5.2 million new claims last week, now over 22 million in the past 4 weeks… how close are we to a real, honest Depression? This is one thing that is so frightening in our nation, especially with Trump constantly talking about how quickly we are going to have this amazing economic bounce-back, though it really doesn’t seem like that is going to be possible.
Entering 2020 I was thinking more along the lines of a mirror image of the roaring ’20s, not so much of the Depression that overtook our nation in the 1930s. While this is more about a health crisis, COVID-19 could be the same as the stock market crash of 1929 that through our country into a complete downfall. And the worst part about it is seeing the leader of our country in complete denial of the facts.
Now, I know that I have received my individual economic support payment… but that is lucky for me as being one of those who file my taxes for direct deposit on an annual basis. I can only hope for all of you that things like unemployment benefits, small business loans, and much more will be there for you as you need the support to keep life and business going.
At this point, it is being recorded that these millions of unemployment claims have been topped by a bottom-out of the national retail spending numbers… showing that there is much less of a financial rotation occurring at all. Coronavirus is killing more than people, but our nation as a whole. I know that I hate to imagine what may be coming in the next few months from either perspective, whether we are re-opened too early or left without access to income for a majority of our nation.
Also, reporters have shown that the SBA loan program is set to run out of its funds within hours. That means that maybe only about two or three weeks of applications were able to be filled for those small business owners who were supposed to feel so positive about what the federal government was supplying to help keep them up while COVID-19 has their doors closed and employees furloughed.