(Tea Party 247) – The riots over George Floyd’s death in Minneapolis and other cities across the US like Atlanta, Los Angeles, and Washington DC have been downright scary to watch. As businesses are burned to the ground, stores looted, and the police outright attacked and assaulted the rest of America watches in shock. What is even more disturbing is the realization that these riots may only be just a preview of what is in store for America as a result of the economic devastation caused by the coronavirus.
The current bedlam in a few cities is nothing compared to what the streets of all American cities will look like if we can’t get our economy back on track and fast. Another 2.1 million people filed initial claims for unemployment last week making it the 10th straight week in which the number of new claims for unemployment benefits has been above 2 million, as CNBC reports.
Tyler Durden at Zero Hedge points out that prior to this year the highest number of new claims in a single week was 695,000 in 1982.
Durden goes on to say:
Overall, 40.8 million Americans have filed new claims for unemployment benefits over the past 10 weeks. That is the greatest spike in unemployment in all of U.S. history by a very wide margin, and it means that more than one-fourth of all the jobs in the United States have already been wiped out.
But for now, the impact of those job losses has been cushioned by the extremely generous $600 a week unemployment bonuses that the federal government has been handing out, but those benefits are set to expire at the end of July…
If those benefits are not extended we will see a massive national temper tantrum, and right now President Trump and Republican leaders in the Senate do not plan to extend them.
We shall see what happens, but we may soon have tens of millions of very angry unemployed Americans that are unable to pay their bills anymore.
And with each passing day, more bad economic news just keeps rolling in. We just learned that orders for durable goods were down 19.4 percent on a year over year basis last month, and we also just learned that pending home sales were down 34.6 percent in April compared to the same month a year ago.
As I discussed yesterday, we are watching a full-blown economic collapse begin to unfold, and the fact that many U.S. states are starting to “reopen for business” is not going to stop the momentum that has now been created.
During the first few weeks of the pandemic, there was just a trickle of major bankruptcies, but now that trickle has become a flood…
And we are watching store closings occur at a rate that we have never seen before in our entire history.
At this point, Coresight Research is projecting that about 25,000 stores will permanently close by the end of this calendar year…
As governors refuse to allow life to get back to normal in many states the economic fallout will only continue to get worse and worse. Eventually millions of Americans will be unable to pay their bills and support their families and many will turn to rioting.
And should we blame anyone then? When our livelihoods are being held captive by power-hungry Dems who are literally seeking to destroy the economy that President Trump built, riots will be justified.
We must continue to hope that the tyrant governors still insisting on lockdowns and stay home orders will soon reverse course and that the economy will begin to recover but we must look at the current riots and start to consider how best to protect ourselves and our families when s*** hits the fan.