In Q1 2031, as many as 17 million Americans will face household eviction because of failure to pay rent. The majority of these are in minority communities.
Jobs are being permanently destroyed as up to forty percent of small businesses are shuttered forever. According to the Small Business Administration (SBA), small businesses make up:
- 99.7 percent of U.S. employer firms,
- 64 percent of net new private-sector jobs,
- 49.2 percent of private-sector employment,
- 42.9 percent of private-sector payroll,
- 46 percent of private-sector output,
- 43 percent of high-tech employment,
- 98 percent of firms exporting goods, and
- 33 percent of exporting value.
Just do the math to see what impact small businesses have on overall economic activity.
I have stated from the beginning of the COVID debacle that the objective was not to “save lives” but rather to destroy Capitalism and Free Enterprise, making way for Sustainable Development, aka Technocracy, to be established in its place. The harsh reality emerging from this economic carnage will see an order of magnitude more lives lost to factors other than coronavirus infection.
Contrary to constantly-stated rhetoric, Technocrats have absolutely no concern for human well-being, much less saving lives. ⁃ TN Editor
The U.S. poverty rate has surged over the past five months, with 7.8 million Americans falling into poverty, the latest indication of how deeply many are struggling after government aid dwindled.
The poverty rate jumped to 11.7 percent in November, up 2.4 percentage points since June, according to new data released Wednesday by researchers at the University of Chicago and the University of Notre Dame.
While overall poverty levels are low by historical standards, the increase in poverty this year has been swift. It is the biggest jump in a single year since the government began tracking poverty 60 years ago. It is nearly double the next-largest rise, which occurred in 1979-1980 during the oil crisis, according to James X. Sullivan, a professor at Notre Dame, and Bruce D. Meyer, a professor at the University of Chicago’s Harris School of Public Policy.
Sullivan and Meyer created a Covid-19 Income and Poverty Dashboard to track how many Americans are falling below the poverty line during this deep recession. The federal poverty line is $26,200 for a family of four.
The economists say the sharp rise in poverty is occurring for two reasons: Millions of people cannot find jobs, and government aid for the unemployed has declined sharply since the summer. The average unemployment payment was more than $900 a week from late March through the end of July, but it fell to about $300 a week in August, making it harder for the unemployed to pay their bills.
“We’ve seen a continual rise in poverty every month since June,” said Sullivan.