‘The economy has recovered’ was the line declared in 2009, and for the next eleven years, the false recovery was supported by the Federal Reserve Bank through monetary printing in the same way that a lazy bodybuilder inflates his muscles with steroids. However, all false things must collapse, and such is what happened recently as new data indicates that eleven years of ‘growth’ was wiped out in the last four weeks according to Business Insider.
Economists expect that a report due to be released Thursday from the Labor Department will show that the US has wiped out all jobs created since the Great Recession in just a matter of weeks as the coronavirus pandemic continues to slam the economy.
The median consensus estimate from economists is that US weekly jobless claims will be 5.46 million for the week ending April 11, according to Bloomberg data. That would be a slight decrease from the 6.6 million claims filed in the week ending April 4, the first week that record unemployment filings have declined since coronavirus layoffs began.
Still, the consensus estimate would bring total filings for unemployment insurance to more than 22 million over the course of four weeks. That means in about one month, the US economy will have erased all of the jobs created since the 2008-2009 recession. (source)
This was not growth. This was parasitism masquerading as growth.
Real growth is not easily wiped out. A plant that has rooted itself to soil does not easily die. In fact, some plants (honeysuckle, wild blackberry, and wild onion to name a few) are so strong that one can uproot them and throw them in a burn pile, only to return a year later and find that the plant thrown to the waste has established new roots in the location where it was disposed of, for its roots were so strong it was able to survive a major displacement.
Only a plant without any real root system, or strong roots, will die quickly after a long period of growth. The same can be said about the economy. The damage today is not new. It was made over a decade ago, and its rot was covered up instead of being allowed to crash and naturally heal.
The economy was a dead plant years ago. It is just now that the people are beginning to realize it because it is being made obvious.