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Glenn Beck: ‘I DON’T recognize my country anymore’

Glenn Beck has been warning since last summer that you would not recognize your country in a year. Well, it’s not even summer yet, and he says he already doesn’t recognize the country.

Do you recognize an America in which people are making more money off government unemployment benefits than they can make by working, inflation is ramping up, housing, supply and labor shortages are widespread, and the current administration gives cybercriminals from Russia a free pass after the biggest cyberattack on our nation’s infrastructure to date?

On the radio program this week, Glenn pointed out that while businesses all over the nation are downsizing, one brand store is actually booming — and it says a lot about the state of the economy and what it means for our country’s future.

Watch the video clip below to hear more from Glenn:

Want more from Glenn Beck?

To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution and live the American dream.

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Despite millions of jobs available, April’s employment report has grim news

The U.S. Department of Labor has released its official April payroll report, and the anemic numbers of jobs added have shocked Wall Street and prompted many states to begin re-examining federal unemployment benefits. According to the department, the economy added about 266,000 new jobs in April, well short of forecasts, and the unemployment rate rose to 6.1%. According to Bloomberg, overall employment remains 8 million short of pre-pandemic levels.

Employment levels had been slowly increasing as businesses began to reopen from the worst months of the pandemic, with 536,000 new jobs added in February and 770,000 added in March. April’s anemic figure came as a surprise to many Wall Street analysts, who predicted that the rate of jobs added would continue to increase.

There seems, however, to be one major roadblock to continued job growth: Companies are reporting that they are simply not able to find anyone to fill certain jobs for a variety of reasons, including the relative attractiveness of expanded federal unemployment benefits, and the inability of some parents to resume full time work because schools in many parts of the country have not fully reopened for full-time in-person learning. Bloomberg reports that the number of available jobs is reaching record levels, in spite of the high unemployment numbers.

This tension is causing some states to react. The Republican governors of South Carolina and Montana announced Thursday that they are ending enhanced federal unemployment benefits for all residents in their states beginning next month, saying that the benefits are unnecessarily discouraging people from returning to work and causing labor shortages in critical industries. Montana Gov. Greg Gianforte (R) said, in explaining the move, that “Incentives matter, and the vast expansion of federal unemployment benefits is now doing more harm than good. We need to incentivize Montanans to reenter the workforce.”

Florida Gov. Ron DeSantis (R) also announced on Thursday that Florida residents will be required to show proof that they are looking for work in order to continue to receive unemployment benefits beginning on May 29. Florida’s requirement for weekly “work search” reports had previously been suspended by a DeSantis executive order, but DeSantis indicated that he would not renew the order when it expires later this month.

“We suspended that last year at this time because, quite frankly, there weren’t jobs,” DeSantis said. “I think now we’re in just a different situation, you have a surplus of jobs, particularly in restaurant, lodging, hospitality, that people want to hire. I mean, you see the signs all over the place. Look, that’s a good problem to have. But we also just want to make sure, like, look, if you’re really unemployed, can’t get a job, that’s one thing. But making sure that you’re doing your due diligence to look for work, and making sure those incentives align, better.”

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The Mass Exodus From The West Coast Is Driving Home Prices In Idaho To Insane Levels

This article was originally published by Micahel Snyder at The Economic Collapse Blog. 

Lots of people have been moving away from the west coast over the last decade, but we have never seen the sort of mass exodus that we have seen over the last year.  This mass exodus has created some extremely hot real estate markets in desirable areas located away from the coast, and according to the Wall Street Journal, the hottest real estate market in the entire country right now is Coeur d’Alene, Idaho.

Any house in the area that gets placed on the market is likely to spark a bidding war, and according to the Coeur d’Alene Association of Realtors, the median price of a home in the region has risen by a whopping 47 percent in the last 12 months…

The median sales price in the Coeur d’Alene region rose in March to $476,900, up 47% from a year earlier, according to the Coeur d’Alene Association of Realtors. Finding a home to buy in the metro area of about 166,000 is getting tougher: Inventory of homes for sale shrank by 71% to just 337 homes. That amounts to less than a month’s supply.

“That’s not enough to go around—therefore, every listing gets 30 offers,” Ms. Johnson said. “Since the pandemic, our market has been crazy.”

In particular, the demand for high-end homes is off the charts.

During the first two months of this year, the number of million-dollar homes sold in the Coeur d’Alene area was more than five times higher than the number sold during the first two months of 2020…

That has helped boost the number of high-end sales. In the first two months of the year, 67 homes in the area sold for $1 million and above, up from 12 sales in that price range in the first two months of 2020, Ms. Williams said.

Of course, the Coeur d’Alene region is not the only extremely hot real estate market that has been fueled by this mass exodus.

According to the Wall Street Journal, these cities round out the top 5…

Austin, Texas

Springfield, Ohio

Billings, Montana

Spokane, Washington

It is interesting to note that three of the top five hottest markets are in the Northwest.  For a variety of reasons, large numbers of people are being drawn to the region, and this has both positives and negatives.

If people want to make positive contributions to their new communities, that can be a good thing, but in too many cases new arrivals want to make their new communities just like the hellholes that they are escaping from.

According to Realtor.com, a large percentage of the people viewing Coeur d’Alene property listings are located in major cities such as Los Angeles and Seattle

About 70% of page views on Coeur d’Alene property listings came from outside the state in the first quarter, up from about 66% a year earlier, according to Realtor.com. The top metro areas for interest in Coeur d’Alene listings were Seattle, Spokane and Los Angeles.

Vast numbers of “west coast refugees” are fleeing to Texas as well.  In fact, one real estate executive based in Dallas says that “70% of the people moving in are from California”

“It’s like waiting for people to get an iPhone when it comes out,” he added. “We have lines out the door for people seeing houses all across all sorts of price points.”

Healy, who is based in Dallas, said hundreds of people per day are moving to his city. He pointed out that 70% of the people moving in are from California and increasing “luxury price points.”

Overall, home prices are much higher in the U.S. today than they were last year.

In fact, we just learned that the Case-Shiller Home Price Index has risen 12 percent over the last 12 months…

House prices soared by 12.0% from a year ago, the biggest increase since February 2006, near the peak of Housing Bubble 1, according to today’s National Case-Shiller Home Price Index for “February,” which reflects the three-month average of sales recorded in public records in December, January, and February.

But the Federal Reserve says that inflation is very low and that there is nothing to be concerned about.

Used car prices are escalating rapidly as well.  In fact, the Manheim U.S. Used Vehicle Value Index is up 52 percent over the last year…

Used car prices in the U.S. continue to skyrocket as a result of both the country’s economic recovery and an ongoing supply crunch.

The Manheim U.S. Used Vehicle Value Index has continued to soar through the month of April, to a new record, as a result of the worsening of a semiconductor shortage, low lot inventories, and a continuing post-Covid “boom”.

The index was up 6.8% in the first 15 days of April, Bloomberg noted. The index is up an astounding 52% from the same time last year to 191.4.

But the Federal Reserve says that inflation is very low and that there is nothing to be concerned about.

The price of gasoline just keeps rising as well.  It has jumped 9 percent since last month and it is up more than 22 percent overall since this time last year…

Gas prices jumped over 9% in the past month and they’re not expected to slow down anytime soon.

Gas prices are up 22.5% from the previous year and were the biggest contributor to an overall increase in goods and services in the nation, according to the US Bureau of Labor Statistics’ Consumer Price Index. Fuel prices pushed a 1-month increase in the overall price of goods for March that was the highest in nearly 9 years.

But the Federal Reserve says that inflation is very low and that there is nothing to be concerned about.

Do you believe the Fed?

I think that Fed officials should be forced to shop for lumber if they want to try to keep convincing us that inflation is very low.

According to Fortune, the price of lumber has shot up 232 percent since the start of the pandemic.

232 percent!

That is just nuts.

By the way, the book that I published last year warned way in advance that inflation would get way out of control.

Events are playing out just as we anticipated, and a lot more inflation is on the way.

Whenever a crisis arises, our leaders always flood the system with more money, and they are pushing us dangerously close to the point of no return.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream, and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial, or health decisions.  I encourage you to follow me on social media on FacebookTwitter, and Parler, and anyway that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

The post The Mass Exodus From The West Coast Is Driving Home Prices In Idaho To Insane Levels first appeared on SHTF Plan – When It Hits The Fan, Don’t Say We Didn’t Warn You.

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Infrastructure Bills Do Not Lead To Recovery, Only Increased Federal Control

This article was originally published by Brandon Smith of Alt-Market.us at The Birch Gold Group. 

The concept of infrastructure stimulus has been hyped for decades as a kind of cure-all for economic decline. The propaganda runs parallel to the narrative of the “savior” of the Great Depression, Franklin Delano Roosevelt. In fact, one cannot examine the presidency of FDR without being bombarded with one-sided worship of infrastructure spending and the “New Deal.”

The New Deal is often credited in left-leaning literature as being the singular cure for the depression, and FDR by extension has been handed messiah status among leftists. The New Deal is supposedly proof that massive socialized federal and central bank interventions through public works programs is economic ambrosia. So, it’s not surprising that nearly every president since the Great Depression has argued for an unprecedented infrastructure bill when faced with economic collapse. A large portion of the public on both sides of the aisle has been trained to think these programs will save us.

Biden, in particular, has made historic stimulus spending the very first platform of his administration, and consistently cites FDR and Lyndon Johnson as patron saints of his infrastructure bill. If it worked for them, then obviously it will work for him… right?

Actually, the New Deal wasn’t a great deal

In reality, the public works and welfare programs of FDR in particular had very little to do with the ending of the Great Depression. In fact, the New Deal actually made the situation worse.

Roosevelt’s own Treasury Secretary, Henry Morgenthau, lamented on May 6th, 1939 after two full terms of FDR’s presidency and stimulus programs that the New Deal was a complete failure. He stated to fellow Democrats during a session of the House Ways and Means Committee that:

“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong… somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises… I say after eight years of this Administration we have just as much unemployment as when we started… And an enormous debt to boot!”

High unemployment and declining living standards were an epidemic in the U.S. throughout the 1930s and well into World War II. The Census Bureau outlines the dismal state of the financial system and the U.S. consumer throughout this period in its “Historical Statistics of the United States.” By 1939 the stock market had crashed on multiple occasions, car sales imploded by 30%, business closures increased by 50%, and real estate foreclosures were still near record highs. The New Deal had achieved minimal benefits of limited scope, but not much else. For the average American, it was as if nothing had changed in a decade.

That said, for certain major companies and big banks, the gains were incredible. Companies like General Electric, IBM, Proctor and Gamble, and JP Morgan saw endless profits during the Great Depression while buying up smaller competitors for pennies on the dollar. Those companies involved in public works programs siphoned government money like a black hole while very little trickled down to American workers. All in all, the Great Depression was a windfall for the corporate elite as wealth was consolidated and centralized into fewer and fewer hands.

So we have to ask, if the New Deal was a failure and did nothing to solve the depression problem, what did solve it? Some historians and journalists suggest the beginning of World War II and increased defense spending saved America. This is incorrect. As noted by Robert Higgs, the U.S. standard of living continued to decline throughout World War II. It was not the beginning of the war that saved America, but “After the war, genuine prosperity returned for the first time since 1929.”

