As I have been warning about for a very long time…the economy is in terrible shape and getting much worse. There is a fairly high probability that we are seeing the continuing early stages of the economic collapse of the US economy.
The numbers/statistics out this morning show a horrible picture of our US economic condition:
- GDP down 33% (historic record number)
- Initial unemployment claims jumped to 1.25million last week
- Personal consumption down 34% (historical number) – represents 2/3 of the US economy
- Over 30 million people are receiving unemployment benefits
- Estimates are another 15 – 25 million people are unemployed but receiving no assistance
- Retail spending dropped 15% in April
- Spending on services down over 40%
- Domestic investment down 49%
- State and local government spending down over 5%
- Total US economic activity dropped 5% (Q1 2020)
And to make it all worse…the US federal spending rose nearly 3%! And that is money we don’t have and borrowed. 3% may not sound like much…but when you are already spending $6 trillion (including aid package) that amounts to an increase in additional federal spending of $180 billion in just the Q1 of 2020!!
The economy is collapsing and the federal government “fiddled while Rome burned.”
What does all this mean to you? Get your financial house in order to cope with the financial disaster that is occurring…and which will get worse…maybe even collapse. Then prepare every other needful thing.
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