The economic implosion of 2020: Job losses ramp up again as millions of Americans continue to slide into poverty

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The economic implosion of 2020: Job losses ramp up again as millions of Americans continue to slide into poverty

 

The mainstream media keeps trying to convince us that things are about to get a whole lot better for the U.S. economy, but instead they just keep getting worse.  On Thursday, we learned that another 898,000 Americans filed new claims for unemployment benefits last week.  That was the highest number that we have seen since August, and it is yet more evidence that a new wave of layoffs has begun.  But according to the experts that the mainstream media relies upon, this wasn’t supposed to happen.  According to them, the number of Americans filing for unemployment benefits was supposed to be steadily tapering off as the U.S. economy shifted into recovery mode.  Unfortunately for all of us, those experts have been dead wrong.

 

Yesterday, I wrote about the decline of the middle class in our country, and here in 2020 this pandemic has greatly accelerated that process.

 

In fact, one new study has found that almost 8 million more Americans have plunged into poverty just since May

 

Nearly 8 million Americans have slid into poverty since May, according to a Columbia University study reported by the New York Times.

 

Why it matters:The researchers found that the monthly poverty rate for September was higher than rates during April or May, and it also topped pre-crisis levels, “[d]ue to the expiration of the CARES Act’s stimulus checks and $600 per week supplement to unemployment benefits.”

 

And another study discovered that 6 million more Americans fell into poverty in just the last three months

 

A separate study by researchers at Notre Dame and the University of Chicago, found that 6 million people have slipped into poverty in the last three months, per the Times.

 

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