How the U.S. led the world out of the war

The U.S. was one of the only industrialized nations on the planet that had been left mostly untouched by the destruction. Because of this, all other nations had to turn to the U.S. for manufacturing during the long rebuilding process. In Europe, this process carried on well into the 1950s. The U.S. had very little competition, so much so that the U.S. dollar’s reserve status increased to the point of complete dominance. If you wanted access to manufactured goods, you had to trade with the U.S. and to trade with the U.S., you had to have a stockpile of U.S. dollars.

What I see today is a change in the flow of global commerce – in the opposite direction from the post-war era. Yes, trillions of dollars in stimulus measures have created a short-term reversal of the pandemic collapse. In fact, there is much evidence to suggest the economy is overheating. Price inflation is becoming rampant in numerous sectors.

In the meantime, U.S. Treasuries are being dumped by foreign investors and the dollar is in decline. Central banks are now dumping the dollar, decreasing their reserves to the lowest level since 1995.

China is now the world’s largest manufacturing base, leaving very little major industry on U.S. soil. In the background, globalists are calling for a “Great Reset” of the world economy that would centralize monetary policy even further and create the foundation of a cashless society built on a digital reserve currency system.

What’s the massive infrastructure spending really about?

I believe, according to the evidence as well as past failures like the New Deal, that Biden’s infrastructure plans will accelerate the U.S. collapse instead of reversing it. The U.S. GDP might increase, but only because it is calculated to include almost every dime the government prints out of thin air and spends. Production of fiat money is not the same as real production within the economy.

Trillions of dollars in public works programs might create more jobs, but it will also inflate prices as the dollar goes into decline. So, unless wages are adjusted constantly according to price increases, people will have jobs, but still won’t be able to afford a comfortable standard of living. This leads to stagflation, in which prices continue to rise while wages and consumption stagnate.

Another Catch-22 to consider is that if inflation becomes rampant, the Federal Reserve may be compelled (or claim they are compelled) to raise interest rates significantly in a short span of time. This means an immediate slowdown in the flow of overnight loans to major banks, an immediate slowdown in loans to large and small businesses, an immediate crash in credit options for consumers, and an overall crash in consumer spending. You might recognize this as the recipe that created the 1981-1982 recession, the third-worst in the 20th century.

In other words, the choice is stagflation, or deflationary depression.

Finally, I would point out that there may also be an ulterior motive for the deluge of federal dollars into state economies through public works. Currently, Conservative states are increasingly willing to risk the consequences of returning to business as usual, regardless of federal mandates. Resistance is building against pandemic-related restrictions.

Red states are also seeing a far superior financial recovery when compared to blue states. Blue states have sabotaged themselves with lockdowns while red states have remained more open. However, the Biden Administration is hell bent on keeping pandemic restrictions in place nationwide

What if infrastructure spending plans are designed to trap red states into compliance with future covid mandates? What if the goal is to bribe these states with trillions in stimulus, but only if they submit to federal authority? I suspect that Biden’s public works bill is partially intended to be a blue state bailout, and money will be withheld from any conservative state that refuses to conform to lockdowns.

Only time will tell what the true agenda is, but this much is undeniable given the facts at hand: Biden’s plan is either an act of desperation, a deliberate attempt to pull the rug out from under the U.S. dollar and the economy to jump-start the globalist reset or a scheme to lock state governments into obedience over pandemic restrictions.

Whatever else Biden’s “New New Deal” is, it is certainly NOT a plan for economic recovery.

The post Infrastructure Bills Do Not Lead To Recovery, Only Increased Federal Control first appeared on SHTF Plan – When It Hits The Fan, Don’t Say We Didn’t Warn You.

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POWELL IS EITHER DEAD WRONG OR A GENIUS!

This article was contributed by Portfolio Wealth Global. 

For months now, the theme has been that the economy is heating up.

If you free-search the term “Overheated Economy,” tons of articles, showing packed malls and fully-booked resorts appear.

The notion that bond yields are going to keep rising and that the FED must tighten soon is flawed in the eyes of FED Chair Powell.

If he’s wrong, the gloom-and-doom crowd believes inflation will get out of hand.

I want to show you Powell’s arguments that inflation will not rise above the 2.2%-2.4%, where the FED wants it to be for the next few years, and then I’ll show you where Powell could be wrong.

WHY DISINFLATION IS LIKELY

Disinflation doesn’t mean deflation. It means that inflationary expectations aren’t met.

It means that deficit spending and unsecured government debts are not going to cause a worst-case scenario, despite the in-your-face emotional rants of people who despise them.

Here’s why Powell believes disinflation (2.2%-2.4% long term) is more likely:

  1. Supply Chain Congestion: This is a big one. His reply is that any supply chain matters are fleeting and will be resolved. I agree. The capacity to manufacture in today’s world is nearly inexhaustible.
  2. Technological Boom: A crucial point is that breakthroughs in technology are making our lives much more affordable.

If I think about twenty years ago when people wanted to chat with a friend of theirs, while riding the bus, the SMS technology was expensive!

A text message used to cost a fortune. If I tried to live the same life I did twenty years ago, my life would be 50% cheaper than it is right now, so technology is driving prices down.

  1. Mature Economy: No robust economy with a long-standing currency system has ever suffered from crazy inflation.

It is true that all fiat currencies in history have gone to zero, but it’s also misleading since the population had ample time to exchange the old currency for the new one before the old expired into nothingness.

  1. Competitive Global Economy: In the 1970s, America was the clear dominator and no one else was even close. Today, the ability to produce and manufacture is uncanny and before companies raise prices, there better be a very good reason for it.
  2. Phillips Curve Theory Failed: In the last few years, we saw unemployment levels in the U.S. go down so much, yet inflation never became an issue. The jobs market was so tight that people were quitting left and right and companies still didn’t raise wages by that much, since they looked outside the U.S. for talent.

Courtesy: Zerohedge.com

Bonds have clearly been a horrible asset to hold in 2021, but with the 10-year bond dishing out 1.714%, as I write this, get inside the head of a pension fund manager, with billions to deploy and a mandate that he must hold government bonds.

He looks at the available supply of bonds and sees that in Europe, every government will borrow from you, but none of them will pay anywhere near what Washington will and some might even charge you interest!

Inflation might not become a pressing issue, so don’t bank your livelihood on hyperinflation.

Instead, take baby steps and do what’s right for you today, with the available information at your disposal, not with some theory that 51 years after we’ve gone on the fiat currency system, suddenly everyone will treat it like a house of cards.

It might not happen…

The post POWELL IS EITHER DEAD WRONG OR A GENIUS! first appeared on SHTF Plan – When It Hits The Fan, Don’t Say We Didn’t Warn You.

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The V-Shaped Recovery Never Happened

This article was originally published by Ryan McMaken at The Mises Institute. 

In a display of unconvincing enthusiasm, NBC reported today that payroll employment “surged” in February. Specifically, total nonfarm payrolls (seasonally adjusted) grew 379,000 month over month, which was above the expected increase of 210,000.

That might sound great to some, but a closer look suggests job growth is quite a bit more sedate than the media narrative suggests. Moreover, a look at the job growth situation in recent months is a helpful reminder that the “V-shaped recovery” we were promised last spring never happened.

Some may remember all that talk about a V-shaped recovery last year. That was back when we were being assured that “two weeks”—or maybe two months—to “slow the spread” of covid-19 would pay countless dividends because then lockdowns and forced business closures would somehow miraculously “beat back” the disease and then employment and the economy would come roaring back, the Fed could end its stimulus programs, and everything would be fine.

Back in June, CNBC announced “The recovery from the coronavirus sure looks V-shaped” and pointed to record job growth coming out of the initial collapse in employment that occurred in March and April.

But then the good news basically stopped, at least as far as employment was concerned.

For example, while February’s month-over-month job growth might look impressive, the US remains a long, long way from where total employment was this time last year. In February of last year, before the effects of lockdowns were beginning to be felt, total employment topped 152 million in the US. After this February’s “surge” in employment, total employment was at 143 million, or still down 9 million. In other words, total employment is still where it was back in 2015.

unemp

Yes, the US has regained 13 million jobs since the bottom of the crisis back in April 2020. But as we can see in the first graph, total employment has gone sideways since last November and is only up by 200,000 over the past four months. That’s not exactly a “surge” of anything. And it’s definitely not anything resembling a “V-shaped” recovery. It looks more like a very week version of a “check mark-shaped recovery” that some predicted last year. Except the tail end of this checkmark has so far been nearly flat.

And then there is the unemployment insurance totals. New unemployment insurance claims have hovered around between 700,000 and 800,000, every week, for the past five months. There’s no evidence of any downward trend here, and the V-shaped recovery turned into a long slog past the initial anemic “recovery” that took place last summer.

initial

Continuing unemployment claims are slowly lessening, however. Since the beginning of the calendar year, continuing claims have fallen from 5.1 million to 4.2 million.

In both cases, totals remain well within recessionary territory. Back during the Great Recession, for example, continuing claims peaked at 6.6 million. Claims totaled about 1.7 million in 2020 before the recession began.

Unemployment has also remained stubbornly high among those making claims under the Pandemic Unemployment Assistance program. In early January, total continuing claims under the PUA was at 8.3 million, continuing a long slow trend downward. By early March, continuing claims had only fallen to 7.3 million.

That’s progress, but combined with regular unemployment insurance, it means there are still more than ten million Americans receiving some form of unemployment insurance, which hardly suggests a robust recovery.

The unemployment rate remains troublingly high as well. The headline unemployment rate for February was reported as falling to 6.2 percent. That’s certainly an improvement from April 2020’s peak rate of 14.8 percent.

But as is so often the case, the headline rate masks a more complex reality surrounding the unemployment rate.

Although the official rate is 6.2 percent, the Washington Post’s Heather Long notes that the Minnesota Fed’s Neel Kashkari admitted “the true unemployment rate is around 9.5%”

Why the gap? It is a result of several factors, including falling response rates to the Labor Department’s employment surveys, the fact many have simply stopped looking for work, and ambiguities in the data over whether or not someone is only temporarily unemployed.

In other words, the official unemployment calculation excludes a great many people who would like to have jobs, but who gave up and stopped looking for work. Many others are only technically “temporarily” unemployed but in practice are jobless. The official data says many of these people are “on leave.”

Fed Chairman Jerome Powell has also admitted that the unemployment rate was likely close to 10 percent in January. Not surprisingly, Kashkari predicts no “liftoff” for the economy until 2022.

Taking all this together, it’s pretty clear the United States is still very much in the midst of a job recession.

Yet, CNBC tells us that the economy is “on fire” because GDP totals may surge in the upcoming first-quarter data. “Economic growth in the first quarter could hit 10%,” CNBC triumphantly proclaims, claiming the economy has “roared back” and is set to defy even the rosiest expectation. But unless something changes big time in the jobs situation, we’ll have to start looking at GDP the way we look at stock prices: something that reflects a lot of optimism and growth in some sectors of the economy but which has very little to do with the personal finances and job prospects of millions of ordinary Americans.

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Bank Of America Begins First Round Of Layoffs Since Pandemic-Inspired Freeze

This article was originally published by Tyler Durden at ZeroHedge. 

After being canceled last year, the annual culling of the underperformers is underway once again at BofA.

