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This will end up being the most severe economic collapse in the history of the world. The stock market is already crashing at a pace that has not been seen in recent years. This has been so severe to a point where trading had to be halted several times in the last two weeks. The real estate industry is also at the verge of collapsing and this time it the crash will be bigger than what we had back in the 2008 financial crisis. At the same time millions of Americans are losing their jobs and when all this is factored into the current economic turmoil, we have a perfect economic bomb that is about to blow up in our faces. This is just the beginning of another great depression!
Just like other nations, the United States has been going through a historic crisis that has impacted the economy in a big way. Right now many businesses have been closing and Americans have been losing their jobs at a rate never seen before. Because of this, the searches for unemployment benefits have skyrocketed because of these massive layoffs across the manufacturing and service sector. In the next few weeks, the number of jobless people is expected to skyrocket. The current economic crisis can easily to culminate to a serious economic collapse similar to what we had back in 1929. This means that the number of people who will lose their jobs might skyrocket by a whopping 20 percent within a short time. During the 2008 financial crisis, more than 660,000 people lost their jobs and this looks nothing compared to the ugly trend that is developing today.
This economic crisis will soon turn to a depression and this might end up being the most severe economic collapse in modern history. Right now millions of Americans will lose their jobs and others are having their working hours reduced significantly. This shows how fast things can change considering the fact that just a few months ago we had a robust economy where more than 160 million American were employed at the peak of Trump’s economic boom. Goldman Sachs’ is confirming the ugliness of what is happening to our economy because their analysis is showing that consumer spending is dropping at a historic rate.
Economic data being released is showing a historic contraction in the US economy and survey is showing that every week, the manufacturing sector is producing catastrophic data. The monthly economic activity has plummeted and unemployment claims are increasing every day. This shows how severely the economy has been impacted by this slowdown.
Hotels and restaurants have been severely hit and according to the American Hotel and Lodging Association, the occupancy of various hotels has declined by 90 percent. Hotels in hotspots like New York are now shutting down all their operations. Many states have already banned dining in bars and restaurants although deliveries and takeouts are still available. Recent data shows that across the US, restaurants have seen a 40-90 percent decline in their operations and this will only continue getting worse.
The stock market has also been plummeting at an historic rate. Right now we have one of the biggest market crashes in history and the 2020 stock market crash will forever be mentioned alongside the 1929 and 1987 market crashes. Wealth worth trillions of dollars has been wiped out from the markets and economists are still warning that the worst is coming. in coming weeks, the market will continue tumbling because of this global panic. despite the efforts by the federal reserve to pump trillions of dollars into the market, the stock market is still crashing and right now we have bigger collapse than what we had back in the 2008 financial crisis. For example the Dow has dropped by more than 18 percent last week. This is the worst weekly performance since the 2008 financial collapse.
It is very clear that the United Stated and the world at large is going through unchartered waters both economically and socially. The global supply chains have already been disrupted and the whole economy is at the verge of a total collapse. Through the quantitative easing program, the Federal Reserve is pumping more cash into the economy and this is creating a bigger problem. Right now we have a debt problem which is adding gasoline to this fire of economic meltdown. Printing of more cash by the Federal Reserve will bring more trouble to the economy and this will result to unprecedented levels of inflation s the dollar loses its value. Everyday many Americans are losing their jobs and economists are saying that this will continue for a foreseeable future. We are in the middle of an economic meltdown and this means that we will end up having unemployment levels similar to what we had during the great depression.