This is a chart of the unemployment rate throughout modern history.
Here is the average unemployment rate…at about 4.5%
Here is the unemployment rate after the dot-com burst and 9/11, at about 6%.
Here is the unemployment rate during the financial crisis of 2008…at about 10%.
And here is what Treasury Secretary, Steve Mnuchin said could happen to The unemployment rate at some point this year. It is reported that the senate and US lawmakers were warned of a 20% unemployment rate could be coming in the near future.
This would be the highest unemployment rate since the worst parts of the great depression.
And if you don’t believe me… well, we are already seeing signs of this.
Unemployment websites for the state of ohio, New York, New Jersey, and Washington D.C have all crashed this week.
And in Ohio specifically, the received 36, 645 unemployment claims on monday. That is typically what they would receive during an entire month.
And the results were similar pennyslyvania where 50 000 people made unemployment claims. And Minneosota had 31 000 claims.
In fact, The American Hotel & Lodging Association has already reported that 4 million jobs in travel related industries have already been lost in the last month, or are on the verge of being lost in the next few weeks unless there is drastic change. That would almost double the current unemployment rate by itself. And it is also being reported that nearly 50% of all hotels in the United States could face closures by the end of this year alone.
Lastly, several respected economic institutes have reported that it is likely 3-4 million jobs will be lost in the next several months, which would be on pace with the worst months of the great depression.
The economic trajectory of the global economy might be the worst it has ever been in history. And to prevent this, governments all around the world have been firing off every possible economic policy that they can think of, in order to create economic stability. And thus far, nothing has worked.
When the Federal reserve reduced interest rates to 0%… the very next day was one of the worst trading days in the history of the stock market.
Another Example is that The United States government announced an $850 billion dollar stimulus package to the economy… yet the market cratered another 9%.
And Finally, The Big Banks have received 2 Trillion dollars worth of loans from the federal reserve in the last 7 days, in an attempt to stabilize the market. Yet, market volatility actually increased and is at a higher level than it was during the financial crisis of 2008.
So far, the Global economy has taken between 25 and 40 trillion dollars worth of losses since february. Think about that. 40 trillion dollars has just vanished and this is not even being talked about by most people.
It seems that everyday, we are waking up to trillion dollar losses in the economy, yet no one is mentioning the potential repercussions that this will bring to the lives of the average person. And some of these repercussions might actually be quite surprising. Let me explain.
During the great Depression, Worldwide GDP fell by more than 15%, Unemployment shot up to over 20%, and global production of virtually everything fell by more than 50%.
And because of this, the world became poor. All of a sudden, a family that was living pay check to pay check in the middle class…struggled to be able to purchase food. You saw many people lose their jobs and lifesavings which caused a doubling of the suicide rate during this period. And you also saw infants and children weighing significantly less than normal, which caused some long term negative health effects such as much higher blood glucose levels, and a much higher risk of obesity by about 50% when these children grew up.
Overall, the quality of life for the average person around the world dropped off a cliff during this time. But a strange thing happened. Despite all of the negative consequences that came with the horrible economy…life expectancy and overall health actually increased. Here’s why.
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