Following a slowdown in layoffs during the pandemic as a coterie of megabanks (including BofA and Deutsche Bank) announced plans to suspend layoffs, Wall Street’s talent-churning machine is firing back up. Bank of America’s Global Banking and Markets division is reportedly preparing to move ahead with layoffs now that 2020 is finally over. Last year, BofA CEO Brian Moynihan promised that BofA would hold off on any further layoffs until 2021, even as other Wall Street banks started handing out pink slips again once the fall months arrived.

The cuts impacted employees in capital markets, research, and investment banking according to Business Insider. Sources from inside the bank said the cuts are part of the typical cycle of Wall Street layoffs, as banks seek to preserve top talent and cull underperformers. They added that the number of people fired was in line with prior years.

Some of those being handed pink slips are senior staffers who volunteered for buyouts.

It’s not exactly clear what percentage of staffers from the Global Banking and Markets division are being cut.

Staffers across Wall Street already had to contend with what was by all accounts a disappointing bonus season, despite the blowout profits reaped by big banks in 2020 as markets boomed. Investment banking and trading operations posted blowout performances in 2020, but institutions as a whole suffered steep profit declines as they braced for loan losses tied to the pandemic.

At BofA, management’s decision to waive a new bonus policy for veteran traders and dealmakers has caused “internal drama”, as the new rules were supposed to be applied broadly. Those who weren’t subject to the policy have been “gathering on calls to vent frustrations and discuss options”. In some ways, the divisiveness dates back to BofA’s 2008 takeover of Merrill Lynch, the Wall Street investment bank that nearly went under during the financial crisis.

The post Bank Of America Begins First Round Of Layoffs Since Pandemic-Inspired Freeze first appeared on SHTF Plan – When It Hits The Fan, Don’t Say We Didn’t Warn You.

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If You Believe Life Will “Return To Normal”, You Have A Fundamental Misunderstanding Of The Times In Which We Live

Despite all of the craziness that is going on out there, many pundits are trying to convince us that life will soon “return to normal” and that great days are just around the corner.  They are telling us this despite the fact that the state of Texas has been in a state of collapse this week, the real economy continues to implode, the unemployment numbers are going up, civil unrest continues to rage in our streets on a nightly basis, and our entire planet continues to become even more unstable.  Those that believe that happy days are here again have a fundamental misunderstanding of the times in which we live.  This isn’t a period of time when America is going to “build back better”.  Rather, this is a time when America is going to go even deeper into “the perfect storm”.

One of the reasons why so many on the left are feeling optimistic right now is because the COVID pandemic appears to be subsiding

According to a CNN analysis of data from Johns Hopkins University, the US is seeing a 29% decline in new Covid-19 cases compared to this time last week, the steepest one-week decline the US has seen during the pandemic.

Improvements have been made; in a White House briefing Friday, US Centers for Disease Control and Prevention Director Dr. Rochelle Walensky said the US continues to see a five-week decline, with the seven-day average of cases declining 69% since peaking on January 11.

We are being told that if the numbers continue to plummet like this, soon there won’t be a need for masks, social distancing and other restrictive measures any longer.

In fact, James Hamblin says that there is a possibility that “pre-pandemic life will return even before summer is upon us”

If all of this holds true, it would mean that many aspects of pre-pandemic life will return even before summer is upon us. Because case numbers guide local policies, much of the country could soon have reason to lift many or even most restrictions on distancing, gathering, and masking. Pre-pandemic norms could return to schools, churches, and restaurants. Sports, theater, and cultural events could resume. People could travel and dance indoors and hug grandparents, their own or others’. In most of the U.S., the summer could feel … “normal.”

But is this pandemic really over, or is it just transitioning into a new chapter?

According to the Daily Mail, the number of confirmed cases of “Super COVID” in the United States is now doubling every 10 days…

There are now more than 1,600 cases of the UK’s B117 ‘super covid’ variant in the US, according to a DailyMail.com analysis. Cases are doubling approximately every 10 days, according to a recent Scripps Research Institute study.

‘Super covid’ cases have exploded in two states that took opposite approaches to the pandemic: California, which has been under some of the nation’s strictest lockdowns, and Florida which has never had a mask mandate.

Cases of the 70 percent more infectious variant have exploded to 433 in Florida, in less than one month since the first case was discovered there.

Of course many experts are far more concerned about the new COVID variants that have emerged in Brazil and South Africa.  Both of those variants have now made it to the U.S., and we already know that the current vaccines don’t work very well against the South African variant.

Meanwhile, the U.S. economy continues to crumble right in front of our eyes.

On Thursday, we learned that another 861,000 Americans filed new claims for unemployment benefits last week…

Last week’s initial jobless claims soared to 861,000, despite more states and cities lifting restrictive business measures amid a decline in the number of coronavirus cases. Economists had predicted around 773,000 first-time claims for the week ended Feb. 13. Data for the previous week was revised up to 848,000 from 793,000.

Unemployment claims have been at catastrophic levels for nearly a year, and now they are starting to surge higher once again.

We also just learned that a whopping 92 percent of all restaurants in New York City “could not afford to pay their rent in December”

A new report from the NYC Hospitality Alliance shows the extreme financial problems restaurants in New York City are facing, as 92% of the city’s restaurants could not afford to pay their rent in December.

The number has steadily worsened throughout the pandemic, from 80% of restaurants in June 2020 not being able to pay rent.

92 percent!

That isn’t what a “recession” looks like.

The truth is that we are in an economic depression, and there is no end in sight.

At the same time, communities all over the U.S. continue to be plagued by civil unrest and crime.

In cities such as Seattle, violent protests and riots have essentially become a nightly occurrence at this point.  But most of the violence that we are witnessing is old-fashioned crime.  One study found that murder rates in major U.S. cities were up by an average of 30 percent last year, and the chaos has continued into 2021.  If you want to see an example of the lawlessness that is prevailing in our urban areas right now, just watch this video.

On top of everything else, our entire planet continues to behave in very unusual ways.

For instance, on Friday morning there was a magnitude 4.2 earthquake in Oklahoma

4.2-magnitude earthquake shook Oklahoma and Kansas Friday morning, the U.S. Geological Survey reports.

The 4.3-mile deep quake hit near Manchester, Oklahoma, at 7:56 a.m. CST, according to the USGS. Manchester is in northern Oklahoma near the state’s border with Kansas.

It is not normal to see earthquakes of that size in the middle of the country, but of course we are moving into times when all of the old rules will no longer apply.

Earlier this month, I wrote an article about how volcanoes all along the Ring of Fire have been “starting to pop off like firecrackers”.  I believe that we have entered a time when we will see natural disasters become increasingly frequent and increasingly powerful, and despite all of our advanced technology we are exceedingly vulnerable.

Just look at what just took place in Texas.  A single wave of cold weather plunged the state into a nightmare scenario.

If cold weather can cause this much chaos in Texas, what would a much more severe long-term emergency mean for our entire nation?

The events of the past week should be a wake up call for all of us, because the road ahead is certainly not going to get any easier.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on FacebookTwitter and Parler, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

The post If You Believe Life Will “Return To Normal”, You Have A Fundamental Misunderstanding Of The Times In Which We Live first appeared on End Of The American Dream.

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8 Million More Living In Poverty, 9 Million Small Businesses In Danger Of Closing, 10 Million Behind On Rent…

This article was originally published by Michael Snyder at The Economic Collapse Blog. 

The economic downturn that we are currently experiencing is making the last recession look like a Sunday picnic.  Yes, 2008 and 2009 were bad, but they weren’t anything like this.

Unprecedented intervention by the Federal Reserve has allowed the rich to get even richer during this crisis, but meanwhile millions upon millions of ordinary Americans are deeply suffering.  Unfortunately, what we have gone through so far is just the beginning.

As a child, I was a big fan of Sesame Street, and one of the characters that really stood out to me was Count von Count.  I loved the fact that he was always counting things, and that is what I am going to do in this article in order to illustrate how bad economic conditions have now become.

Let’s start with the number 7.  According to the Congressional Budget Office, approximately 7 million more Americans would have jobs right now if the COVID pandemic had never happened

But in fact, what the CBO is projecting is dire: around 7 million people out of work in 2021 whom CBO thought before the pandemic would be working. That’s dire – and a call to immediate action, not calm, not wait-and-see.

Personally, I think that estimate is way too low.

In fact, the Federal Reserve says that 152 million Americans were working before the pandemic started, and only 142 million Americans are working now.

So the CBO estimate appears to be off by about 3 million.

Count von Count would not be happy.

Let’s try another number.  According to Bloomberg, the number of Americans living in poverty has risen by 8 million during this crisis…

Support is rising among policy makers to address America’s child-poverty crisis, which is getting worse as the pandemic drags on.

More than 8 million Americans — including many children — fell into poverty during the second half of last year, exacerbating the racial and income inequalities that are holding back the U.S. economy.

In this case, I think that this is a reasonable estimate, but that number will inevitably keep growing in the months ahead.

One of the big reasons why it will continue to rise is because hordes of small businesses will be collapsing, and that brings us to our next number.

According to a study that was recently released by the Fed, 9 million small businesses in the U.S. say that they “won’t survive” in 2021 without more government assistance

Three in ten small businesses — or 9 million out of the estimated 30 million in the United States — fear they won’t survive in the coming year without additional government assistance, according to a survey recently published by the Federal Reserve.

The Small Business Credit Survey, which was conducted last September and October and released last week, showcased the incredible burden the coronavirus pandemic has placed on America’s small businesses, as 88% of the businesses surveyed reported that sales had not yet returned to pre-pandemic levels.

Can you imagine what our country would look like if almost a third of all small businesses permanently disappeared?

If you watched the Super Bowl, you were bombarded with messaging about the plight of our small businesses.  We have never seen anything like this before, and that is because our small businesses have never had to face a crisis of this magnitude.

With each passing day, more small businesses are folding, and nothing that the federal government is going to do will completely stop this trend.

Our next number is 10.  According to the U.S. Census Bureau, 10 million renters were behind on their rent payments in January, and many more people anticipated not paying rent in February…

An estimated 10 million renters were behind on their rent and at risk of eviction in the middle of January, according to a Census Bureau survey. And an estimated 16 million renters had little to no confidence they could pay rent in February.

Overall, U.S. renters now owe at least 30 billion dollars in back rent.

This has created extreme financial pain for America’s landlords, and when the rent moratoriums are finally lifted we are going to see the largest tsunami of evictions in all of U.S. history by a very wide margin.

Before I wrap up this article, let me leave you with just one more number.  So far in 2021, the number of passengers at U.S. airports is down by more than 60 percent compared to 2019…

Over the past seven days, not quite 707,000 passengers per day on average passed TSA checkpoints at US airports, a measure of how many passengers in the US are flying somewhere. This was down by 61.6% from the same period in 2019, the last full year of the Good Times. At the end of January, the drop from 2019 was over 65%.

I honestly do not know how the airline industry is going to survive this without government help.

Speaking of not surviving, Democrats have introduced a bill in Congress that would essentially deal a death blow to the gig economy

The legislation at the core of their agenda is the PRO Act, which Democrats just re-introduced with sponsors including Speaker of the House Nancy Pelosi and Senate Majority leader Chuck Schumer. Among many other things, the bill would severely restrict the legal definition of independent contractors in a way that would largely end the gig economy as we know it.

