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

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

Tyler Durden

Mon, 08/03/2020 – 20:45

Authored by Michael Snyder via The End of The American Dream blog,

The economic pain that we are witnessing right now is far greater than anything that we witnessed during the last recession.  U.S. GDP declined by 32.9 percent on an annualized basis last quarter, more than 100,000 businesses have permanently shut down since the COVID-19 pandemic first hit the United States, and more than 54 million Americans have filed new claims for unemployment benefits over the last 19 weeks.  Up until just recently, a $600 weekly unemployment “supplement” and a federal moratorium that prevented many evictions had helped to ease the suffering for millions of American families, but both of those measures have now expired. 

As a result, a tremendous amount of economic pain which had previously been deferred will now come rushing back with a vengeance.  Millions of American families are no longer going to be able to pay their bills, and experts are warning that we could soon see an “eviction crisis” that is absolutely unprecedented in American history.