This article was originally published by Michael Snyder at The Economic Collapse Blog.
If this is “the recovery”, what are things going to look like once economic conditions start to deteriorate again? As you will see below, more than half of all households in some of our largest cities “are facing serious financial problems”, and Americans continue to file for unemployment benefits at a rate that the United States had never seen before prior to 2020.
When 695,000 workers filed for unemployment benefits during a single week in 1982, it established a record which stood for nearly 38 years. But now we have been way above that old record for 25 weeks in a row. On Thursday, we learned that another 884,000 Americans filed new claims for unemployment benefits last week…
Weekly jobless claims were worse than expected last week amid a plodding climb for the U.S. labor market from the damage inflicted by the coronavirus pandemic.
The Labor Department on Thursday reported 884,000 first-time filings for unemployment insurance, compared with 850,000 expected by economists surveyed by Dow Jones. The total was unchanged from the previous week.
Of course, it is always important to look at the non-adjusted numbers, and according to those numbers, we actually saw an increase over the previous week…
The Labor Department changed its methodology in how it seasonally adjusts the numbers, so the past two weeks’ totals are not directly comparable to the reports from earlier in the pandemic. Claims not adjusted for seasonal factors totaled 857,148, an increase of 20,140 from the previous week.
This is the second week in a row that the non-seasonally adjusted initial claims have risen.
That definitely wasn’t supposed to happen.
We are supposedly in a “recovery” right now, and things are supposed to be getting better.
But instead, they appear to be getting worse. According to Wolf Richter, continuing claims under all state and federal programs were way up last week…
Total continued claims for unemployment insurance (UI) under all state and federal programs rose by 380,000, to 29.6 million people (not seasonally adjusted), the highest since August 1, according to the Department of Labor this morning. This was the second weekly increase in a row, after the 2.2-million jump last week.
At any other time in American history, the numbers that were just reported would be considered “catastrophic”, but we have been getting these sorts of catastrophic numbers for so long that we have become desensitized to them.
But at least the unemployment numbers are not as bad as they were earlier this year, and other economic figures seem to have hit a bit of a plateau as well.
So for the moment, there is relative calm, but it won’t last for very long.
If you feel like something really, really bad is about to happen, you are definitely not alone. There are countless others that are also waiting for “the other shoe to drop”, and I believe that it could literally happen at any time.
But for now, we wait.
I would encourage you to enjoy these remaining days of summer while you still can. This weekend, put some burgers on the grill and enjoy some time with your family. Unfortunately, there are many Americans that are under such financial stress that it is hard to enjoy much of anything right now. In fact, one recent survey found that 50 percent or more of the households in some of our largest cities are currently facing “serious financial problems”…
There’s no question the coronavirus pandemic has forced many Americans into financial hardship, but a new NPR/Harvard T.H. Chan School of Public Health/Robert Wood Johnson Foundation survey provided a clearer picture of the extent of the struggles in the United States’ four largest cities.
At least half of all households in those cities — 53 percent in New York City, 56 percent in Los Angeles, 50 percent in Chicago, and 63 percent in Houston — reported facing serious financial problems, including depleted savings, problems paying credit card bills, and affording medical bills.
How can that be possible if we are in the midst of a tremendous “recovery”?
Of course, the truth is that we aren’t in any sort of a recovery, but at least things are a whole lot better than they will be after the upcoming election.
I had such an ominous feeling coming into 2020, and I shared this repeatedly with my readers, and now I have such an ominous feeling about the rest of 2020 and beyond.
In particular, I am extremely concerned about what will happen in November. No matter who is ultimately declared the winner, the other side is going to be convinced that the election was stolen from them and that is likely to throw our nation into a state of chaos.
And we are already being told that we probably will not know the winner until long after election day. That period of uncertainty is almost certainly going to spark more civil unrest, and I believe that faith in the integrity of our elections will be greatly shaken.
Before I end this article, there is one more thing that I wanted to mention that I found to be extremely interesting. This year the Federal Reserve has been buying up mortgage bonds worth hundreds of millions of dollars, and according to Mish Shedlock the Fed now owns nearly a third of that entire market…
No matter who wins the election, the direction of the Fed is not going to change. They are going to continue to engage in exceedingly reckless manipulation of the markets, and that is going to have very serious long-term implications.
