The stock market crash of 1929 has been pointed to historically as the root cause of The Great Depression that followed soon after and basically lasted until WWII.
I believe we are on the cusp of another one except this time it will be Main Street that causes it.
With the current “Lockdowns” in place in multiple states and cities restricting the movement and employment of literally millions of people and hundreds of thousands of businesses, life as we knew it is grinding to a halt.
Think for a moment about the fact that millions of Americans already lived paycheck to paycheck.
Thousands of small businesses are going to disappear.
Those people who can’t work now are going to take an economic hit that they can’t recover from.
This “Stimulus” farce of sending everyone a check for $1200 is going to do exactly what for these people?
Maybe keep them from starving and that’s about it. Even that is only if people are smart enough to buy food with it instead of splurging on unneeded luxuries.
Rent, power, water and any other bills will keep piling up in the mean time.
Not to mention that millions of Americans are already up to their eyeballs in Credit Card debt.
All those shiny new cars and trucks everyone just has to have come with hefty payments and insurance requirements too.
Unemployment insurance may, just may, reduce some peoples burdens until this current round of pandemic runs out.
In the mean time the hole gets deeper and deeper.
Maybe someone in the Rose Colored Glasses group can see a different ending but economic devastation from Sea To Shining Sea is what I am seeing from where I am at.
As predicted from several sources, the number of COV-19 cases has exploded, now reaching the milestone of over 500,000 cases .
New York city and New Orleans are cranking them out like widgets in a factory running on race gas.
It took 4 months to get to 250K and one week to double that.
Not only is this far from over, it’s just getting warmed up.
I don’t see us returning back to what was an already fucked up position that we called normal, anytime soon.