When the statistics piling up are in fact worse than the 1930’s, you know you have a problem. There are stores closing everywhere. Not temporarily. Permanently. If you have a store that is no longer in business, the employees are no longer making money. Sure, they can have government money, but how long will that last? How much debt can a nation get in without massively raising taxes? There is no end in sight to this and we’ve only just begun.
CBO projects 38% drop in GDP, $2.1 trillion increase in the deficit
Mnuchin: U.S. ‘fully prepared to take losses’ on coronavirus bailouts
California Task Force calls on Congress for $1 trillion in coronavirus aid
https://www.cnbc.com/2020/05/19/california-task-force-calls-on-congress-for-1-trillion-in-aid.html
Commercial Real Estate’s Havens Suddenly Not So Safe – WSJ
https://www.wsj.com/articles/commercial-real-estates-havens-suddenly-not-so-safe-11589889600
Over 4 million Americans are now skipping their mortgage payments – MarketWatch
Loaded With Cash, Property Buyers Wait for Sellers to Crack – Bloomberg
US home building collapses 30% in April amid pandemic
https://news.yahoo.com/us-home-building-collapses-30-april-amid-pandemic-132851119.html
Arizona restaurant chain struggles to fill staff as unemployment claims soar | AZ Job Openings | azfamily.com
It pays to stay unemployed. That might be a good thing
https://www.cnbc.com/2020/05/09/it-pays-to-stay-unemployed-that-might-be-a-good-thing.html
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City of Fairfield files for bankruptcy amid coronavirus pandemic | CBS 42
https://www.cbs42.com/news/local/city-of-fairfield-files-for-bankruptcy-amid-coronavirus-pandemic/
Emirates Flight Schedules: Carrier Considers Job Cuts, A380 End – Bloomberg
J.C. Penney to permanently shut about 242 stores as part of bankruptcy plan
Michigan plans to furlough 64% of workforce, save $80M
With cuts at Vice, Quartz, BuzzFeed, even media’s savviest digital players are hurting – San Antonio Express-News
Office Depot plans store closures, 13,100 job cuts by 2023
https://www.cnbc.com/2020/05/15/office-depot-plans-store-closures-13100-job-cuts-by-2023.html
Retail Chain Reitmans Seeks Bankruptcy Protection in Canada – Bloomberg
Rolls Royce Braces for Turmoil With 8,000 Jobs on the Line – Bloomberg
Retailer Pier 1 to permanently shut down, close all 540 stores in U.S. and Canada | CBC News
https://www.cbc.ca/news/business/pier-1-bankruptcy-1.5575801
Prince Charles wants furloughed workers to pick fruit and vegetables – CNN
https://www.cnn.com/2020/05/19/uk/prince-charles-fruit-picking-intl-scli-gbr/index.html
Daily Job Cuts – Layoffs, Job Layoffs List 2020 / 2019 , News , Bankruptcy, Store closings, Business Economy News