Quote:
Originally Posted by Alfisti
Chief, really, how? During the biggest slow down since the 30's we saw a peak of just under 700 jobless claims in a week in the usa, we just hit well over 3 million.
Our entire economy has basically ground down to nearly nothing, man wake up, we are talking 20, 25, 30% unemployment.
Again hope i am wrong but I am not sure what i am seeing that others are not seeing.
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Well, the unemployment number is inflated, due to Covid. Many businesses were temporarily forced to close, like mine, or significantly reduced hours. Employees laid off, furloughed, etc. Yes, I had to file for unemployment like the millions of others out there. I've been paying UI tax for so long, I may as well get something back now while I sit at home waiting for the state to let me get back to work.
Once this blows over, the unemployment number won't be as high as it is now. Americans will return to work. I think some businesses will stay closed, but most will return. The CARES act will help tremendously. But unemployment will be higher than it was pre-Covid, and I'm sure that will be a concern.
I think many businesses, particularly small businesses, may start to operate a bit more leaner. I'm already starting to think about which staff I may let go, as some just cost too much. There will be a surplus of applicants for every industry. This could have been a well needed reset button for the economy.
But don't listen to me. I've been stuck at home for a week now with my kids. This shit does strange things to the logic part of your brain.
As far as new cars, I think dealers will have a surplus of new. And used. Nobody will be buying anything, except the 1%'s. At least in the short term. Business returns as usual. Americans love material possessions, and will continue to buy shit regardless of how much savings they have. It's the American way!
Be well and healthy all!