future, but at this point both major political parties have completely abandoned any sense of fiscal responsibility.  Now our national debt is rapidly speeding toward the 26 trillion dollar mark, and the House of Representatives just passed a bill that would borrow and spend an additional 3 trillion dollars that we do not currently have… (Read More...)

According To A Shocking New Survey, 52% Of Small Businesses “Expect To Be Out Of Business Within Six Months”

Anyone that was hoping for a “quick recovery” for the U.S. economy can forget about that right now.  Yes, many states are attempting to “reopen”, but in most cases it will be a multi-stage process that takes many months to complete.  Meanwhile, fear of COVID-19 is going to keep many Americans from conducting business as usual even after all of the restrictions have been finally lifted.  Even now, many of the stores, restaurants and movie theaters that have reopened are seeing very, very few customers.  Unfortunately, millions of small businesses are not going to be able to survive in such a depressed economic environment for very long. (Read More...)

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