The legislators’ stated intention is to protect workers and bolster their rights under law. Through the reclassification of independent contractors, Democrats hope to force gig economy companies to hire workers as full employees and thus provide them the accompanying salaries and benefits.

If this bill passes, it would absolutely devastate Uber, Lyft, and countless other companies that rely on gig workers.

Basically, millions of jobs would go “poof” with one stroke of Joe Biden’s pen.

According to the Bureau of Labor Statistics, more than 50 million Americans are currently employed by the gig economy.  It is great to want those workers to have higher pay and more benefits, but if those companies go out of existence there won’t be any jobs at all.

These are very dark times for the U.S. economy, and the outlook for the future is exceedingly bleak.

However, in the short-term economic conditions should stabilize somewhat thanks to the huge stimulus payments that the government will be sending out.

But that bubble of hope will be very brief, and everyone should be able to see that much more pain is on the horizon.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream, and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial, or health decisions.  I encourage you to follow me on social media on FacebookTwitter, and Parler, and anyway that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

The post 8 Million More Living In Poverty, 9 Million Small Businesses In Danger Of Closing, 10 Million Behind On Rent… first appeared on SHTF Plan – When It Hits The Fan, Don’t Say We Didn’t Warn You.

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Joe Biden’s proposal to raise the minimum wage would cost 1.4 million jobs, according to gov’t analysis

A government analysis of the proposal from Democrats to increase the minimum wage to $15 an hour says that it would cost the economy 1.4 million jobs if implemented.

The startling analysis was released Monday by the nonpartisan Congressional Budget Office (CBO).

The jobs would be lost cumulatively over four years because the proposal would gradually raise the minimum wage from $7.25 to more than twice that amount by 2025.

The report said, “17 million workers whose wages would otherwise be below $15 per hour would be directly affected, and many of the 10 million workers whose wages would otherwise be slightly above that wage rate would also be affected.”

The CBO found that in addition to those who would lose employment, another 900,000 people would be brought up above the poverty line.

Also, revenues into the government would increase based on the proposal, but those would be offset by increases in spending due to the rise in the cost of products and services. It estimating raising the minimum wage would increase the government’s deficits by $54 billion over 10 years.

Republicans have opposed the proposal, especially at a time when so many have already lost their jobs over the shutdown from the coronavirus pandemic.

“In Iowa, [a $15 minimum wage] would hammer our small business, when they are trying to get back on their feet, they are most vulnerable right now,” said Republican Sen. Joni Ernst (Iowa).

Despite making it a plank in his 2020 presidential platform, Biden signaled in an interview Sunday that the proposal would likely be abandoned in current legislation being negotiated by Congress.

“My guess is it will not be in it,” Biden said. “I don’t think it is going to survive.”

Here’s more about the minimum wage proposal:


How raising the minimum wage to $15/hr would impact the economy and workers

www.youtube.com

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After locking down New York, Gov. Cuomo forecasts state’s decimated job market won’t recover from COVID-19 until 2025

New York Democratic Gov. Andrew Cuomo has bad news for his people: It will be literally years before the state’s job market recovers from the hit it took during the COVID-19 pandemic.

The massive loss of jobs the Empire State experienced came largely as a result of COVID-19 lockdown policies instituted at the hands of the left-wing executive.

What did Cuomo say?

In his annual budget plan submitted this week, Cuomo made it clear that there are rough times ahead for New York’s workers.

His subjects should not expect the state’s employment levels to recover to pre-pandemic levels until sometime in 2025, he stated in his “Economic Revenue and Outlook” outline of his $192.9 billion budget.

The document noted that actions taken by the government to “slow the spread” of the virus brought the economy to a stop, with nearly 2 million jobs lost in New York alone. Though there has been some recovery in the employment numbers, things are still way behind where they should be: November’s employment levels were 10.3% below pre-pandemic levels.

And the state has fallen behind the national pace.

The measures taken to slow the spread of COVID-19 brought the State economy to a virtual standstill in March and April of 2020. More than 1.9 million jobs were lost in these two months alone. Based on the most recent Current Employment Statistics (CES) seasonally adjusted data, almost half of those jobs have been recovered as of this publication. However, the November level of employment remains 10.3 percent below its February (pre-pandemic) level. As illustrated in the figure below, the pace of the national labor market recovery initially outperformed that of the State. With the easing of the most stringent phase of the New York lockdown on pause in May, the State initiated a staged reopening in accordance with Centers for Disease Control (CDC)-issued guidelines. The national labor market made a strong and immediate comeback, adding 9.3 million jobs in the three months through July, or 41.8 percent of jobs lost. That compares to the 533,000 jobs New York recovered over the same period, or 27.4 percent of jobs lost.


Image source: budget.ny.gov, “FY 2022 Economic and Review Outlook” screenshot

With Cuomo’s orders killing restaurant dining and colder weather making any sort of outdoor dining options for most New York eateries not possible, the recovery of the labor market has suffered even more.

The governor’s office now predicts job growth to be a mere 5.4% for 2021, after declining 9.9% in 2020.

Which means, according to Cuomo’s own budget outline, the state of New York should not expect to reach its pre-pandemic employment levels until 2025.

With the onset of colder autumn weather, and virus-safe practices such as outdoor dining no longer feasible in many areas of the State, the labor market recovery has since slowed to a trickle, as the State added only 29,500 total jobs and 36,300 private sector jobs in November. With COVID-19 transmission intensifying across both the State and the nation, job growth is expected to slow even further over the winter months until vaccines become widely available. Job growth of 5.4 percent is now projected for 2021, following a decline of 9.9 percent for 2020. Private sector job growth of 6.2 percent is projected for 2021, following an estimated decline of 11.1 percent for 2020. These projections compare to national declines of 5.7 percent for total employment and 6.2 percent for private employment for 2020, followed by growth of 2.7 percent for total employment and 3.4 percent for private employment for 2021. New York State employment is not expected to reach its pre-pandemic peak until 2025.

And, as the New York Post noted, things are even worse in New York City, where unemployment is still 12.2% below February’s pre-pandemic levels.

The Cuomo budget out noted that Gotham has recouped only 39.4% of jobs lost during the COVID outbreak in the spring, which, the Post reported, contrasts significantly with the more than 60% recovery in the surrounding Long Island and Westchester-Rockland-Orange counties.


Image source: budget.ny.gov, “FY 2022 Economic and Review Outlook” screenshot

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2020 Ends With Around 20 Million Americans Still On Jobless Benefits

This article was originally published by Tyler Durden at ZeroHedge. 

The total number of Americans on government unemployment benefits ended in 2020 just below 20 million. 2019 ended with just 2 million on jobless claims…

Source: Bloomberg

Initial claims dropped on the week, back below 800k (787k vs 835k exp and 806k prior)..

Source: Bloomberg

After big drops last week, California (and New York) top the states with the biggest increase in jobless claims (as lockdowns accelerated), while Illinois and Pennsylvania topped the biggest improvers (though Illinois’ plunge seems like a huge outlier)

Continuing claims continue to slide as Pandemic Emergency Claims rise (and thanks to the latest COVID Relief Bill, will be extended)…

Source: Bloomberg

Let’s hope 2021 gets better…

The post 2020 Ends With Around 20 Million Americans Still On Jobless Benefits first appeared on SHTF Plan – When It Hits The Fan, Don’t Say We Didn’t Warn You.

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For 55 Percent Of Americans, 2020 Has Been “A Personal Financial

This article was originally published by Michael Snyder at The End of the American Dream. 

One of the big reasons why so many Americans are angry about the size of the “stimulus payments” in the COVID relief bill that Congress just passed is because this year has truly been a “financial disaster” for millions upon millions of people.  More Americans than ever before are just barely scraping by from month to month, and $600 is just not going to go very far.

In 2020, small businesses have been getting slaughtered by the thousands, millions of Americans are in imminent danger of being evicted from their homes, and more than 70 million new claims for unemployment benefits have been filed since the COVID pandemic first started.  The U.S. has plunged into a brutal economic depression, and most of the country is desperately hoping that the federal government will do more to bail them out.

Of course, the truth is that we can’t actually afford another 900 billion dollar “stimulus package” on top of all the other “stimulus packages” that were already passed this year.

We are already 27.5 trillion dollars in debt, and all of this reckless spending is putting us on a highway to hyperinflation.

But most Americans don’t really care that we are literally destroying our national finances.  Most people are in desperate need of money, and the vast majority of them want checks from the government as soon as possible.

A OnePoll survey that was just released asked Americans about the current state of their finances, and that survey discovered that a whopping 55 percent of us consider this year to be “a personal financial disaster”

While there is no question 2020 has been an unparalleled health challenge, many are not losing sight of how devastating the year was for their wallets as well. A new survey finds over half of Americans (55%) consider 2020 a personal financial disaster.

That is over half the country!

And for those that are employed, that same survey found that 62 percent are planning to take on a second job in 2021 in an attempt to make ends meet…

Among employed respondents (59% in total), seven in 10 say they need a raise at their job in order to make ends meet. Sixty-two percent plan on taking on a second job in 2021 to meet their financial goals next year.

That number can’t possibly be correct, can it?

Of course there aren’t that many jobs to go around.  Already, there are millions upon millions of Americans that can’t find a “first job”.  As I discussed the other day, we have got unemployed workers sleeping in lawn chairs or sleeping in their own vehicles because that is all they can afford at this point.

We haven’t seen anything like this since the Great Depression of the 1930s, and this latest wave of lockdowns is making things even worse.

With so many Americans financially hurting, it shouldn’t be a surprise that millions of households are getting behind on their rent and mortgage payments

One-in-seven renters with family incomes from $35,000 to $100,000 were not current on their rent in November. The overwhelming majority of these renters – 79.9% — expected to face eviction within two months. Similarly, 9.6% of homeowners with a mortgage were not current on their mortgage in November. And 56.1% of those homeowners expected they will be foreclosed on in the subsequent two months.

Congress keeps extending moratoriums on rent and mortgage payments, and that has been financially devastating for landlords and mortgage holders.

At some point, the moratoriums must end, and when that happens we are going to see a tsunami of evictions that will be absolutely unprecedented in U.S. history.

Meanwhile, many Americans are going very deep into debt in a desperate attempt to keep themselves afloat financially…

More than one-third of households with incomes between $35,000 and $100,000 borrowed from credit cards, other loans as well as from friends and family to pay for their current expenses in November. Soon, debt payments will come due, burdening families that still suffer from long-term unemployment and added health care costs. This could mean rising credit default rates as well as spillovers of economic pain to other households, from who people borrowed to pay their bills.

If economic conditions were to “return to normal” in 2021, most Americans would be able to weather this financial storm just like they did in 2008 and 2009.

But things are not going to return to normal next year.

Instead, this new wave of lockdowns is going to cause thousands of more businesses to close and will force millions more Americans on to the unemployment rolls.

What we are doing to our small businesses is absolutely criminal.  At this point, small business revenues are down more than 32 percent nationwide since the month of January

Small business revenues have also taken a hit nationwide. The national average is a decrease of 32.1 percent in small business revenue since January. Washington D.C. had the worst loss in the nation at 61.6 percent. Oregon small businesses lost 16.3 percent. Illinois small businesses saw 39.2 percent decline in revenue since January.

Every day, more small businesses are closing up shop permanently.

