6 Reasons The Economy Will Never Be The Same Again And What You Must Do To Protect Yourself.
It doesn’t take a Fulbright scholar to know that the economy is not in great shape. Widespread joblessness, widespread homelessness, widespread foreclosures, widespread shortages (that aren’t getting much press), businesses that are desperate for customers but can’t find any, over-leveraged banks, and a constant stream of government spending and bailouts. Meanwhile, the cost of everything from housing to college tuition continues to rise.
The Great Depression of the 1930s was the most widespread economic collapse in the history of the modern world. That title, however, may soon be taken. And you must act now to protect yourself.
Where Have We Seen This Before?
.There are very few people alive today that can remember the Great Depression. And as the saying goes, “Those that don’t remember history are doomed to repeat it.” At the height of the Depression, in 1933, 25% of the nation’s workers–over 13 million people–were unemployed.
It was a period of time when a great number of people lost their jobs and housing. Many became alcoholics and homeless. It was a dark and gloomy time. A time of want and need, when everyone was looking to make a buck.
It’s no secret we are living in a time unlike any we’ve seen in our lifetime. I will go over 6 reasons why the coming economic collapse will be the worst we’ve seen since the Great Depression at the very least. And what you must do to prepare yourself.
Reason Number 1. More Debt Than Dollars
In the United States, money is not made of paper or coins; it is made of debt. The US Government has been piling up debt for a long time now. No one isn’t pretending anymore that it will ever be paid. As of this writing, the US debt was about 30 trillion dollars. And that’s prior to another massive spending program being cooked up currently. That’s over 100% of GDP. During The Great Depression Era, World War 2, and a massive expansion in government, the highest it ever got was 38%. What’s worse is the government is printing up money like crazy and it still isn’t helping.
The powers that be know how this is going to end. At this point, it’s an insurmountable hole. The goal at this point is to keep handing out the IOUs with the hope that when the bill finally comes due, you’re long gone. But make no mistake, the bill will come due, Maybe sooner than a lot of people think. And when it does, Reason #2 will be coming right along with it.
Reason #2. Hyper Inflation Is Coming
We all know that inflation is a stealth tax. The politicians can’t get something passed so they just print the money now, and we have to pay for it later. The average American then struggles to keep up with hikes in gas prices, food prices, and the housing market, but for the most part, is none the wiser. This has been happening for quite some time, but now it’s different. 40% of all US dollars that have ever been printed in the history of the country has been printed since 2020. Let that sink in.
The Federal Reserve is just printing paper at this point to keep the Ponzi scheme going as long as it can. But at some point, those dollars just don’t carry the same weight they use to. If you want to know what happens next, talk to a Zimbabwean billionaire. That title is not a glamorous as it sounds.
Reason #3. The Murder Of The Middle Class
The phrase “the death of the middle class” is not an exaggeration. The middle-class “American Dream” is quickly disappearing with the middle-class American right along with it.
The shrinking of the middle class has been happening for more than 30 years, and this downward trend occurred no matter which political party was in power. According to a study by Pew Research, since 1970, “the share of households that are middle-income has fallen from 61 percent to 50 percent,
It is no coincidence that so many people are struggling to maintain their lifestyles, live on their own without help, and afford basic expenses. Decades of wars, runaway spending, and poor economic policies that favor big corporations have all led to this situation. As a result, it is becoming more difficult for the average American to find their way out of poverty.
The lack of a middle class is a hallmark of Third World countries. And if the United States is going that route, maybe rapper Fifty Cent was right. It might be time to, “Get Rich or Die Tryin.”
Reason #4. Small Business Strangulation
No one is feeling the burden of this “New World Order” as much as small businesses. In the last decade, the cost of simply being in business has skyrocketed. In 2016, a report from Forbes found that more than 7 out of 10 small businesses have been forced to reduce employee hours and/or staff in order to cope with the increased costs.
Then there are the regulations which are always touted by politicians as being aimed at reigning in big businesses while invariably doing the opposite. Big businesses have the lawyers and lobbyists to exploit the loopholes, while small businesses get snared in its net. Entrepreneurialism is withering away, and most new jobs are created by large corporations instead of family-owned businesses.
The population of small businesses is decreasing every day and we may be looking at a bleak future for these enterprises. The drive for big-box stores and shopping malls has caused many smaller shops to go out of business, which in turn has led to the loss of jobs.
The Covid Pandemic may be the final nail in the coffin for what was once a robust small business class in America. It was very telling how mom-and-pop businesses were forced to shutter their doors while the corporate brands were allowed to carry on. It’s a rigged game. And unless small businesses learn to shift their focus and presence to a more online-centered model they will not be able to compete.
Reason #5. Pandemic Planet
The pandemic has crippled small businesses, large businesses, and the worldwide economy as a whole. The only sectors that have been immune are the pharmaceutical industry and internet-based businesses. It has become one of the worst pandemics of the century taking a toll on billions of people around the globe even if you weigh no other factors but the reaction to it.
It is well known that the virus caused temporary labor shortages in many countries where people have been given the option to stay home and not go into work. But while this happened, many companies realized that they didn’t need the large workforce they previously employed and can be just as productive. Once they are able to do so without taking a massive PR hit, many of these companies will downsize their staff dramatically and permanently.
The reduction in available jobs will be a heavy blow to the everyday working man and woman once the government checks run out, but it’s nothing compared to the impact that will be caused by the real reason why the employment landscape will never be the same again…
Reason #6. Automation Nation
Although many recent changes in society seem to have stemmed from the Pandemic, in reality, they were already coming down the pike. The pandemic only served to speed up the process. The biggest change in society will be ushered in by automation. Automation can be a wonderful thing. It saves money, prevents human error, and gets the job done more efficiently. However, there is a price that must be paid for all these benefits, And that price is jobs.
Driving, the number one job in America, will soon be obsolete. Restaurant work will soon be obsolete. Customer service work will soon be obsolete. Anything that you can imagine a robot doing, a robot will be doing, it’s simply a matter of time. And it’s not just blue-collar jobs going by the wayside. Artificial Intelligence technology is improving exponentially practically on a daily basis. Do a little research and I have no doubt that you will be surprised by what it can do already. There is no question it will inevitably replace humans in jobs across almost every sector.
Now I’m not predicting a war for survival ala some dystopian sci-fi apocalypse film. But the war for employment? Well, that will be over without a shot being fired. Bots don’t need sleep, vacation, healthcare, childcare, pension plans, or even bathroom breaks. They will soon dominate what we know now as the job market. It’s pointless to try and compete with the technology. Our only choice is to master it.
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The New Normal
As the forces, we outlined continue increasing their impact, the world as we know it will soon be unrecognizable. But whether you believe in a higher power or just the power of irony, ironically a counter phenomenon is taking shape just as rapidly. An ancient adage is proving to be true. As old doors are closing, new ones are opening up. The key is to know which door to be standing at.
We are officially in the digital age and we have to accept that nothing will ever be the same. The past paradigms will surely continue to crumble. However, the internet has now removed all barriers to earning an income for practically everyone. It’s made it possible for anyone with a computer, a wifi connection, and knowledge of a few basic steps to live a secure and independent life no matter what happens with their job or the greater economy. And this is becoming true all over the world.
Today, more than ever, making money online is not just an optional side hustle. Whether you’re a stay-at-home parent, a college student, retiree, unemployed or underemployed, in this day and age you have to be able to write your own check to sleep well at night. Fortunately, it’s still not too late to get started.
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