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Americans Have Already Skipped Payments On More Than 100 Million Loans, And Job Losses Continue To Escalate
Americans Have Already Skipped Payments On More Than 100 Million Loans, And Job Losses Continue To Escalate
Those that have been hoping for some sort of a “V-shaped recovery” have had their hopes completely dashed. U.S. workers continue to lose jobs at a staggering rate, and economic activity continues to remain at deeply suppressed levels all over the nation. Of course this wasn’t supposed to happen now that states have been “reopening” their economies. We were told that things would soon be getting back to normal and that the economic numbers would rebound dramatically. But that is not happening. In fact, the number of Americans that filed new claims for unemployment benefits last week was much higher than expected…
Weekly jobless claims stayed above 1 million for the 13th consecutive week as the coronavirus pandemic continued to hammer the U.S. economy.
First-time claims totaled 1.5 million last week, higher than the 1.3 million that economists surveyed by Dow Jones had been expecting. The government report’s total was 58,000 lower than the previous week’s 1.566 million, which was revised up by 24,000.
To put this in perspective, let me once again remind my readers that prior to this year the all-time record for a single week was just 695,000. So even though more than 44 million Americans had already filed initial claims for unemployment benefits before this latest report, there were still enough new people losing jobs to more than double that old record from 1982.
That is just astounding. We were told that the economy would be regaining huge amounts of jobs by now, but instead job losses remain at a catastrophic level that is unlike anything that we have ever seen before in all of U.S. history.
…click on the above link to read the rest of the article…
ANOTHER “Bomb Cyclone” Will Bring More Flooding To Parts Of The Midwest That Were Hit By A “1,000 Year Flood” Last Month
ANOTHER “Bomb Cyclone” Will Bring More Flooding To Parts Of The Midwest That Were Hit By A “1,000 Year Flood” Last Month
Less than a month after a “bomb cyclone” caused a “1,000 year flood” in the middle portion of the country, another “bomb cyclone” of similar strength is going to bring even more flooding to the High Plains and Upper Midwest. According to meteorologists, it is being projected that this new “bomb cyclone” will be “similar in intensity and in snowfall” to the last one, and the latest forecast is calling for “more than 30 inches in some areas”. The floods that we witnessed last month absolutely devastated communities throughout the region, and now it is going to happen again. The middle part of our nation has literally never seen anything like this happen ever before, and this is easily the worst natural disaster to hit the United States since Hurricane Katrina.
Before I get into the details of the latest weather forecast, let’s review what we have witnessed so far. “At least 1 million acres of U.S. farmland” were under water for at least 7 days last month, according to Agriculture Secretary Sunny Purdue “as many as a million calves” were lost in the flooding in the state of Nebraska alone, and hundreds of millions of dollars worth of crops were destroyed. Thousands upon thousands of farmers were financially ruined, and thousands of farmers will not be able to plant any crops at all this year.
If you can point out a worse agricultural disaster in the last 50 years in the United States, please feel free to do so. To my knowledge, there isn’t one.
And now a second “bomb cyclone” is on the way this week. According to CBS News, it looks like this “bomb cyclone” will produce “a blizzard of epic proportions”…
…click on the above link to read the rest of the article…
100s Of Millions Of Dollars In Crops Destroyed By Flooding, And Farmers Are Being Told “There’s Nothing The U.S. Government Can Do To Help”
100s Of Millions Of Dollars In Crops Destroyed By Flooding, And Farmers Are Being Told “There’s Nothing The U.S. Government Can Do To Help”
This is the worst economic disaster for U.S. farmers in modern American history. Our ongoing trade war with China had greatly depressed prices for wheat, corn and soybeans, and so farmers were storing more crops on their farms than ever before in early 2019. And then the floods came. The water moved so fast that the vast majority of the farmers in the affected areas could not have moved what they had stored even if they wanted to, and the scale of the losses that these farmers have suffered is starting to become clearer. According to UPI, “hundreds of millions of dollars in crops” that were destroyed by the flooding were not covered by insurance…
Hundreds of millions of dollars in crops destroyed in Midwestern floods this month were not insured, farmers say. And the losses could leave many without sufficient income to continue farming.
“This uninsured grain issue is really starting to affect people,” said Jeff Jorgenson, a western Iowa corn and soy grower whose farm flooded when the Missouri River spilled over its banks March 12.
Without an extraordinary amount of assistance, there are thousands of farmers that will never be able to come back from this.
One fifth-generation farmer that was interviewed by Fox News said that about 7 million dollars worth of grain was destroyed in his county alone…
Dustin Sheldon, a fifth-generation grain and soybean farmer, watched in horror as the floods that devastated the Midwest began to recede and he could assess the damage to his crops.
He said the record-breaking floods caused about $1 million in losses for his family farm.
…click on the above link to read the rest of the article…