Millions of hopes and dreams have been brutally crushed, and there is nothing that our politicians can say or do that will bring those businesses back to life.

If you have lost a business or a job this year, then that would definitely qualify as one of the “personal financial disasters” of 2020.

And as you have seen in this article, you are far from alone.

Most of the nation is deeply hurting, and the road ahead is only going to get more challenging.

In the short-term, “stimulus payments” from the federal government will definitely help tens of millions of suffering Americans.

But of course every additional dollar that our government borrows and spends just makes our long-term problems even worse.

A national economic meltdown has begun, and our politicians will try lots of things to mitigate the damage, but all of their “solutions” will only help temporarily.

This is going to be an exceedingly dark chapter for America, but most Americans still do not understand the true nature of the crisis that is now unfolding all around us.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream, and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial, or health decisions.  I encourage you to follow me on social media on FacebookTwitter, and Parler, and anyway that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

The post For 55 Percent Of Americans, 2020 Has Been “A Personal Financial first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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Here’s A Breakdown Of Everything Inside The $900BN Stimulus Bill, And What It Means For The US Economy

This article was originally published by Tyler Durden at ZeroHedge.

Within hours, Congress is set to vote on (and pass) a $900 billion Covid-19 aid bill that includes assistance for households and businesses, as well as funding for vaccine distribution and more. As discussed previously, the bill excludes the Republican priority of liability protections for businesses and other entities and left the key Democrat demand of state and local bailouts.

In a nutshell, the new package extends federal UI programs (e.g. PUA, PEUC) with an extra $300/week for all UI claimants for at least an additional 11 weeks.

It also sends another round of stimulus checks worth $600 per individual per household for those making less than $75k ($150k for married couples) and gradually phases out at higher incomes. The bill renews funding for PPP to support small businesses and provides targeted aid to transportation and other hard-hit sectors of the economy.  Similar to the prior bipartisan proposal, $325bn would go to small businesses’ support, including $284bn for the second round of PPP grants. Of note: the bill also allows businesses to deduct expenses paid with the first round of loans, which the Treasury had previously disallowed (i.e., a double-dip). With around $525bn in forgivable PPP loans issued and more coming, this looks likely to reduce tax receipts by tens of billions and possibly more than $100bn, though it depends on the profitability of the businesses that received the loans

Here are the details of what is in the legislation.

Workers and Households

Direct Payments: The legislation would authorize a second round of economic-impact payments, following the checks Americans received in the spring and summer, at a cost of $166 billion. Households would receive $600 for each adult and $600 for each dependent, instead of $1,200 and $500, respectively, in the first round. Mixed-status households, where some people are ineligible noncitizens, would get payments based on the number of eligible people in the households, as opposed to being shut out as they were in the first round.

The payments would be based on income from 2019 and begin phasing out for individuals with adjusted gross incomes over $75,000 and married couples over $150,000. Treasury Secretary Steven Mnuchin said Monday that the first electronic payments could reach bank accounts by the beginning of next week. Households whose incomes were too high to qualify or who added dependents in 2020 might not qualify for full payments immediately. But they can request additional money as part of the 2020 tax returns they will file in early 2021.

Jobless Aid: Workers would be eligible for a $300-a-week federal unemployment subsidy. As with the prior aid package enacted in March, gig workers and others who don’t ordinarily qualify for benefits would be eligible for the jobless aid. The money is available through March 14. The legislation would also extend to 50 weeks the amount of time for which workers may claim benefits through both state and federal programs. Most states typically provide 26 weeks of jobless benefits.

The measure also provides an additional $100-a-week subsidy for workers who have both wage and self-employment income but whose basic unemployment benefits don’t take into account their self-employment income. The cost of the enhanced unemployment benefits are projected at $120 billion.

Rental Assistance: The bill provides $25 billion of assistance to tenants in arrears on their rent. It also extends until the end of January 2021 a federal eviction prohibition, which the incoming Biden administration may extend again. The Treasury Department would be responsible for dispersing the rental assistance to states via a formula based on population. Landlords and building owners can apply on behalf of tenants meeting the eligibility requirements, generally those who make less than 80% of median income in their area, have at least one person in their households who has lost a job and can demonstrate they are at risk of losing their home.

Covid response

Health Care: The bill includes $9 billion for health-care providers and $4.5 billion for mental health, as well as more than $1 billion for the National Institutes of Health to conduct Covid-19 research.

Schools: The bill provides $82 billion for public and private K-12 schools, as well as colleges. Of that, the bulk would go to a $54.3 billion fund for public schools, while $22.7 billion would go to public and private higher education.

Testing and Tracing: States would receive $22 billion for testing, tracing and Covid-19 mitigation programs. Of this, $2.5 billion would be sent as grants targeting rural areas and communities of color.

Vaccines: States and federal agencies would receive funding for vaccine distribution. About $20 billion would go to the Biomedical Advanced Research and Development Authority, or Barda, for procuring vaccines and therapeutics. Nearly $9 billion would go to the Centers for Disease Control and Prevention and states for further distribution of the vaccine, and $3 billion is designated for the national stockpile. Included in those sums is $300 million that is directed to go to high-risk areas and to communities of color.

Businesses

Airlines: Tens of thousands of airline employees would get their jobs back, at least for a few months, under the new bill, which includes $15 billion to cover airline salaries and benefits through the end of March. The bill also includes $1 billion for airline contractor payrolls. Airlines received $25 billion under the Cares Act in the spring to cover workers’ pay and benefits, and in exchange agreed not to lay off or furlough employees until Oct. 1. As that date neared without much improvement in their outlook, carriers and labor unions warned that job cuts would be coming and pleaded for another round of aid. When it didn’t arrive in time, they furloughed tens of thousands of workers, including 19,000 at American Airlines Group Inc. and over 13,000 at United Airlines Holdings Inc. The bill also includes $2 billion for airports and airport-based businesses.

Banks: The bill would provide $12 billion in support to small lenders focused on low-income and minority communities, buttressing minority-owned banks and firms known as community financial development institutions.

Entertainment Venues: The bill has $15 billion for independent movie theaters, live entertainment venues and cultural institutions.

Farms: The U.S. agriculture sector is set for another multibillion-dollar injection in the new relief bill, which directs $13 billion to crop farmers, cattle ranchers and rural communities. The new aid would come on top of roughly $46 billion that the U.S. Department of Agriculture projects the federal government will directly pay to the nation’s farmers this year, a record. That sum includes previous Covid-19 relief for farmers who had to plow up fields of produce ordinarily destined for restaurants, as well as hog producers who had to euthanize livestock because of pandemic-driven shutdowns at meatpacking plants.

Rail and transit: The bill would provide $1 billion in relief funds to Amtrak, aimed at helping the national passenger railroad avoid further layoffs and furloughs of its workers. Amtrak receives a regular operating subsidy of around $2 billion a year from the federal government, but its ticket revenue was devastated by the pandemic and lockdown orders. Ridership on some routes fell by more than 90% this year. The company says it will need a total of $4.9 billion in relief aid to get through the remainder of the year without deeper worker and service cuts. The bill also sets aside $14 billion for transit systems, many of which are considering major cuts in service and layoffs. In New York City alone, elected officials say they need an immediate $4.5 billion infusion to stave off severe reductions in subway and bus service. The bill also sets aside $2 billion for the bus industry and $10 billion for state highways.

Small Business: The $325 billion allotted to help small businesses includes $284 billion for first and second forgivable Paycheck Protection Program loans, and expands eligibility for local newspapers and TV and radio broadcasters. The bill also includes $20 billion for Economic Injury Disaster Loans. Businesses that received PPP loans would be able to take tax deductions for the expenses covered by forgiven loans, overcoming objections from Mr. Mnuchin. The provision would save businesses about $200 billion, according to an estimate from Adam Looney of the Brookings Institution. But it doesn’t count as part of the overall cost of the legislation.

U.S. Postal Service: The bill loosens some of the strings imposed on the U.S. Postal Service from the Cares Act, which provided a $10 billion Treasury loan after terms were negotiated. The bill would still provide $10 billion to the financially strained institution, but the Postal Service wouldn’t be required to repay it, and the conditions imposed by the Treasury wouldn’t apply. In exchange, the bill would require the Postal Service to provide more information to Congress, including a plan about its long-term financial solvency, within 180 days of the bill’s passing and information about how it plans to use the funds in reports to the Postal Regulatory Commission.

Taxes: Aside from the PPP break, the bill would extend a tax credit for struggling employers who keep workers on the payroll, and it would let recipients of certain tax credits qualify based on their 2019 incomes; in some cases, lower 2020 incomes could reduce their eligibility. The bill would also temporarily extend tax breaks for renewable energy, including incentives for wind energy and carbon capture. It also includes deductions for business meals, a provision that President Trump backed but that faced criticism from Democrats as a subsidy for three-martini lunches and indoor dining during a pandemic. Lower excise taxes on beer, wine and spirits that were set to expire Dec. 31 will be permanently extended, and tax incentives for investing in low-income areas and hiring workers from disadvantaged groups would be extended for five years.

* * *

Economic Impact

Based on cost estimates of the various provisions and applying the corresponding fiscal multipliers (Chart 1), Bank of America estimates that the new stimulus package will contribute approximately 2.7% to growth in 2021. The bank now expects that more of the stimulus impact will be frontloaded into 1Q (Chart 2). The start of the year has cross currents with weaker economic data but an earlier and more targeted fiscal stimulus (we had expected passage after inauguration). On balance, the bank now sees upside risk to the bank’s forecast of 1% GDP growth in 1Q.

One final point: no more stimulus?

As we reported last week, Goldman’s economists believe that this is the last major COVID-focused fiscal package. Assuming that President-elect Biden is facing a divided Congress next year, this looks likely to be the last fiscal package that Congress passes worth several hundred billion dollars or more (as by 2021 covid vaccines will be widely distributed making the passage of another broad-based stimulus virtually impossible). That said, Goldman does expect another debate over fiscal support in Q1, ahead of the expiration of the extended unemployment provisions in March. However, since Congress left the most difficult issues out of the current package, it seems unlikely that lawmakers will be able to agree on those in subsequent legislation. Of course, this would likely change if Democrats win both Senate seats in Georgia on January 5 and reach 50 seats in the Senate. In that scenario, Goldman would expect at least another few hundred billion in additional fiscal measures, including aid to states.

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Greg Mannarino: “We Are In Economic Collapse!”

We have reached the point of no return. The meltdown of the United States economy is continuing and rapidly accelerating says market analyst, Greg Mannarino.

Greg Mannarino: It’s Time To “Wake Up” Because “You haven’t Seen ANYTHING Yet!”

Mannarino begins by explaining the jobless numbers that came in last week (885,000) are a telltale sign of the destruction caused by governments over the samdemic. “We are in an economic collapse! Full on, Great Depression-era with regard to unemployment numbers.”  And all of this is happening as the stock market climbs higher on the creation of new fiat currency, or debt.

We are going to go through a massive debt crisis, Mannarino continues.

