The Collapse Will Be Very Visible: ‘For Lease’ and ‘Space Available’ Signs are Going up All Across America
The comments below are an edited and abridged synopsis of an article by Michael Snyder
Initially, it seemed the coronavirus lockdowns would temporarily disrupt the US economy, but it seems that a lot of the damage will be permanent.
Businesses are going belly up all over the US. For starters, J.C. Penney is declaring bankruptcy and closing hundreds of stores; Victoria’s Secret is shutting down about 250 stores; and Pier 1 Imports is shutting down.
Of course, it isn’t just retailers that are collapsing; car rental giant Hertz is declaring bankruptcy.
A lot of businesses are going to die in the weeks and months ahead, and it is being projected that approximately one out of every four restaurants in the US will be closing down permanently.
The only chance the US has of pulling out of this economic death spiral is if there is a full-scale return to normal economic activity all across the country, but that isn’t going to happen any time soon.
Fear of Covid-19 is going to paralyze large and small businesses alike for the foreseeable future, and every new outbreak is going to spark more overreaction. For instance, Ford Motor Company shut down two major production facilities just a few days after reopening them.
Many more people are going to get sick, and many more are going to die. One study has concluded that the US death toll will more than triple by the end of 2020, even if current social distancing habits continue.
Eventually, Covid-19 will be everywhere, and almost everyone will be exposed to it. Fear of this virus will paralyze the economy for the foreseeable future. The ‘for lease’ and ‘space available’ signs we currently see are just the start; a lot more are coming.