Are we headed into another Great Depression?

[church mouse guy]

"A trillion bucks is a lot of money. The costs of shutting down the economy are larger. California's GDP is essentially zero at the moment. US GDP was about $22 trillion per year before the virus hit, almost $2 trillion per month.

"Shutting everything down and staying home for a few weeks is a sledgehammer. OK, our leaders have to hit a virus with a sledgehammer when they have nothing else up their sleeve. But it cannot last. Businesses will close, people will lose jobs, the economy will not be there to start up again."

The Grumpy Economist: Needed: the reopening plan. Fast.

Are we headed into another Great Depression?

 

[Scott Downey]

No, in my opinion. I read about the causes of the GD, and structurally and policy wise we are not of those who caused that. But we are in a recession likely for the next 2 quarters.

 

[Van]

Are we headed into another Great Depression?

No, the Great Depression was caused by Socialist fixes, just as the Great Recession was caused by Socialist fixes. We got out of the Great Depression not by spending of government infrastructure projects, but by putting private enterprise to work making the arsenal of democracy.

A favorite whipping boy of socialists is "trickle down economics" but the leftist model spends on government and claims that money will trickle down to the private sector. The great failures were based on that bogus theory.

 

[Wingman68]

The greatest threat to our future is if we let the dems steal, literally, the election by getting their way in forcing the election into a by mail/& or online voting. We will be done. The corruption will guarantee their results, & they will say it’s because of Trump’s handling of the virus, even though his approval has increased thus far. This virus reaction has already set up everything they need to take over. Practically a police state already. Plus, as we see, the dems are already using the stimulus response as contingent on getting every little wish on their list. I hope Trump can find areas of complete waste, eliminate it, & use the money towards making the people better off in coping with the financial devastation. He can’t allocate new money, but he can use already existing money. Never agree to their vote harvesting plans!

 

[Yeshua1]

The greatest threat to our future is if we let the dems steal, literally, the election by getting their way in forcing the election into a by mail/& or online voting. We will be done. The corruption will guarantee their results, & they will say it’s because of Trump’s handling of the virus, even though his approval has increased thus far. This virus reaction has already set up everything they need to take over. Practically a police state already. Plus, as we see, the dems are already using the stimulus response as contingent on getting every little wish on their list. I hope Trump can find areas of complete waste, eliminate it, & use the money towards making the people better off in coping with the financial devastation. He can’t allocate new money, but he can use already existing money. Never agree to their vote harvesting plans!

Nancy and her gang sent over to the Senate enough pork in their Bill to have Jewish members of the senate pass out just handling it!
They wanted money for unions, for diversity, for greening economy and so on!

 

[church mouse guy]

Nancy and her gang sent over to the Senate enough pork in their Bill to have Jewish members of the senate pass out just handling it!
They wanted money for unions, for diversity, for greening economy and so on!

I don't understand the Dem strategy here except that the Dems are richer per capita than the rest of the country and therefore they are openly indifferent to the plight of the poor.

If Trump waits much longer to lift this quasi martial law, it will be too late for the restaurants and bars to reopen and succeed. He has closed almost everything except grocery stores and drug stores. I think that movies are even closed now. I am wondering if the car wash will even be open? Hardly anyone is working so gas stations are doing very little business.

The Republicans cannot get away with closing down the rust belt and then thinking that they can re-open it somewhere over the rainbow and expect people to vote for them again in November and meanwhile the Republicans are saying that there is antidotal evidence that an old medicine for malaria will work but the government lawyers say that the doctors cannot use that or they will be liable so it is better to let the patient die. And then there is all this hoarding and price gouging exemplified even in Congress by the Democrats who want to charge the government for giving some unemployed waitress in the rust belt a few measly bucks in lieu of the respectable job that she had only yesterday.

If unemployment reaches 30%, the USA will be in a long-term depression because entitlements have already loaded the economy up with hopeless debts. And this pandemic is drawing down GNP a trillion dollars a month. The stock market will drop some more and it will be worse than Obama.

 

[Yeshua1]

I don't understand the Dem strategy here except that the Dems are richer per capita than the rest of the country and therefore they are openly indifferent to the plight of the poor.

If Trump waits much longer to lift this quasi martial law, it will be too late for the restaurants and bars to reopen and succeed. He has closed almost everything except grocery stores and drug stores. I think that movies are even closed now. I am wondering if the car wash will even be open? Hardly anyone is working so gas stations are doing very little business.

The Republicans cannot get away with closing down the rust belt and then thinking that they can re-open it somewhere over the rainbow and expect people to vote for them again in November and meanwhile the Republicans are saying that there is antidotal evidence that an old medicine for malaria will work but the government lawyers say that the doctors cannot use that or they will be liable so it is better to let the patient die. And then there is all this hoarding and price gouging exemplified even in Congress by the Democrats who want to charge the government for giving some unemployed waitress in the rust belt a few measly bucks in lieu of the respectable job that she had only yesterday.

If unemployment reaches 30%, the USA will be in a long-term depression because entitlements have already loaded the economy up with hopeless debts. And this pandemic is drawing down GNP a trillion dollars a month. The stock market will drop some more and it will be worse than Obama.

God is giving to all of us a big wake up now call thru this, as he is preparing the stage for coming future events!

 

[church mouse guy]

God is giving to all of us a big wake up now call thru this, as he is preparing the stage for coming future events!

If the lights go out here, they go out in many other places also. Maybe Trump should get some sleep so he can make an alert decision.

