No Reprieve from Economic Collapse in the US

NYT Style Prostitution of the Press
October 31, 2020
The Mother of All Market Bubbles – Part II
October 31, 2020

No Reprieve from Economic Collapse in the US

by Stephen Lendman

It’s astonishing to believe that Trump may triumph over Biden/Harris next Tuesday — given the gravest economic crisis in US history that’s more likely to worsen and stay protracted longterm.

Yet as as discussed in a previous day’s article, it’s even money who’ll win.

When all is said and done, possibly involving the High Court that could have final say as in 2000, Trump may be around for another four years.

It’ll be known in days — or perhaps weeks ahead if results are contested.

US elections come at a time when for 32 straight weeks, over one million jobless workers filed for unemployment benefits.

Nothing remotely like what’s going on ever happened in US history, not even during the depths of the 1930s Great Depression.

Labor Department data released Thursday showed that another 1.1 million Americans applied for unemployment insurance (UI).

The numbers were as follows: 751,000 jobless workers filed claims for regular state UI.

Another 360,000 applied for Pandemic Unemployment Assistance (PUA). 

It’s the federal program for workers not eligible for UI.

Providing 39 weeks of benefits, it expires at yearend if not renewed.

Regular UI expired at end of July. Congressional wrangling failed to extend what’s vital for the nation’s unemployed at a time when real unemployment is around 27% — not the fabricated BLS 7.9%.

When benefits expire for UI recipients, they can apply for and are supposed to receive another 13 weeks of Pandemic Emergency Unemployment Compensation (PEUC).

Yet only 3.7 million Americans are  getting it — either because of inexcusable delays in processing claims or eligible individuals weren’t told that this benefit is available. 

Real CPI inflation is 9% year-over-year — not the phony BLS 1.7%.

The above numbers are based on how they were calculated pre-1990.

During the Clinton co-presidency, they were artificially rigged lower to sharply cut cost-of-living (COLA) payment increases to Social Security recipients.

For the great majority of Americans — whether employed or laid off — the hardest of hard times continues with no relief in prospect any time soon, maybe never for millions.

According to David Stockman, “fiscal demise” looms ahead at a time of reckless spending and near-zero interests rates on savings, causing Main Street havoc.

Stockman is unapologetically hostile toward how Trump mishandled the economy by instituting “economic martial law,” along with pushing the Fed to do his bidding at the expense of ordinary Americans.

He took a “debt-and-speculation-entombed economy” when taking office and did the unthinkable.

He worsened things more than ever before in US history before and after covid outbreaks.

Based on bad advice he’s following, maybe he’ll destroy it altogether if given four more years in office.

Stockman: “…Trump’s wholehearted embrace of sheer fiscal and monetary madness has not only left the nation spiraling toward the mother of all financial disasters, but he has also finally euthanized what remained of GOP fiscal rectitude.”

His “greatest economy ever” bravado is as phony as fabricated government data.

Fed free money-printing madness benefits Wall Street, traders, and speculators exclusively, none of it landing on main street where badly needed.

On whether things will change for the better if Biden/Harris defeat Trump, Stockman refuted the notion, saying: “Fuggetaboutit!”

What benefits Wall Street over main street will continue no matter which right wing of the one-party state controls the White House and or/Congress.

That’s the disturbing reality of America’s dismal state.

The nation I grew up in long ago — imperfect but world’s apart better than today — disappeared long ago, most likely never to return.

For the vast majority of Americans, it’s the wrong time to be young today — the right time only for privileged households and other monied interests.

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”

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

 

“Banker Occupation: Waging Financial War on Humanity”

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

Stephen Lendman
Stephen Lendman
Stephen Lendman was born in 1934 in Boston, MA. In 1956, he received a BA from Harvard University. Two years of US Army service followed, then an MBA from the Wharton School at the University of Pennsylvania in 1960. After working seven years as a marketing research analyst, he joined the Lendman Group family business in 1967. He remained there until retiring at year end 1999. Writing on major world and national issues began in summer 2005. In early 2007, radio hosting followed. Lendman now hosts the Progressive Radio News Hour on the Progressive Radio Network three times weekly. Distinguished guests are featured. Listen live or archived. Major world and national issues are discussed. Lendman is a 2008 Project Censored winner and 2011 Mexican Journalists Club international journalism award recipient.