Hope it was worth it, panic ninnies.
Hardly anyone expected that things would get this bad in 2020. Once the pandemic hit and states all over the country started instituting lockdowns, economic activity collapsed dramatically. U.S. GDP was down 31.4 percent during the second quarter of 2020, and that was a drop without parallel in all of U.S. history. In fact, that decline was more than three times as large as the previous record. But eventually states started to “reopen” their economies, and U.S. GDP for the third quarter is expected to show a significant rebound when the numbers are finally released. Of course we still aren’t even close to where we used to be, but at least things weren’t as bad as they were in the second quarter.
But now as the fourth quarter begins, it appears that economic conditions are heading back in the wrong direction again.
Follows, a list of fifteen truly grim portents, which are just the tip of a very, very big iceberg. No matter how desperately TPTB try to juggle and parboil the numbers, we’re only in the very beginning stages of an unprecedented, wholly self-inflicted disaster. It’s going to get worse, and may well never get much better.
Then again, the economy could well turn out to be the least of our worries before the year is out.
Now we are less than a month away from a presidential election that promises to be incredibly chaotic, and the extremely deep divisions that already exist in our nation are likely to get even worse. Many believe that this election will produce even more civil unrest, and that will likely depress economic activity even further.
I truly wish that economic conditions would “return to normal” and that all of us could get back to our old patterns.
But there isn’t going to be any “return to normal” any time soon.
Instead, very dark days are ahead, and those very dark days will shake this nation to the core.
Yep, that’s my conclusion too. Better get used to it, folks; as I keep saying, this is our New Normal, like it or not. Another one of those times when I hope and pray that I’m wrong, but…well, it ain’t looking like the way to bet.