“We’re gonna run into a crisis of the debt, okay, that you cannot possibly fathom! A shutdown of the global economy way worse than what we’re seeing now. Because economic activity is going to be deliberately STOPPED. Just…it’s gonna stop. No cash in the bank. No cash out of the ATMs. No transactions.” -Greg Mannarino

The federal reserve is buying everything. “This is it. We are there right now,” says Mannarino. “Some people out here are hurting a lot worse than others are. And with this epic number, 885,000 initial jobless claims, I mean, you don’t…I’m speechless. I am speechless here! We have never seen in the hisory of our country, more people falling into poverty at a faster rate than we are seeing now. We’re worse, way worse than the Great Depression, but you’re not supposed to know that. You’re not allowed to know this stuff…only a liar of the highest order could put a message [that we’re in a V-shaped recovery] to the American people.”

Greg Mannarino: “They Want People Desperate. People Aren’t Desperate Enough”

Greg Mannarino: The Economic Collapse Is Here

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Shoplifting In Grocery Stores On The Rise In The U.S.

As businesses and families struggle to get by in the aftermath of the government’s massive overreaction to the coronavirus scamdemic hoax, shoplifting in grocery stores has been spiking. This is a case where people are stealing food, not overpriced luxury goods.

America is well on its way to becoming a third world country thanks to people’s continual obedience to the state’s disastrous orders. As of right now, the statistics are bad, but they are expected to get a whole lot worse as the entire economy collapses in a heap.  More than 20 million Americans currently on some form of unemployment assistance.,  and some 54 million Americans are projected to struggle with hunger this year. This is an increase of 45% from the year prior, as noted by the USDA. And according to The Washington Postmore Americans are shoplifting for basic necessities at the grocery store more than ever before.

more than 20 million Americans currently on some form of unemployment assistance. As income disappears and families begin to experience hunger, the prevalence of shoplifting heightens, says a new report.

“We’re seeing an increase in low-impact crimes,” Jeff Zisner, chief executive of workplace security firm Aegis, told The Washington Post. “It’s not a whole lot of people going in, grabbing TVs and running out the front door. It’s a very different kind of crime—it’s people stealing consumables and items associated with children and babies.”

The Census Bureau also told The Washington Post that nearly 26 million adults reported not having enough food to eat as of mid-November, a record high.

Resources for food assistance programs are becoming sparse for those in need as well, which is another reason why Americans are turning to shoplifting. Meal shortages are on the horizon at major food banks across the country too, as federal funding is set to expire at the end of the month. In addition, food aid programs such as SNAP and WIC are being reduced. –Yahoo News

It won’t take many more restrictions or lockdown rules to plunge what used to be the world’s most abundant economy into a massive crash that we’ve never seen.  Get prepared now, if you aren’t already.  2021 is not going to be much easier for so many.

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November Payrolls Preview: It’s About To Get Ugly Again

This article was originally published by Tyler Durden at ZeroHedge. 

After several months of blistering job growth, economists expect the rate of US jobs growth to cool sharply in November, with consensus looking for 478k nonfarm payrolls to be added to the economy (well below the 638k seen in October) due to the broad-based resurgence of the coronavirus and related business restrictions which are consistent with a deceleration in job growth; the jobless rate is seen declining by 0.1ppts to 6.8%, although analysts will be paying attention to the U6 gauge of underemployment as well as the participation rate.

The reason for the declining expectations is that, as NewsSquawk writes, labor market gauges have mostly been on the soft side in November; ADP’s gauge of payrolls expectations missed the consensus in November, lowering the bar for the official NFP data; initial jobless claims data ticked up in the BLS survey reference week while continuing claims did not fall as much as analysts had expected; ISM reports showed that labor market conditions in the manufacturing sector fell back into contraction territory, while the services gauge showed only modest improvement.

On the positive side, there will be strong growth in the construction industry and in trucking, courier, and delivery categories, reflecting favorable weather and the accelerating shift to e-commerce this holiday season. The latter effect should help offset the drag from declining mall traffic in the retail. Additionally, Markit’s gauge of services employment in November was positive, with the data compiler noting that firms were taking on staff at a rate not seen since the survey began in 2009. Another bright spot was the Challenger job cuts data, which fell sequentially, although remains still ugly on a y/y basis; but even then, Challenger warned that hiring plans for the holidays were lower than last year, and the report warns about consumers’ lower disposable income, which could hit spending and pressure the labor market in the months ahead.

The data will be released at 0830 EST; here is what to expect courtesy of NewsSquawk:

  • Nonfarm Payrolls exp. 481k (range -100k to +0.975k, prev. +638k);
  • Unemployment rate exp. 6.8% (range: 6.0-7.3%, prev. 6.9%);
  • U6 unemployment (prev. 12.1%);
  • Participation rate (prev. 61.7%);
  • Private payrolls exp. +587k (prev. +906k);
  • Manufacturing payrolls exp. +40 (prev. +38k);
  • Government payrolls (prev. -268k);
  • Average earnings m/m exp. +0.1% (prev. +0.1%);
  • Average earnings y/y exp. +4.3% (prev. +4.5%);
  • Average workweek hours exp. 34.8hrs (prev. 34.8hrs).

ADP: The private payroll data from ADP reported 307k jobs were added to the US labor market in November, missing the consensus +410k, although the prior was revised up 39k to 404k. Although the headline was disappointing in November, with the pace of gains slowing, the report said job growth was still positive across all industries and sizes. Analysts have noted that ADP’s gauge of the labor market has undershot the official BLS numbers since the COVID pandemic, although some note that the margins of the miss have become smaller.

JOBLESS CLAIMS: Initial jobless claims data which coincide with the BLS survey period saw claims tick up to 748k from 711k (the consensus expected a little changed 707k); continuing claims data for the survey period, however, fell to 6.07mln from 6.37mln, a little short of the consensus, which expected a fall to 6.02mln. Pantheon Macroeconomics said that the rise in claims that week was not a one-time fluke, and was more likely the start of an upward trend that would persist until the COVID wave subsides. Much depends on the extent of the inevitable upward kick which will be triggered by Thanksgiving gatherings, but that still means that layoffs could continue to rise through the year-end. The consultancy said the path for the labor market would depend on what extent COVID cases ticked up in wake of the Thanksgiving holidays, where any significant rise could lead to layoffs continuing to rise through the end of the year. Taking a broader view, heading into the October payrolls report, the four-week moving average was around 813k, and that fell to 744k in the BLS reference period; that number has continued to edge lower in the weeks that have followed, auguring well for the jobs market ahead – and accordingly, any payrolls upside surprise may therefore be given more credence by traders.

MANUFACTURING SURVEYS: The manufacturing ISM report reported worsening labor market conditions in November, with the employment sub-index falling nearly 5 points to 48.4 points, slipping back into contraction after just one month of printing above 50.0 again; with that said, ISM noted that the employment index was still 20.9 points above the low of 27.5 points seen in April. Nevertheless, the report said that the continued strong new-order levels and expanding backlogs indicated potential employment strength for the remainder of Q4, and qualitative commentary noted that for the third straight month, and with increased frequency, panelists’ comments indicate that significantly more companies are hiring or attempting to hire than those reducing labor forces.

SERVICES SURVEYS: While most other labor market gauges in the month were erring on the soft side, metrics in the services sector – which accounts for over 70% of US GDP – improved. The ISM services PMI’s employment sub-index saw an uptick in the month, rising 1.4 points to 51.5 to print the third month above 50.0; respondents noted that they were unable to fill vacant positions with qualified applicants, and they were having to overstaff due to high turnover and people being quarantined. And this better showing was also reflected in Markit’s data too, with the data revealing that the recent improvement in demand and the brightening outlook encouraged firms to take on extra staff at a rate not seen since the survey began in 2009, underscoring how increased optimism is fuelling investment and expansion, boding well for the payrolls data.

JOB CUTS: US-based employers announced 64,797 job cuts, the second-lowest monthly total for 2020, according to Challenger’s data (-19.7% m/m, +45.4% y/y); in 2020 YTD, US employers have announced 2.23mln job cuts (+298% vs 2019 YTD), the highest annual total on record. The report noted that the fall in disposable income seen in October will have an impact on spending, which will lead to further cuts ahead. ‘Market conditions’ were cited as the main reason for November’s job cuts, followed by ‘demand downturn’, then ‘restructuring’, and only then ‘COVID’ (though COVID still leads all reasons this year, with over 1mln). The report also said that companies announced 185.5k hiring plans in November, bringing the YTD total to 3.11mln; of those just under 800k are related to seasonal hiring plans, which are down y/y when compared to 2019 levels.

ARGUING FOR A WEAKER-THAN-EXPECTED REPORT:

The Third Wave. The resurgence of the coronavirus produced a series of business restrictions and reduced demand for food services. While national job growth remained very strong during the second wave in the summer, it nonetheless weighed on affected states, with SunBelt service rehiring slowing sharply in July and August (see Exhibit 1). Given the increased breadth and severity of the third wave, we expect a more visible impact on the national data. And while the impact is likely to be larger in the December jobs report  (released on January 8th), indoor dining closures in Illinois at the beginning of the month and nearly state-wide measures in California by the middle of the month argue for softness in leisure and other services employment in tomorrow’s report.

Big Data. High-frequency data on the labor market softened on net, averaging just +30k across six measures (median +130k), as shown in Exhibit 2. Of note, only the Dallas Fed population survey is consistent with a larger-than-expected gain—though we note it also correctly flagged the strength in last month’s report.

ADP. Private sector employment in the ADP report rose by 307k in November, below consensus expectations and consistent with slowing job growth.

Census hiring. Census temporary workers are set to lower nonfarm job growth by around 90k in tomorrow’s report.

ARGUING FOR A BETTER-THAN-EXPECTED REPORT:

Construction sector. Favorable weather in early November coupled with the surgen in demand for single-family housing argues for a sizeable gain in the construction category in tomorrow’s report (we assume roughly +100k, mom sa).

Job availability. The Conference Board labor differential—the difference between the percent of respondents saying jobs are plentiful and those saying jobs are hard to get — rose further into expansionary territory (to +7.2 in November from +7.1 in October and +3.3 in September).

Jobless claims. Initial jobless claims declined in the November payroll month but at a slower pace than during the summer, averaging 744k per week vs. 826k in October (or -82k mom, vs. three-month-average change of -187k). By week, initial claims rebounded in the first half of November, consistent with possible temporary layoffs due to the virus. While continuing claims fell sharply between the payroll survey weeks (-1.7mn), this decline partly reflects expiring regular-state-programs as opposed to reemployment, and we place less weight than usual on this indicator. Across all programs (including emergency benefits), continuing claims fell by 0.9mn(vs. -2.5mn in October, NSA).

Holiday hiring. Non-seasonally-adjusted retail payrolls have risen by 460k in the last three Novembers (on average), but with mall traffic down sharply due to the virus, we believe retailers are hiring fewer seasonal workers in 2020. While we assume a roughly 100k seasonally adjusted drag from this channel, we expect a partial offset from trucking, warehousing, and delivery categories due to accelerating e-commerce spending. Job growth in those categories averaged +46k jobs over the last three months (includes federal post office), and we expect a stable or faster pace in November.

Employer surveys. Business activity surveys declined on the net in November, and the employment components of our survey trackers remained stable in a narrowly-expansionary territory (non-manufacturing +0.4pt to 50.5; manufacturing-0.1pt to 54.4).

Job cuts. Announced layoffs reported by Challenger, Gray & Christmas fell by 7% in November after falling by 38% in October (mom, sa by GS). They remain 45% above their November 2019 levels.