All around us, we can see our society being thrown into convulsions as all of our systems begin to fail.
I know that so many of you out there are feeling the exact same way that I am.
A sense of anticipation hangs in the air, and millions of people are waiting for the next big crisis to erupt.
***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.com.***
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. By purchasing the book 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 Blog, End 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. In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The End, Get Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) 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 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.
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No problem VOTE PELOSI and the rest of her clan out the economy will explode.The big cities only need to vote the mindless demo/socialist out just to stop the businesses from leaving just to get away from the demo backed violence.
It would a Great time to leave all cities BUG OUT to the places where businesses are going to!!!!!!!!!!!!!!!!!!!!!!!!!!!
A psychopathic hacking retard keeps preventing this from posting on Unz saying too much commenting take a break, of course the retard is oblivious to the fact that it also reads wordpress error, so I know that it has not reached the site! Trump is such a no go, that he has to hire hackers to prevent criticsm.
What a fucking psycho! Must be the pedophile police! They would end up in prison if they didn’t obey and lick his balls!
Trump has revealed himself to be as unscrupulous a charcter as one could be, with his “4D chess” strategy including using a plandemic scamdemic as a fall guy for his economic disasters as well as his culture of corruption, in addition to trying to incite race wars turning blacks and Jews against white Christians and vice-versa. The man is a sleazy scum bag and employs white trash tactics and divide and conquer. Trump pretends that the financiers of BLM are unknown and are in the shadows, even though everyone knows that it is corporate America financing them, who Trump refuses to hold accountable, because it benefits him politically. Trump is one of the worst presidents that this country has ever had.
Trump is relying on a gas-lighting psy-op QAnon to get re-elected. QAnon psy-ops and gas lights fools to believe that Trump is covertly working behind the scenes to bust pedophile rings, yet said that he wished his friend Ghilsaine Maxwell well, and has supported police running illegal black market child porn websites. He should have busted and prosecuted the police for doing it when it came to his attention, but he did not. It is an inexcusable act of crime, and proves that the police are sex offenders of minors!
That is how desperate and full of shit Trump is! Unfortunately, if people are stupid enough to fall for QAnon, they are stupid enough to fall for Trump.
If you don’t stand for something you will fall for anything. Trump stands for nothing. He has proven it. He is a stuffed suit.
Trump is totally evil.
I hope that the piece of shit ends up in prison for life! Trump is a psycho and a con artist!
Freedom’s just another word for nothing left to lose. Really not worried or intimidated by the gas-lighting psy-opping psychopaths! It is all that they have to offer! Fear! Death! Destruction! Big fucking deal! I always realized that life was temporary anyways! If they want to spend their limited time on earth terrorizing people through illegal means, they will have to live with their own actions!
Unintimidated!
How do you live in a world where you are seen as a moron?
I’m not saying you are the dumbest person alive. I’m saying you better hope Biden doesn’t die.
Sept. 11. The anniversary of “the attack”. To this day the US government is still obstructing the victims families from suing the Saudi’s who financed the attack. Why? What kind of government is this? Did you know that former CIA Director John Brennan was the CIA station chief in Saudi Arabia then? The US State Department had denied the terrorists requests for visas to the US. John Brennan personally over ruled the State Department and issued visas to the terrorists. Brennan had converted to Islam during his tenure in Saudi Arabia. Now you know the rest of the story.
Mike Pompeo probably lobbied for Israel to donate to CUFI considering that he is probably the sole Italian Christian Fundamentalist, and went all the way to Israel for the Republican Convention to deliver a speech for the Republican Convention.
The even more disgusting thing is that the politicians have allowed this to happen and have violated the 1st amendment both by making an establishment of Judaism and by censoring and financially punishing Israel’s critics.
I believe that there was an even more sinister motive than accepting treasonous bribes for an Israel first policy, as if that is not sinister enough, but in order to deliberately incite racial and religious tensions right here in America which certainly has the polar opposite effect of reducing anti-Semitism.
