The economic implosion of 2020: Job losses ramp up again as millions of Americans continue to slide into poverty

The economic implosion of 2020: Job losses ramp up again as millions of Americans continue to slide into poverty by  The Economic Collapse Blog

The mainstream media keeps trying to convince us that things are about to get a whole lot better for the U.S. economy, but instead they just keep getting worse.  On Thursday, we learned that another 898,000 Americans filed new claims for unemployment benefits last week.  That was the highest number that we have seen since August, and it is yet more evidence that a new wave of layoffs has begun.  But according to the experts that the mainstream media relies upon, this wasn’t supposed to happen.  According to them, the number of Americans filing for unemployment benefits was supposed to be steadily tapering off as the U.S. economy shifted into recovery mode.  Unfortunately for all of us, those experts have been dead wrong.

Yesterday, I wrote about the decline of the middle class in our country, and here in 2020 this pandemic has greatly accelerated that process.

In fact, one new study has found that almost 8 million more Americans have plunged into poverty just since May

Nearly 8 million Americans have slid into poverty since May, according to a Columbia University study reported by the New York Times.

Why it matters:The researchers found that the monthly poverty rate for September was higher than rates during April or May, and it also topped pre-crisis levels, “[d]ue to the expiration of the CARES Act’s stimulus checks and $600 per week supplement to unemployment benefits.”

And another study discovered that 6 million more Americans fell into poverty in just the last three months

A separate study by researchers at Notre Dame and the University of Chicago, found that 6 million people have slipped into poverty in the last three months, per the Times.

Our hearts should be breaking because of what is going on all over the country right now.

Millions upon millions of hard working people have lost their jobs and can’t find new ones.  As a result, they have lost the comfortable middle class lifestyles that they once enjoyed and have now joined the ranks of the poor.

But the official government numbers don’t look that bad because millions of those people are not even categorized as “unemployed”.  Instead, many of the workers that have lost their jobs during this pandemic have been thrown into a category that is called “not in the labor force”.

In order to have faith in the official government numbers, you have got to believe that more than 100 million working age Americans are “not in the labor force” because they don’t want to work.

It is such a sham.  Why don’t we just put every single American that is not working into the “not in the labor force” category so that we can have 0.0 percent unemployment?

Wouldn’t that be wonderful?

Of course the truth is that more Americans are being laid off with each passing day.  Over the past few weeks, some of the most iconic companies in the entire nation have been letting workers go

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The Daily Coin

Rory Hall, The Daily Coin and Gospel News Network. Beginning in 1987 Rory has written over 1,400 articles and produced more than 500 videos on topics ranging from the precious metals market, economic and monetary policies, preparedness as well as geopolitical events. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver, Gold Seek, SGTReport, and a great many more. Rory was a producer and daily contributor at SGTReport between 2012 and 2014. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Dr. Warren Coates and Peter Schiff, to name but a few. Don't forget to visit The Daily Coin and Gospel News Network to enjoy some of the best economic, precious metals, geopolitical and preparedness news from around the world.