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California paid up to $1 billion in fraudulent unemployment claims to prisoners — including death row inmates

California taxpayers have been bilked out of hundreds of millions of dollars — possibly even $1 billion — this year, that went to jail and prison inmates through fraudulent unemployment claims filed as part of the state’s pandemic relief system.

Murderer Scott Peterson, convicted in 2004 of killing his pregnant wife Lacy, was one of the recipients, according to prosecutors.

What are the details?

Widespread job losses amid the coronavirus pandemic spurred governments to act quickly in making financial relief available for those struggling financially. But in the rush, critical fraud prevention measures were missed, and in California, prisoners and their loved ones were able to take advantage.

The Los Angeles Times reported on the massive racket conducted through California’s Employment Development Department, which was revealed through a letter from nine district attorneys and a federal prosecutor who wrote to Gov. Gavin Newsom (D), urging him to put an end to the loopholes.

The newspaper reported:

So far, investigations have uncovered more than $400,000 in state benefits paid to death row inmates, and more than $140 million to other incarcerated people in California’s 35 prisons, according to [Sacramento County Dist. Atty. Anne Marie] Schubert. In total, payments to those ineligible due to incarceration in prisons and jails could total nearly $1 billion, the prosecutors claim.

Schubert told the Times, “The murderers and rapists and human traffickers should not be getting this money. It needs to stop.”

But the prosecutors noted that the huge racket was not as simple as incarcerated individuals filing their own applications for relief funds, although some purportedly did just that. The New York Post reported that “the alleged con took many forms: some claims were submitted directly by inmates or by their family and friends, while other prisoners were unwitting victims.”

Anything else?

Authorities believe prison gangs may also be involved in some instances of large-scale, organized scams to rake in jobless claims.

Peterson’s attorney claims his client was not involved in any fraud, and that we was unaware of the accusations by the prosecutors. Other notorious convicts named as recipients of the unemployment funds include death row inmates Cary Stayner, a serial killer, and Isauro Aguirre, who tortured and killed an 8-year-old boy.

Newsom issued a statement thanking the district attorneys “for their commitment to resolving this issue,” according to The New York Times.

“Unemployment fraud across local jails and state and federal prison is absolutely unacceptable,” said the governor, who announced his own task force to aid district attorneys and coordinate state anti-fraud efforts.

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Federal Reserve Chair Jerome Powell Admits The Truth: “We’re Not Going Back To The Same Economy”

This article was originally published by Michael Snyder at The Economic Collapse Blog. 

Even Jerome Powell is admitting that the boom years are over.  For months, I have been trying to explain to my readers that the debt-fueled “prosperity” that we were enjoying prior to the COVID pandemic won’t be coming back, and initially, I received quite a bit of criticism for saying that.  But that criticism has subsided, because at this point pretty much everyone can see the truth.

Despite stimulus package after stimulus package, and despite unprecedented intervention by the Federal Reserve, we continue to be mired in the worst economic downturn since the Great Depression of the 1930s.  Fear of the virus continues to drag down the overall level of economic activity, more businesses are going under with each passing day, and the layoff announcements never seem to end.

Normally, Federal Reserve officials try very hard to be relentlessly optimistic.  But during a European Central Bank panel discussion on Thursday, Federal Reserve Chair Jerome Powell openly admitted that “we’re not going back to the same economy”

“We’re not going back to the same economy,” Powell said. “We’re recovering, but to a different economy and it will be one that is more leveraged to technology, and I worry that it’s going to make it even more difficult than it was for many workers.”

The central bank leader said he was referring specifically to “relatively low-paid public-facing workers who are bearing this brunt,” many of whom are women and minorities.

His use of the phrase “a different economy” really got my attention.

When I am trying to break some really bad news to someone in a gentle way, I will often use the word “different” to describe what things will be like moving forward, and I think that Powell is doing the same thing here.  He knows that there is no way that things will “return to normal” any time soon, and he is quite correct to be particularly concerned about how this will affect low paid workers.

Low paid workers have been losing their jobs at a much higher rate than anyone else, and the job losses just keep rolling in.

On Thursday, we learned that another 709,000 Americans filed new claims for unemployment benefits last week, and that number is more than three times higher than what we witnessed during a typical week in 2019…

The Labor Department report showed an eleventh straight week that new jobless claims totaled below 1 million. But new claims have not yet broken back below 700,000 since the start of the pandemic and have held sharply above levels from before the outbreak. Throughout 2019, new initial unemployment claims were coming in at an average of just over 200,000 per week.

As of October 24th, a total of 21.16 million Americans were bringing home some type of unemployment assistance.

One year ago, that number was just 1.45 million.

In other words, we are in the midst of a national unemployment nightmare.

And many analysts are deeply concerned that the new wave of lockdowns that is now starting to happen around the nation will cause a renewed surge in layoffs

As colder weather sets in and fear of the virus escalates, consumers may turn more cautious about traveling, shopping, dining out and visiting gyms, barber shops and retailers. Companies in many sectors could cut jobs or workers’ hours. In recent days, the virus’ resurgence has triggered tighter restrictions on businesses, mostly restaurants and bars, in a range of states, including Texas, New York, Maryland, and Oregon.

“The risk may be for more layoffs as coronavirus cases surge and some states impose restrictions on activity,” said Nancy Vanden Houten, an economist at the forecasting firm Oxford Economics.

Yesterday, I discussed the fact that one of the experts on Joe Biden’s new COVID-19 advisory board wants a full national lockdown for at least a month once Biden is in the White House.

Needless to say, that would make the economic depression that we are currently suffering through a whole lot worse.

But of course, there are a lot of Americans out there that simply are not going to put up with any more lockdowns.  In fact, one new survey has found that only 49 percent of all Americans “would be very likely to stay home for a month if health officials recommend it”

Fewer than half of Americans say are very likely to comply with another lockdown, despite growing concerns over the coronavirus pandemic, the latest Gallup polling shows.

About 49% of Americans polled between October 19 and November 1 said they would be very likely to stay home for a month if health officials recommend it following a coronavirus outbreak in their community, down from 67% in the spring.

Millions upon millions of lives were turned upside down by the lockdowns that were previously instituted, and the economic damage caused by another round of lockdowns would be incalculable.

But it appears that more lockdowns are coming anyway, and that means a lot more economic suffering is ahead.

Prior to the pandemic, 38-year-old Victoria Perez was working two jobs, but she quickly lost both of them once COVID came along.  Now she and her children are living in city housing in Oakland, California, and they are just one step away from being homeless

Among them is Victoria Perez, who was working two delivery jobs before the pandemic struck. Having lost both jobs in the spring, she is now living with her children in city-subsidized housing near Oakland, California, and hoping to avoid homelessness.

The city housing, provided to people at heightened risk of the coronavirus, lasts only through December. Perez, 38, is a cancer survivor.

After the holiday season, what is she supposed to do if she can’t find a new job?

Being homeless is bad enough.  When you add children to the equation, we are talking about the sort of nightmare scenario that nobody should ever have to go through.

Unfortunately, the ranks of the homeless are absolutely exploding all over the country as the U.S. economy crumbles right in front of our eyes.

In 2021, I am anticipating the biggest wave of traffic in the history of The Economic Collapse Blog as our ongoing economic implosion accelerates even more.  I have been hearing from so many people out there that are deeply hurting right now, and I wish that I had better news for everyone.

Sadly, the consequences for decades of exceedingly foolish decisions are catching up with us, and saying that we are heading into a “different economy” is definitely a major understatement.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

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WHAT AN ENTRANCE: Earnings Season IS HERE!

This article was contributed by Future Money Trends. 

 

So far, this recovery has helped some individuals and institutions to restore all portfolio losses and even earn MORE THAN EVER before while sending a far greater amount of people into A TAILSPIN.

This is known as a “K”-shaped recovery and, in my opinion, all recoveries are of this shape.

The world as it was in January 2020 is no longer the same. People’s basic needs and aptitudes haven’t changed that dramatically, but government restrictions and the fact that we’re CONSTANTLY TOLD that nothing can go back to normal without a vaccine is DRIVING PEOPLE NUTS, quite frankly.

I’ve never seen the world THIS POLARIZED about how to proceed with routine activities; some think the lethality is nearly non-existent, while others are convinced they’re ABOUT TO DIE.

Courtesy: Zerohedge.com

The ceasing of travel, the slowdown in the transportation of commercial goods, and the GRIND TO A HALT of daily commutes to work have caused energy stocks to come UNDER FIRE while the healthcare sector explodes higher. There has NEVER BEEN a more overweight allocation than this!

When we say energy, we mostly mean oil, natural gas, and coal since solar energy companies are SHINING.

Courtesy: Zerohedge.com

We’ve now reached a FINAL STRETCH of the presidential race and I wonder where the TRUTH LIES.

Are the polls more accurate than they were in 2016? Should we expect Biden to take it like these predict?

Are we to believe the polls aren’t precise, which then allows us to envision FOUR MORE YEARS of Trump?

Most importantly, will any of the two sides concede and not challenge the results? It’s going to be MIGHTY INTERESTING to see how long it takes before a CLEAR WINNER emerges.

Courtesy: Zerohedge.com

What’s becoming QUITE OBVIOUS is that hedge funds’ fears of a double-dip recession or another market crash HAVE DIMINISHED quite noticeably since they’re RE-ENTERING the equities markets.

I don’t have to tell you what’s happening with the retail public; they’re participating in what’s going on as well. Though many believe they are FUELING A BUBBLE, the approach of the large asset managers is that millennials have NOW SEEN what 2008 has done to their folks, which has caused them to LIVE FULL-THROTTLE (YOLO: You Only Live Once) up until 2020, at which point they saw that they MUST SAVE, invest, and think prudently so they had a STRONG REACTION to the stock market and are now heavily investing.

You might have a different opinion of what’s going on, but Larry Fink, the founder of BlackRock, which oversees over $7tn in assets, is telling us that millennials are in it for the LONG-TERM.

We believe the bull market in equities is fundamentally strong and that we’ll see MUCH MORE of it in the years ahead.

 

The post WHAT AN ENTRANCE: Earnings Season IS HERE! first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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basic needs Conspiracy Fact and Theory Economy experts Forecasting Goods Headline News individuals Intelwars K recovery Larry Fink LIES lockdowns money New Normal polarized POVERTY unemployment V recovery Vaccine Virus

WHAT AN ENTRANCE: Earnings Season IS HERE!

This article was contributed by Future Money Trends. 

 

So far, this recovery has helped some individuals and institutions to restore all portfolio losses and even earn MORE THAN EVER before while sending a far greater amount of people into A TAILSPIN.

This is known as a “K”-shaped recovery and, in my opinion, all recoveries are of this shape.

The world as it was in January 2020 is no longer the same. People’s basic needs and aptitudes haven’t changed that dramatically, but government restrictions and the fact that we’re CONSTANTLY TOLD that nothing can go back to normal without a vaccine is DRIVING PEOPLE NUTS, quite frankly.

I’ve never seen the world THIS POLARIZED about how to proceed with routine activities; some think the lethality is nearly non-existent, while others are convinced they’re ABOUT TO DIE.

Courtesy: Zerohedge.com

The ceasing of travel, the slowdown in the transportation of commercial goods, and the GRIND TO A HALT of daily commutes to work have caused energy stocks to come UNDER FIRE while the healthcare sector explodes higher. There has NEVER BEEN a more overweight allocation than this!