 

[Yeshua1]

If the lights go out here, they go out in many other places also. Maybe Trump should get some sleep so he can make an alert decision.

Maybe pull a Nineveh, and declare period of praying and getting back to true God in a national sense now!

 

[Calminian]

"A trillion bucks is a lot of money. The costs of shutting down the economy are larger. California's GDP is essentially zero at the moment. US GDP was about $22 trillion per year before the virus hit, almost $2 trillion per month.

"Shutting everything down and staying home for a few weeks is a sledgehammer. OK, our leaders have to hit a virus with a sledgehammer when they have nothing else up their sleeve. But it cannot last. Businesses will close, people will lose jobs, the economy will not be there to start up again."

The Grumpy Economist: Needed: the reopening plan. Fast.

Are we headed into another Great Depression?

If the Pelosi/Schumer dems were in charge, I think we would. Trump is not going to let that happen. He's already got us turning the corner.

 

[Scott Downey]

Maybe pull a Nineveh, and declare period of praying and getting back to true God in a national sense now!

God told Abraham He would preserve for the sake of even 10 righteous living there an evil city.
So He refused to destroy the place until he removed the less than 10 righteous from the cities of the plain. Now that does not mean God can not do what He wants with some place, that was God's promise to Abraham who was worried about Lot.

 

[Chickenlittle]

"A trillion bucks is a lot of money. The costs of shutting down the economy are larger. California's GDP is essentially zero at the moment. US GDP was about $22 trillion per year before the virus hit, almost $2 trillion per month.

"Shutting everything down and staying home for a few weeks is a sledgehammer. OK, our leaders have to hit a virus with a sledgehammer when they have nothing else up their sleeve. But it cannot last. Businesses will close, people will lose jobs, the economy will not be there to start up again."

The Grumpy Economist: Needed: the reopening plan. Fast.

Are we headed into another Great Depression?

I agree. I have deep concerns that even 2 trillion dollars is only the beginning. As I have said in other threads, a trillion dollars is a thousand dollar bills stacked 63 miles high. The U S takes in 4. 25 trillion each year in total revenue, yet still borrows 1 trillion (at least) every year. Welfare alone is 1 trillion per year.
Obama added 8.5 trillion to the debt in 8 years.
The GNP did not grow enough to pay for any of it. 2 trillion is going to be printed and circulated now. It means inflation in the future. But, if Trump remains in office, we can, over a time frame, grow the economy enough to soften the blow. This is what most economists say.
This country is headed for bankruptcy if we do not get a handle on the debt. When we consider what past presidents have added to our debt, another 2 trillion, although serious, is actually peanuts. I think each succeeding president is only kicking the can on down the road until hyper inflation will actually destroy our economy. When the interest on the national debt overcomes the principal, a government Is officially bankrupt. That is only a few years away.
Greece, only a few years back, closed their banks on a Friday. The government told the people they were adjusting the treasury records. The following Monday, when the banks reopened, the government had seized half of all the bank accounts of citizens in the whole country to pay on the debt.
Greece told the people not to whine. They had the authority to have taken it all. Guess what? Instead of paying the seized funding on the debt, they still moved some of it to pork.
Pelosi, while America is dying from coronavirus, the stock market near depression levels, just tried to slip in over 1000 pages of pork, holding up the relief bill. Right now, America is bleeding profusely, while politicians argue.

 

[Rosebud77]

"A trillion bucks is a lot of money. The costs of shutting down the economy are larger. California's GDP is essentially zero at the moment. US GDP was about $22 trillion per year before the virus hit, almost $2 trillion per month.

"Shutting everything down and staying home for a few weeks is a sledgehammer. OK, our leaders have to hit a virus with a sledgehammer when they have nothing else up their sleeve. But it cannot last. Businesses will close, people will lose jobs, the economy will not be there to start up again."

The Grumpy Economist: Needed: the reopening plan. Fast.

Are we headed into another Great Depression?

 

[Rosebud77]

I believe we are headed for another Great Depression. I saw pictures of people lined up for unemployment insurance and it sure looked like photos from the great depression. I also believe there will be a surge of suicides . I believe Jesus will be returning very soon.

 

[Wesley Briggman]

I believe we are, in many respects, on the verge of a depression. Supply chains are drastically impaired; ships loaded with consumer goods and raw materials are not being unloaded. Therefore, they cannot be reloaded with products we export.

What will the impact be on our food supply? Will slaughter houses be up and running? Will crops be harvested and processed in a manner to meet demand?

Our nation is in a much more compromised position to deal with many of these issues than during the 30's depression. In that era, we were 99% self sufficient. We did not depend on China, India, Mexico and other 3rd world countries to pick our crops and for much of our goods and services.

Additionally, we were not a welfare state back then. The general population was accustom to physical work and accepted responsibility for their family. They did not expect the public school system to feed their children.

Thanks for allowing me to vent! I feel better now.

 

[Scott Downey]

I figure it like this, the virus will pass, people will need jobs again. The government is there to fund the businesses to get them going again, they have already decided to do that with all the FED action etc... That is what will happen. There will be a huge demand for relief over the constant harping news pressure of this virus. It will be like after WW1 and WW2, which we won.
The alternative is to let it all burn? what result is that anarchy, civil war? Typically Americans do not give up the ship for a complete society breakdown and revolution like happened to Russia and Marxism, but there are socialists our country has elected into office who dream about and desire such a revolution.