JP Morgan has announced that the US economy is poised for a significant downturn due to the impact of losing the trade conflict with China. The surge in unemployment nationwide has left many Americans unable to cover basic needs, including food. With the daily death toll exceeding 2000, the crisis deepens as people prepare for holiday travel during the Christmas season. It appears that Americans are making more unwise decisions than ever this year, according to a common perception. Despite a record number of fatalities, many are disregarding CDC guidelines from the government and continue to risk spreading the Coronavirus to friends and family.
In addition to rising household debt, and no employment in sight. The entitlement mentality is back with folks asking for a free hand out in terms of a stimulus cheque. With consumer spending at an all time low and more lay offs being announced across America. Raphael Bostic, the president of the Atlanta Federal Reserve, stated this week that officials are going to be “paying really close attention” to see if the “weakness” in consumer retail shopping will turn into nightmare scenario for the US Economy.
