The Economic Depression Of 2020: Many Of The Restaurants, Bars And Retailers That Have Closed Will Never Open Again

By Michael Snyder,

It appears that we are heading into the worst economic downturn of the post-World War II era, and that is going to be true no matter how this coronavirus pandemic ultimately plays out.  There are some that believe that this virus will only kill thousands, and there are others that are warning that it could kill millions, but everyone can agree that this outbreak is causing an unprecedented amount of fear.  And even once this pandemic starts to fade, a certain percentage of the population will continue to be afraid to go to restaurants, bars and other small businesses that are open to the public.  Of course many restaurants, bars and small businesses were just barely scraping by during the “good times”, and so many of them will simply not be be able to survive if a substantial portion of the population is literally petrified to step through their doors for the foreseeable future.

As long as fear of the coronavirus persists, the U.S. economy is going to be in for a world of hurt, and it looks like we may still be in the very early stages of this pandemic.

In fact, we are now being told that the death toll in the U.S. “could reach 100,000 or more”

President Donald Trump acknowledged Sunday for the first time that deaths in the United States from coronavirus could reach 100,000 or more, adding that if the death toll stays at or below 100,000, “we all together have done a very good job.”

Trump’s assertion came after he was asked about comments the nation’s top infectious disease expert, Dr. Anthony Fauci, made earlier Sunday on CNN’s “State of the Union” that based on models, 100,000 Americans or more could die from the virus.

Of course the death toll could ultimately be much lower than that if effective treatments are made widely available to the general public.

We shall have to wait and see if that actually happens.

But meanwhile, fear of the coronavirus is absolutely devastating the economy.  According to the National Restaurant Association, our restaurant industry has lost 25 billion dollars in sales so far this month…

The U.S. restaurant industry has lost $25 billion in sales since March 1, according to a survey of 5,000 owners by the National Restaurant Association. Nearly 50,000 stores of major U.S. retail chains have closed, according to the companies.

An estimated $20 billion in monthly retail real estate loans are due as early as this week, according to Marcus & Millichap, a commercial real-estate services and consulting firm. Many retailers and restaurants have said they are not going to pay their April rents, which in turn poses a threat to the $3 trillion commercial mortgage market.

As this crisis stretches on, all of the dominoes in the commercial mortgage market are going to begin to fall.

What we are watching is deeply tragic, because those that work in our restaurants are some of the hardest working people in the entire country.  At this point, 3 percent of our restaurants “have already permanently closed”, and another 11 percent “anticipate they will permanently close within 30 days”

Three percent of restaurants have already permanently closed due to the coronavirus crisis, according to research from the National Restaurant Association. Forty-four percent of operators have temporarily closed their restaurants, and 11% anticipate they will permanently close within 30 days.

Can you imagine that?

By the end of next month, 14 percent of all restaurants in America could be gone for good.

And the longer this pandemic lasts, the higher that number will go.

We didn’t see anything like this back in 2008.  What we are now facing is truly unprecedented, and there is going to be a whole lot of vacant buildings in the days ahead.

Of course it isn’t just restaurants that are being hit extremely hard.  According to the Wall Street Journal, a wide variety of businesses all over the country are already in very serious trouble…

Companies of all sizes are feeling the squeeze, especially retailers and restaurants that have closed their doors during the outbreak. Nike Inc. is asking to pay half its rents. TJ Maxx is delaying payments to its suppliers. Victoria’s Secret and Men’s Wearhouse have furloughed thousands of workers. Cheesecake Factory Inc. closed 27 of the company’s locations and furloughed 41,000 hourly workers, nearly 90% of its total staff.

Even if all of the lockdowns all over the U.S. were immediately lifted, economic activity would not return to “normal”, because millions upon millions of Americans would still be deeply afraid of the virus.

And that isn’t going to happen anyway.  In fact, President Trump just extended the national “social distancing guidelines” through April 30th

President Donald Trump announced on Sunday that the White House would be extending its social distancing guidelines through April 30 – a month longer than an initial 15-day timeline when they were implemented on March 16.

“The peak in death rate is likely to hit in two weeks,” Trump said. “Nothing would be worse than declaring victory before the victory is won.”

