Posted on 04/22/2020 4:55:37 AM PDT by Bruiser 10
This economic downturn is turning out to be far deeper and far more severe than most experts were originally anticipating. More than 22 million Americans have filed claims for unemployment benefits, and economists are telling us that the U.S. economy is contracting at the fastest rate that we have seen since the Second World War. We are already starting to see some high profile companies move toward bankruptcy, but the real story is what is happening to thousands upon thousands of small and mid-size businesses because of the lockdowns. Many of them were barely surviving even before this pandemic, and now these lockdowns have delivered a death blow.
The restaurant industry is a perfect example. Prior to the pandemic, there were more than a million restaurants in the United States, and about half of them were independent. Those independent restaurants employed approximately 11 million workers, and now the vast majority of those workers have been laid off.
Once the lockdowns are over, it would be wonderful if all of those independent restaurants would spring back to life, but the results of a recent survey suggest that simply is not going to happen. In fact, that survey found that 28 percent of all independent restaurants are probably not going to survive if the lockdowns last for another month…
A survey released Thursday by the James Beard Association found independent restaurants laid off 91% of their hourly employees and nearly 70% of salaried employees as of April 13 – double-digit increases in both categories since March. The poll of 1,400 small and independent restaurants found 38% of have closed temporarily or permanently, and 77% have seen their sales drop in half or worse.
(Excerpt) Read more at themostimportantnews.com ...
No surprise there... this is deep and injurious this country. It’ll take years to recover.
*to this country
They should be added to the body count.
Democrats will do ANYTHING...ANYTHING to CONTROL US!
We live in one of the most active corridors for restaurants and bars in the city.
As fast as one closes, another one opens. Circle of life.
I think the 22 million unemployed should also be considered as good as dead in terms of the personal destruction this is causing to them, their homes and their families.
Even if Fauci’s wild figure of 200,000 dead for the US had occurred, it doesn’t come anywhere near having 22 million dead - at the hands of the government.
There are two curves: one for Covid-19 and another for the economy.
It’s stating the obvious, but there is a fixation on the Covid-19 curve at the peril of the economic curve.
Talking through masks, except the television reporters of course, and when their ones across the table are, they still don’t donn.
I've been telling folks that, but they don't want to hear it. The Democrats and the media have decided if they can't run the country, then no one will run the country. We'll descend into anarchy. That's what they want.
It makes sense the first thing I said was hoax because we just came off of two previous hoaxes and what best to sink him? The economy.
We have a much loved small little diner in town, been around since the early 1960s. They’re hanging up their hat. They’ll see if they can re-start later, but just don’t know. BIG loss to the community.
The dump-a-craps will stop at NOTHING to take down Donald Trump
NOTHING
World-wide economic collapse is a fair price to them.
They’re in a WAR and we’re still trying to find our spitballs
what walmart did to the towns,
this virus is doing to all but the businesses that have their own finances.. a changed nation.. and weve yet to know what the alternative would have done to us.
all debt owed to china should be considered paid.. that makes the Trillion not so hard.. and china needs a reminder what they did to the world.. and leaving them a nation is not guaranteed if they bulk.
Which is why Dem governors want to maintain a chokehold on the economy for another month. They want to destroy the economy to gain power.
Small business people are the backbone of conservative America. Risk takers, independent-minded, and the heart of their communities. Big corporate is being protected by selective closures and government subsidies, while small business is shuttered and on life support. It’s the same here in Canada. Walmart will do just fine when 1/2 of the stores on main street are shuttered. And Starbucks is beaming at the prospect of the independent coffee shops not reopening.
Good article, but the author misses an important point. The pathetic public hysteria has done far more damage to the restaurant industry than the government lockdowns have. The industry would have been devastated even if every restaurant was allowed to stay open for the last six weeks.
Even if Fauci’s wild figure of 200,000 dead for the US had occurred, it doesn’t come anywhere near having 22 million dead - at the hands of the government.
—
No natural force or plague has been more efficient at killing people than government.
‘It’ll take years to recover.’
yep; won’t happen by the fourth quarter of this year...which was the goal in the first place...
We need to ask Dr Farci and the Scarf Lady what their “model” is for starvation.
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