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Protracted US Economic Collapse Continues

Written by Subject: United States

Protracted US Economic Collapse Continues

by Stephen Lendman (stephenlendman.org - Home - Stephen Lendman)

Nothing in US history matches what's going on now — causing unprecedented harm to millions of jobless, impoverished Americans.

While politicians in Washington dither and dicker pre-and-post-election for political advantage, ordinary Americans in need are struggling on their own to get by.

Looking ahead, things are likely to worsen, not improve.

The state of the nation economically is worse than during the depths of the Great Depression.

Instead of reporting accurately on what's going on with no relief so far, corporate-run establishment media largely ignore growing hunger, homelessness and despair in the world's richest country.

For an unprecedented 35 straight weeks since last March, over one million Americans filed claims for unemployment insurance (UI) — while equity markets hover at around record-high levels.

According to the Institute for Policy Studies and Americans for Tax Fairness study, hundreds of US billionaires increased their net worth this year by nearly one trillion dollars — while millions of US households never had things harder and more uncertain about what lies ahead.

In the latest weekly reporting period, another 1.1 million Americans sought UI benefits — 742,000 for regular state UI, another 320,000 for Pandemic Unemployment Assistance (PUA).

Continuing claims for state UI dropped by 429,000 — from 6.8 to 6.4 million because hundreds of thousands of US workers exhausted their benefits.

These individuals can apply for 13 weeks of Emergency Unemployment Compensation (PEUC).

At yearend, PUA and PEUC expire if not renewed.

Nothing remotely like what's ongoing ever happened in the US before.

Since $600 in weekly unemployment benefits expired at end of July, beneficiary US households lost their financial lifeline.

Failure to sustain weekly UI benefits, along with not providing cash-strapped states and local communities with vitally needed financial aid, cost the nation millions of jobs that spending with these funds would have created.

When financial aid is most needed, the Trump regime and Congress failed to deliver it — serving their own interests at the expense of countless millions of ordinary Americans.

All of the above is ongoing with no end of it in prospect at a time when real US unemployment is 26.3% — based on how the figure was calculated pre-1990.

The widely reported 6.9% figure omits most jobless workers, real people considered non-persons for purposes of calculating unemployment.

The hardest of hard times show no signs of easing.

According to economist John Williams, "(e)conomic and systemic risks continue to intensify," things heading toward greater "economic collapse" than already.

"The US economy and personal finances have suffered meaningful structural damage."

Everything going on was planned, including made-in-the-USA covid and economic collapse.

The former is another form of seasonal flu/influenza, an annual epidemic in the US and elsewhere that effects millions of people. 

It comes and goes without mass hysteria fear-mongering, partial or full shutdowns causing economic collapse, mask-wearing that does more harm than good, and social distancing.

All of the above facilitates the World Economic Forum-promoted Great Reset.

The scheme is what WEF founder and executive chairman Klaus Schwab calls a "unique window of opportunity" for global leaders to reshape "global relations…national economies, the priorities of societies, the nature of business models, and the management of a global commons…"

Instead of serving "the dignity" and interests "of every human being," the scheme is all about exploiting most people worldwide so the privileged few can benefit more than already.

It's an updated new world order, a " 'Great Reset' of capitalism," a socioeconomic "revamp" worldwide — a dystopian nightmare for ordinary people everywhere, wrapped in "more equitable outcomes" rhetoric.

The WEF's worldview is all about     what benefits privileged interests at the expense of most others, unrelated to "the good of the planet."

It's for plundering, not improving and preserving for the betterment of humanity.

In the US and other Western nations at a time of great hardships for ordinary people, neoliberal harshness and a large-scale underclass is supported by their ruling class.

Societies fit to live in for everyone are off the table, what Great Reset planners won't tolerate.

VISIT MY WEBSITE: stephenlendman.org (Home - Stephen Lendman). Contact at lendmanstephen@sbcglobal.net.

My two Wall Street books are timely reading:

"How Wall Street Fleeces America: Privatized Banking, Government Collusion, and Class War"

https://www.claritypress.com/product/how-wall-street-fleeces-america/

"Banker Occupation: Waging Financial War on Humanity"

https://www.claritypress.com/product/banker-occupation-waging-financial-war-on-humanity/

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