When we say energy, we mostly mean oil, natural gas, and coal since solar energy companies are SHINING.

Courtesy: Zerohedge.com

We’ve now reached a FINAL STRETCH of the presidential race and I wonder where the TRUTH LIES.

Are the polls more accurate than they were in 2016? Should we expect Biden to take it like these predict?

Are we to believe the polls aren’t precise, which then allows us to envision FOUR MORE YEARS of Trump?

Most importantly, will any of the two sides concede and not challenge the results? It’s going to be MIGHTY INTERESTING to see how long it takes before a CLEAR WINNER emerges.

Courtesy: Zerohedge.com

What’s becoming QUITE OBVIOUS is that hedge funds’ fears of a double-dip recession or another market crash HAVE DIMINISHED quite noticeably since they’re RE-ENTERING the equities markets.

I don’t have to tell you what’s happening with the retail public; they’re participating in what’s going on as well. Though many believe they are FUELING A BUBBLE, the approach of the large asset managers is that millennials have NOW SEEN what 2008 has done to their folks, which has caused them to LIVE FULL-THROTTLE (YOLO: You Only Live Once) up until 2020, at which point they saw that they MUST SAVE, invest, and think prudently so they had a STRONG REACTION to the stock market and are now heavily investing.

You might have a different opinion of what’s going on, but Larry Fink, the founder of BlackRock, which oversees over $7tn in assets, is telling us that millennials are in it for the LONG-TERM.

We believe the bull market in equities is fundamentally strong and that we’ll see MUCH MORE of it in the years ahead.

 

The post WHAT AN ENTRANCE: Earnings Season IS HERE! first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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Commentary Economic Crisis Financial Financial Problem Financial Problems Intelwars unemployed unemployment unemployment benefits

74% of families with children making less than $100,000 have “experienced serious financial problems” during this crisis

The reason why so many people are clamoring for Congress to get another stimulus bill passed is because an unprecedented number of households are in desperate financial need right now.  As you will see below, millions of Americans missed their rent or mortgage payments last month, millions missed their student loan payments, and millions are falling into poverty.  The economic downturn that was sparked by the coronavirus pandemic has stretched on far longer than most people originally anticipated, and many Americans are simply running out of money at this point.  In fact, one survey that was conducted not too long ago found that 40 percent of all households have “used up all or most of their savings” and 74 percent of families with children that make less than $100,000 a year have “experienced serious financial problems” during this crisis…

Nationwide, food insecurity has become a pervasive problem. The percentage of families with children who reported not having enough to eat more than tripled in July compared with 2019. One report found nearly half of American families lived with hunger in the summer.

Another found more than 40% of surveyed households with children had used up all or most of their savings by early August. Children in households making less than $100,000 have been especially affected: 74% of those families experienced serious financial problems.

Those are deeply alarming numbers.

If “nearly half” of U.S. families are living with hunger now, how bad will things get if the U.S. economy takes another turn for the worse?

One hard working American that has almost reached her breaking point is a 43-year-old veteran and mother of three named Kaneadsha Jones…

By early October, Kaneadsha Jones was close to giving up. It had been seven months since she or her husband had steady work. Seven months since her three school-age children, including a 14-year-old daughter with autism who is blind, nonverbal and immunocompromised, had been to school. Four months since a shooting on her block left her car and her family’s rented house in north Columbus, Ohio, riddled with bullet holes and her 12-year-old daughter struggling with severe post-traumatic stress disorder.

When she received the first stimulus check from the federal government, she used it all to pay utility bills that were past due.

But since then there have been no more checks and the bills have just continued to pile up.

She continues to fight for the sake of her family, but she admits that she is really, really tired

“I’m so tired,” Jones said. “It seems nothing is getting a little better. The only thing that keeps me trying is my family.”

Have you ever felt like she is feeling right now?

I think that most of us have at some point in our lives.

All across the country, unemployed workers are becoming very desperate because they are starting to exhaust their unemployment benefits and they still haven’t been able to find jobs.  One such individual is a chemist in Ohio named Kate McAfee

New research from JPMorgan Chase Institute and the University of Chicago focused on 80,000 unemployed people shows savings built up when the government provided aid is now rapidly running out, leaving people like chemist Kate McAfee fretting about their futures.

“I’m still unemployed,” said McAfee, who was laid off from her job outside Cleveland back in April. “I’ve now exhausted my 26 weeks of unemployment here in Ohio and have moved on to the additional 13 weeks of extended benefits from the federal government.”

Since the pandemic started, more than 64 million Americans have filed new claims for unemployment benefits, and every single one of those workers has a unique story.

Most of them had at least some savings, but when you are not working month after month those savings tend to disappear very quickly.

Now as we approach the holiday season a lot of people have completely run out of money and lots of bills are starting to go unpaid.

For example, it is being reported that over 6 million households didn’t pay their rent or mortgage last month…

More than 6 million households failed to make their rent or mortgage payments in September, according to the Mortgage Bankers Association’s Research Institute for Housing America, a sign that the economic fallout from the coronavirus pandemic is weighing on jobless Americans as Congress stalls on relief measures.

And we are also being told that approximately 26 million Americans didn’t make their student loan payment last month…

In September, roughly 26 million people missed their student loan payment. The proportion of student debt borrowers who missed a monthly payment has remained steady at 40% since May.

We have never seen anything like this before.

Just like during the last recession, vast numbers of Americans that once lived comfortable middle class lifestyles are rapidly falling into poverty.

In fact, one recent study found that 8 million Americans have fallen into poverty just since the month of May

Some eight million Americans have fallen below the poverty level since May after federal stimulus money dried up and Congress did not follow up with more relief legislation, according to a new study.

Meanwhile, the economic recovery has slowed down as more than 55 million Americans are now earning less than $26,200 a year – which is what the federal government considers the poverty line.

Coming into this year, most Americans were living paycheck to paycheck and were very deep in debt.

That works okay as long as the paychecks keep coming in, but once they stop things can take a disastrous turn very quickly.

Today, the average American has accumulated $90,460 in debt, and Generation X is drowning in more debt than anyone else…

  • Gen Z (ages 18 to 23): $9,593
  • Millennials (ages 24 to 39): $78,396
  • Gen X (ages 40 to 55): $135,841
  • Baby boomers (ages 56 to 74): $96,984
  • Silent generation (ages 75 and above): $40,925

The sad truth is that most of the U.S. population is simply not in any position to handle times of extreme financial stress.

Unfortunately, this pandemic is not going away any time soon, and that means that industries all over America will continue to let more workers go as economic conditions continue to deteriorate.

And as economic conditions continue to get worse, the level of economic suffering that Americans like Kaneadsha Jones and Kate McAfee are experiencing will continue to intensify.

This has already been such a challenging time for our country, and to be honest the days ahead are looking quite bleak at this point.

***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***

About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com.  In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned)  By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe.  I have published thousands of articles on The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe.  I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article.  The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions.  I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.  During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.

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Coronavirus COVID-19 Intelwars stimulus unemployment

Reinstating $600 weekly COVID-related unemployment benefit would be bad for economy, report says

Democrats and Republicans have been fighting for months over another coronavirus-related economic stimulus package, unable to find agreement on how big the second package should be. The result, of course, is that millions of Americans who need additional economic aid may never receive it.

But according to a new study, one benefit included in the first bill — the $600 per week enhanced unemployment benefit — could drastically impact the American economy if lawmakers reinstate the benefit.

What are the details?

The nonpartisan, not-for-profit Foundation for Government Accountability has a forthcoming report outlining the negative consequences of the enhanced unemployment benefit.

The biggest problem with the weekly payments is that they disincentivize working because the millions of Americans who work in low-earning industries make more with the enhanced unemployment benefit, along with any state benefits, than from their job, according to the FGA.

The federal benefit would essentially increase government dependence and make it more difficult for industries critical to the American economy to hire reliable workers.

“[A] whopping 76% of unemployed workers were receiving more in unemployment benefits than they earned while working. Indeed, the average low-wage worker collected nearly twice as much in benefits to stay home as they could earn returning to work,” the report says, according to the Washington Examiner.

The overall result would mean less employed Americans.

The nonpartisan Congressional Budget Office even studied the impacts of extending the benefit, finding the benefit would decrease economic productivity and increase unemployment.

In summary, the CBO’s report found:

  • “The nation’s economic output would probably be greater in the second half of 2020 than it would be without the extension of the increase; in calendar year 2021, however, output would be lower than it would be without the extension.”
  • “Employment would probably be lower in the second half of 2020 than it would be if the increase in unemployment benefits was not extended; in calendar year 2021, employment would be lower than it would be without the extension.”

Will the benefit be reinstated?

As lawmakers attempt to hash out another economic stimulus, Democrats have been committed to extending the enhanced unemployment benefit, which expired at the end of July.

Last week, Democrats unveiled a slimmed down version of a bill they passed in May; the new bill would extend the enhanced benefit through January, and perhaps even retroactively distribute the benefit to those who have remained unemployed since the benefit first expired.

Still, it remains unclear whether another stimulus package will ever become reality.

President Donald Trump said Tuesday that he will not negotiate on another bill until after the election, but later said he is prepared to sign a bill that gives Americans another $1,200 stimulus payment. Later Tuesday evening, Trump was again encouraging Republicans to negotiate a stimulus deal.

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Central Banks chaos crash by design crushed destroyed Dollar Emergency Preparedness experts Forecasting Great Depression Greg Mannarino Headline News Intelwars last battle LIES Main Street no recovery The Federal Reserve unemployment United States Wall Street

The Federal Reserve Is “Fighting the LAST BATTLE!”

The central bank of the United States, the same one that creates dollars out of thin air, is “fighting the last battle.” Things are going to get a lot worse, and it’s all by design.

The goal is a full control centralized dollar and dependence on the system for a universal basic income. In other words, complete slavery is the ultimate final goal of the New World Order. The central banks are in control right now, the dollar is collapsing, and this is all being done on purpose.

The Fed won’t be changing anything dramatically with regards to their monetary policy, and if you already know what the end game is, you know this.  The “last battle” they are fighting now is for ultimate control over every single transaction of all human beings.

Interest rates will be allowed to drop even further and the dollar will be destroyed all while Americans continue to struggle to put food on the table and the corporations get ridiculously wealthy. Last night, Greg Mannarino uploaded his “Market Wrap Up” and tried to remind those listening of what is really going on.

 

“They are on a mission to own it all,” says Mannarino of the Fed’s ultimate plans. “They’re gonna buy more debt, they’re gonna issue more debt, and they’re gonna melt the dollar…nothing is gonna change here. The goal of these central banks is to inflate massively. Debts and deficits are going to balloon.”

Mannarino continued, saying:  “It’s pretty obvious and it should be to anyone that things are going to get monumentally worse by design...it’s all a scam. This entire thing is a charade, it’s fake.”

The United States alone has Great Depression levels of unemployment, half (or more) of small businesses are gone for good, never to return, meanwhile, Wall Street executives are ettin the biggest bonuses in history this year. Let that sink in. There is no recovery. There was never meant to be.

The post The Federal Reserve Is “Fighting the LAST BATTLE!” first appeared on SHTF Plan – When It Hits The Fan, Don't Say We Didn't Warn You.

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