JP Morgan stated that the US Economy is about to shrink drastically due to the fallout from losing the trade war with China. With massive unemployment rising across America, most Americans cannot even afford basic necessities such as food. With daily deaths rising above 2000 daily, the situation is getting dire with folks getting ready to travel for the Christmas holiday season. As the saying goes, American people are getting more stupid than ever this year. With record number of deaths, they are still ignoring government CDC warnings and are still willing to infect family and love ones with the Corona Virus.
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.