BY SILVER REPORT
APRIL 9, 2020
Economists at the Federal Reserve Bank of St. Louis project the job losses from the US recession could reach 47 million and push America’s unemployment rate to 32.1 percent this is 7% higher than the peak experienced during the first great depression. Making the 2020 depression the greatest depression. In 2019 household debt surged and reached the peak last seen in 2007 before the great recession. Some have fallen under the spell that we were in the greatest economy ever and that’s because you have heard it enough to know every line of the script. However, signs of economic stress have been present for a long time. We also see food banks across the country have been experiencing lines that are miles long reminiscent of the bread lines seen during the great depression except for this time they are in their cars. The lines continue to grow as more people are losing their jobs. It’s clear what we have been witnessing is unprecedented with people struggling just to secure a meal. Many food banks have seen an increase in demand of over 800%.