So that means that it is probably unlikely that any of the lockdowns on the state level that we have witnessed will be lifted before April 30th.

Across the Atlantic, citizens of the United Kingdom are being warned that life may not get back to normal “for six months or even longer”

Britons should not expect to get back to ‘normal life’ for six months or even longer, the government’s deputy chief medical officer warned today.

Dr Jenny Harries told a Downing Street press conference that people should not be viewing the coronavirus crisis as something that will blow over soon.

Would they really try to keep people inside for that long?

I can promise you that people do not have that much patience.

If you doubt this, just look at what is happening in China

Angry crowds rioted near the Chinese city of Wuhan after the region’s two-month coronavirus lockdown was lifted but residents were told they could not travel elsewhere in China.

Shocking footage showed a mob overturning a police van on a bridge linking Wuhan, which is the capital of Hubei Province, and neighbouring Jiangxi.

Here in the U.S., I have been seeing people all over social media clamoring for a return to normalcy.

Sadly, that is simply not going to happen for the foreseeable future, and the consequences for the U.S. economy are going to be extremely, extremely bitter.

 

Source: http://theeconomiccollapseblog.com

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9 thoughts on “The Economic Depression Of 2020: Many Of The Restaurants, Bars And Retailers That Have Closed Will Never Open Again”

  1. I stopped going to one restaurant in my area after the waitress told me they were serving food already served to other customers. Cooking, for many of them, consists of sliding something out a box and stuffing it in a microwave. If you are too stupid to cook proper meals for yourself, now is the time to learn.

    Reply
  2. Coronavirus? A wake-up call for those who have the courage and death of the physical body for those not willing to change, a limbo situation for many.

    Closing bars, restaurants (rest-u-rats) and many grocery stores is essential to the restoration of our health. Restaurants buy toxic (insecticide, herbicides GMOs, etc.) food and filthy and cruelty butchered meats, doctor them with spices in unique arrangements and charge a fortune for what has been making people sick.

    It is time people understand why they are not well. Unfortunately, because many have paid colleges and universities to program them to believe lies, it will be difficult to look ‘betrayal in the face’ to free themselves from the bad habits that are nothing short of poor economics – toxic food and medical insurance for toxic medicines.

    Reply
  3. When the smoke clears, everything will be better. However, inappropriate business will no longer be able to exist. No junk, no crap “food,” nothing that impinges upon Gaia. Restaurants not providing right livelihood will not be allowed to come back. The time to cease plastic production, mass waste production is upon us. The world governments have hemmed and hawed about reducing air pollution, can’t be done in 5 years not 10. But guess what – Done in less then a month! Embrace the change! WWG!WGA

    Reply
  4. I believe that there will be many lead based deaths attributed to the CV plannedemic. as of April 2 we have 5% mortality worldwide, 2.3% in the USA and 1.5% in Texas – where I am. in the usa – 5113 people dead from CV…..the PSYOP is a cover for a Global Military exercise to rescue the children from the Satanic Pedophiles……and trump has to let things appear to be running according to the “Deep State”…..until the noose is already around the neck of these mofo’s collectively. 4-11-20 or shortly thereafter, should be the a public “ray of light”

    Reply
  5. BTW,

    This is not a virus issue as it is a virus issue covering for a huge military operation to rescue human trafficked slaves, round up and imprison the traffickers, and remove the satanic cabal from power!

    Reply
  6. Too bad! Most restaurants are filthy and only comply with health laws because they HAVE TO! They pay slave labor rates and rip off tips. Patrons are nothing more than cattle to them. Good riddance!

    Reply
  7. The point is: why is Mr. Snyder sourcing from what the so-called “alternate media” label as “mainstream media”?

    I affirm the situation will become normal soon. No need to fear about businesses going to close down. If that was true, there should be independent sources for those as well.

    Reply
  8. Clowns In Panic -Must Watch !

    Facebook Libra Crypto White Paper Analysis March 26, 2020

    https://www.youtube.com/watch?v=qmg2MhIGVLg

    Reply
    • And the Distraction Of Coronavirus ,so a Chinese consortium Can buy America for 2$ Trillion

      https://www.youtube.com/watch?v=qmg2MhIGVLg

      Reply

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