The American economy has plunged into a depression and we haven’t even seen the full impact of it. The extra unemployment aid that was approved by the government, came to an end today and the consequences of this are not going to be good.
AP:
As public health officials warned Friday that the coronavirus posed new risks to parts of the Midwest and South, enhanced federal payments that helped avert financial ruin for millions of unemployed Americans were set to expire — leaving threadbare safety nets offered by individual states to catch them.
Since early in the pandemic, the federal government has added $600 to the weekly unemployment checks that states send. That increase ends this week, and with Congress still haggling over next steps, most states will not be able to offer nearly as much.
What are these millions of people going to do? There are no jobs because state governments have issued all sorts of insane lockdown orders that have forced businesses to close. And without this additional government assistance, millions of people are going to have a hard time just being able to afford food and shelter.
We are going to see many millions of desperate people throughout America and desperate people will do desperate things.
This is not going to be a good situation for anybody. Even if you are one of the people who are fortunate enough to have a job, assets and what not, security is going to become an increasing concern no matter how much your net worth is.
