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Journalist says the evidence of the coming economic collapse is worse than anything we’ve seen

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The coronavirus pandemic, which has so far killed more than 10,000 people worldwide (according to figures reported by John Hopkins University), is not only hazardous from a health standpoint — it is also hazardous from an economic standpoint. From San Francisco to Madrid to Dublin to New York City, brick-and-mortar businesses deemed non-essential have suddenly been forced to close their doors. Journalist Annie Lowrey, in an article published by The Atlantic, lays out why the economic storm that has arrived is starting to make even the Great Recession pale in comparison.

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“What is happening is a shock to the American economy more sudden and severe than anyone alive has ever experienced,” Lowrey explains. “The unemployment rate climbed to its apex of 9.9 % 23 months after the formal start of the Great Recession. Just a few weeks into the domestic coronavirus pandemic — and just days into the imposition of emergency measures to arrest it — nearly 20% of workers report that they have lost hours or lost their job.”

The Wall Street crash of 1929 and the Great Depression of the 1930s were economically devastating for millions of Americans. And Lowrey fears that coronavirus could cause the type of harsh economic conditions that President Franklin Delano Roosevelt battled after defeating President Herbert Hoover in the 1932 election.

“Absent a strong governmental response,” Lowrey warns, “the unemployment rate seems certain to reach heights not seen since the Great Depression or even the miserable late 1800s. A 20% rate is not impossible.”

Lowrey expects the United States’ national unemployment rate to soar in the weeks ahead.

“The economy is not tipping into a jobs crisis — it is exploding into one,” Lowrey asserts. “Given the trajectory of state reports, it is certain that the country will set a record for new jobless claims next week — not only in raw numbers, but also, in the share of workers laid off. The total is expected to be in the range of 1.5 million to 2.5 million and to climb from there.”

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U.S. companies are being urged to let their employees work from home if possible, and many tech companies have temporarily closed their physical offices for now and instructed employees to only work online. But the key word there is “tech”: a wide range of brick-and-mortar businesses, as Lowrey points out, aren’t set up to be online-only operations.

“The economy needs to halt to protect lives and sustain the medical system,” Lowrey observes. “Planes have been grounded, conferences canceled, millions of Americans told not to leave their homes except to get groceries and other necessities. Because of the emergency measures now in place, businesses have had no choice but to let workers go. The list of employers laying off workers en masse includes cruise lines, airlines, hotels, restaurants, bars, cabinetmakers, linen companies, newspapers, bookstores, caterers and festivals. I started adding up numbers in news reports and quit when I hit 100,000.”

Lowrey concludes her piece by stressing that the word “recession” really doesn’t capture the gravity of what the U.S. is facing economically thanks to the coronavirus pandemic.

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“In the real economy, everything has halted, frozen in place,” Lowrey reports. “This is not a recession. It is an ice age.”


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‘Comically ridiculous’: Kayleigh McEnany sparks outrage by comparing Trump to Winston Churchill

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At Wednesday's White House briefing, Press Secretary Kayleigh McEnany compared President Donald Trump's church photo-op stunt to British Prime Minister Winston Churchill inspecting bombing damage during the Nazi raids in World War II.

Kayleigh compares the President’s photo op to Churchill inspecting bombing damage pic.twitter.com/KP5ovHMYzI

— Acyn Torabi (@Acyn) June 3, 2020

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Team Trump ‘running for cover’ after attempt to crack down on protests results in ‘humiliation’: conservative columnist

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Writing in the Washington Post this Wednesday, columnist Jennifer Rubin writes that the "tear-gassing of peaceful protesters, the debasement of St. John’s Episcopal Church, the wholly inappropriate participation of the defense secretary and chairman of the Joint Chiefs of Staff in the goose step across Lafayette Square" were actually President Trump's way of compensating for reports that he retreated to an underground bunker when protesters got close to the White House.

Rubin points to Trump's claim that he went to the bunker for an "inspection." But according to Defense Secretary Mark Esper, he had no idea where Trump and the rest of his entourage were going.

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Trump’s attempt to look tough backfires — and even Republicans seem to see the writing on the wall

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From the moment that protests against racist police violence started to spread from Minneapolis to the rest of the country (and the world), after a white police officer named Derek Chauvin killed an unarmed black man named George Floyd in a gruesome incident captured on video, it's been clear that Donald Trump thought this was exactly the Hail Mary he needed to win re-election. Trump has been desperate for a way to distract the country from the soaring death rate of the coronavirus pandemic (now at 108,000 and counting) and the 40 million left unemployed in the resulting economic collapse. He believed that a racist and sadistic backlash against the protesters was just the ticket.

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