{"id":18764,"date":"2020-07-31T14:59:06","date_gmt":"2020-07-31T21:59:06","guid":{"rendered":"https:\/\/setapartbytruth.org\/wordpress-watchman\/?p=18764"},"modified":"2020-07-31T14:05:20","modified_gmt":"2020-07-31T21:05:20","slug":"we-are-experiencing-economic-devastation-on-a-scale-that-america-has-never-seen-before","status":"publish","type":"post","link":"https:\/\/setapartbytruth.org\/wordpress-watchman\/we-are-experiencing-economic-devastation-on-a-scale-that-america-has-never-seen-before\/","title":{"rendered":"We Are Experiencing Economic Devastation On A Scale That America Has Never Seen Before"},"content":{"rendered":"

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Michael Snyder<\/a> – July 30, 2020<\/p>\n

For a very long time we have been warned that a U.S. economic collapse was inevitably coming, and now it is here.\u00a0 Fear of COVID-19 and unprecedented civil unrest in our major cities have combined to plunge us into a historic economic downturn, and nobody is exactly sure what is going to happen next.\u00a0 On Thursday, we learned that U.S. GDP was down 32.9 percent on an annualized basis last quarter.\u00a0 That officially makes last quarter the worst quarter in all of U.S. history, and many people believe that this new economic depression is just getting started.\u00a0 But of course not all areas of the country are being affected equally<\/a>.\u00a0 According\u00a0to USA Today<\/a>, states such as Hawaii, Nevada, Michigan and New York were hit particularly hard last quarter\u2026<\/p>\n

Every state was walloped last quarter, though ones that rely heavily on travel and tourism, such as Hawaii and Nevada, were hit hardest by the downturn, according to employment figures analyzed by economist Adam Kamins of Moody\u2019s Analytics. Michigan, the heart of the nation\u2019s auto industry, was slammed as consumers put off car purchases. And densely populated Northeast states struck by the most severe virus outbreaks \u2013 like New York, New Jersey and Massachusetts \u2013 absorbed among the heaviest economic losses as governors shut down earlier and residents stayed home.<\/p>\n

Originally, the mainstream media was telling us that the U.S. economy would come surging back to life during the third quarter, but we continue to get more signs that indicate that the economy is starting to slow down again.<\/p>\n

For example, the Labor Department just released some new numbers that were more than just a little bit startling.\u00a0 If you can believe it,\u00a0another 1.434 million Americans<\/a> filed new claims for unemployment benefits last week.\u00a0 That was an increase over last week\u2019s revised number, and it represents the second week in a row that initial claims have risen.<\/p>\n

Overall, new claims for unemployment benefits have now been above one million for 19 weeks in a row.<\/p>\n

http:\/\/theeconomiccollapseblog.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Michael Snyder – July 30, 2020 For a very long time we have been warned that a U.S. economic collapse was inevitably coming, and now it is here.\u00a0 Fear of COVID-19 and unprecedented civil unrest in our major cities have combined to plunge us into a historic economic downturn, and nobody is exactly sure what … Continue reading We Are Experiencing Economic Devastation On A Scale That America Has Never Seen Before<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[18],"tags":[15088,14826,36,22,479,15087,149,6110,15089],"class_list":["post-18764","post","type-post","status-publish","format-standard","hentry","category-warning","tag-adam-kamins","tag-covid-19","tag-disaster","tag-disease","tag-economic-collapse","tag-economic-depression","tag-economy","tag-labor-department","tag-moodys-analytics"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p8fAkI-4SE","_links":{"self":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/18764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/comments?post=18764"}],"version-history":[{"count":1,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/18764\/revisions"}],"predecessor-version":[{"id":18766,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/posts\/18764\/revisions\/18766"}],"wp:attachment":[{"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/media?parent=18764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/categories?post=18764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/setapartbytruth.org\/wordpress-watchman\/wp-json\/wp\/v2\/tags?post=18764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}