This sinister motive benefits both the American and Israeli governments at the expenses of both the American and Israeli citizens.
Obviously, Jews in America are not oppressed at all because there is no significant level of anti-Semitism in America. There are radical extremists in every religion that are willing to violate the rights of others and by going on shooting sprees. The Israeli government is a government of radical extremists. This is literally not debatable, since it has been proven by over a century of bloodshed in a murderous rampage of ethnic cleansing in The Land Of Palestine. The terrorism included The Night of Trains, in which Israeli terrorists staged attacks on trains against Palestinians, and The Night of Bridges, in which Israeli terrorists detonated bridges.
The Israelis are radical extremists be definition. Literally Zealots, who dictate that the world must accept both Judaism, as well as Zionism which is based on racism and land theft because it is their own confession that they are incapable of co-existing with non-Jews. This all predates Hitler as well. If Christians decided that they could not co-exist with Jews they would be called anti-Semites, so why are Jews who have decided that they cannot co-exist with Christians and Muslims not referred to as anti-Christian and anti-Islamic?!
The Christian Palestinians suffer every bit as much religious discrimination in Israel as Muslims do, which is largely unknown to the majority of Christian Americans. The assumption in America is that if the Israelis are discriminating against Palestinians, it is because they are Muslim terrorists, but nothing could be further from the truth. This is also hided by the fact that Israeli Jews simply refer to Palestinian Christians as Arabs, and Americans, and even Americans visiting Israel just assmue that the Israeli Jews are referring to Muslims.
I am not sure how Trump’s, Israel’s, and Saudi’s efforts will be to unite Bahrain, Yemen, UAE, Jordan, and Egypt with Israel to convince them that Iran is a regional threat when the facts prove otherwise.
People plagued by a century of bloodshed by the Israelis, and by about a half century of bloodshed by the United States and other NATO countries are likely to say “Are you out of your Effing minds!?” to their governments as a result of it and cause another round of coups, revolutions, and bloodshed, which would suit Trump, Netenyahu, and MbS just fine.
Andrea Iravani
When has something bad never happened ? Never! Bad things have always happened! This is manufactured hysteria and manufactured crisis by psychopathic criminal terrorists that really belong in prison! Let something bad happen to those sick and evil psychopaths for a change! None of this was accidental, and everyone knows it! Throw the psychopaths in prison! So sick of this insane evil country and world! Who in the hell do they think that they are fooling?! Sure as hell aren’t fooling me !
What worthless, wretched, lowlifes! The world would benefit if they all died, in fact, it would probably be the greatest contribution that they were capable of making!
All of the weather websites have covid statistics, to try to induce urgency and hysteria that it is raining dead people. The statistics are fake, because the tests are inaccurate, this has been proven ad infinitum.
Andrea Iravani
When has something bad not happened ? Never! Bad things have always happened! This is manufactured hysteria and manufactured crisis by psychopathic criminal terrorists that really belong in prison! Let something bad happen to those sick and evil psychopaths for a change! None of this was accidental, and everyone knows it! Throw the psychopaths in prison! So sick of this insane evil country and world! Who in the hell do they think that they are fooling?! Sure as hell aren’t fooling me !
What worthless, wretched, lowlifes! The world would benefit if they all died, in fact, it would probably be the greatest contribution that they were capable of making!
All of the weather websites have covid statistics, to try to induce urgency and hysteria that it is raining dead people. The statistics are fake, because the tests are inaccurate, this has been proven ad infinitum.
Andrea Iravani
Trump is bragging that he has received the non-existent Bay Of Pigs Award, supposedly an award for failed coup attempts? Is Trump referring to the two failed attempts to assassinate Maduro, first with 8 Silvercorp private contractors being caught, and the second with the U.S. Marine being caught and imprisoned a couple of days ago, all after the numerous failed attempts to instill Juan Guaido as President of Venezuela?
Does Trump even know what the Bay of Pigs was, and that it would never be a bragging point? Doubtful!
Andrea Iravani
How do you live in a world where you are seen as a moron?
I’m not saying you are the dumbest person alive. I’m saying you better hope Biden doesn’t die.