by Financial Argument via Financial Argument
Small Businesses Collapse causes rising unemployment. Today, the number of small businesses in the United States is close to 31 million.
The number of people working in small businesses, which are some of the hardest-hit financial victims of economic catastrophe, is close to 60 million. In just a few months, the number has drastically reduced.
Since 2020, many of these have had to temporarily close or limit their activity. For some, this temporary closure was unfortunately made permanent. Many businesses that are still open or temporarily closed are doing whatever they can to resist the unpredictable financial tsunami heading towards them. Small businesses account for almost 45% of the GDP, and if even just a fraction of it collapses, it is a very huge problem.
If we include the families of these 60 million people as well, we have no better reference point to observe how the crashing economy is affecting people’s livelihoods.
Small businesses, which make up 99% of the businesses in the disintegrating U.S. economy, are falling by the wayside. Even though some are talking about it, it appears many don’t truly don’t realize the alarming significance of it.
Current measures and incentives are not going to restore anything. Despite the applause and exclamations of “all-time highs” you hear from Wall Street when they discuss the economy, they don’t include you, they don’t include your family, and they don’t include the economic reality of this country! I described what’s REALLY happening in the economy with charts…
The retail and restaurant industries have been hit hard. When we look at the specific sectors, an even worse picture awaits us.
Another dramatic topic is unemployment, which isn’t getting enough attention, similar to the plight of small businesses.
We are entering what will be the most chaotic period of the last century. Although it makes me relax that some people are economically prepared for this chaotic period, or at least try to be prepared, it is not the case for everyone.
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