No End to Devastating US Economic Collapse
by Stephen Lendman (stephenlendman.org – Home – Stephen Lendman)
For 42 consecutive weeks since last March, record numbers of jobless US workers filed claims for unemployment insurance (UI) help — with no end to what’s going on in prospect.
Over 26% of working-age Americans are unemployed, not the phony BLS reported 6.7%.
Its data are part of mass deception about the dismal state of things for ordinary Americans — enduring the nation’s Greatest Depression.
The worst of things likely lies ahead. Wall Street on Parade editors slammed the WSJ’s editorial board, saying:
After “coddl(ing) Trump for his entire four years in office…(it’s) now calling for (him) to resign.”
“There is no line (he) hasn’t crossed over the past four years, constitutionally or otherwise.”
During the Greatest US Depression last year into this one, he stiff-armed jobless and other disadvantaged Americans in need.
Throughout his tenure, he served privileged interests exclusively at the expense of most others at home and abroad.
In fairness, so did Obama/Biden, Bush/Cheney, the Clintons, and most of their predecessors.
Trump won’t be missed when gone, his crucifixion unconstitutional and unforgivable.
What’s replacing him may be worse. What happened last year to now may be prelude to ending the American dream for most people forever.
Tens of millions of Americans are unemployed or underemployed earning poverty wages with few or no benefits.
According to the Economic Policy Institute (EPI), official US unemployment figure “are a vast undercount of the number of workers being harmed by the weak labor market,” adding:
“Some workers are being misclassified as “employed, not at work” instead of unemployed” — a shocking perversion of reality that’s official policy to way understate severe hardships.
“The number of officially unemployed is undercounted, even in normal times (and is probably worse now).”
“Some workers who are out of work (because of what’s going on) are being counted as having dropped out of the labor force instead of as unemployed.”
“Millions of employed workers have seen a drop in hours and pay because of” current made-in-the-USA conditions.
Instead of government programs to stimulate economic growth and jobs creation as in the 1930s, federal efforts almost exclusively support Wall Street, other corporate favorites, and high-net-worth investors.
It comes at the expense of vital homeland needs gone begging, including help to relieve unprecedented food insecurity, hunger, and overall deprivation, affecting tens of millions of US households.
The latest BLS jobs report showed a decline of 140,000 in December that was likely a significant undercount.
Millions of fewer jobs in the US exist today than a year ago because of well over 100,000 small businesses permanently shut down for lack of enough customers and revenue.
Many others cut staff for the same reason.
EPI stressed that Biden/Harris “will inherit (a decimated) economy.”
Will they improve or worsen things for ordinary Americans?
During two Obama/Biden regime terms, force-fed austerity was official policy, what’s likely to continue in some form ahead with no end of it in prospect by either right wing of the one-party state.
Economist John Williams explained that US economic collapse keeps “hardening…” while Fed money creation expanded year-over-year by “a record 66.4%”— that’s largely gone for speculative investments, not Main Street where badly needed.
Instead of economic improvement ahead, things will likely worsen for Main Street by design with no end of misery in prospect.
That’s the dismal state of today’s America and other Western societies.
While privileged interests never had thing better, ordinary people in the West face continued deprivation and misery — force-fed them by their ruling authorities.
What’s going on is unrecognizable from the nation I grew up in long ago because it no longer exists.
VISIT MY WEBSITE: stephenlendman.org (Home – Stephen Lendman). Contact at email@example.com.
My two Wall Street books are timely reading:
“How Wall Street Fleeces America: Privatized Banking, Government Collusion, and Class War”
“Banker Occupation: Waging Financial War on Humanity”