In the past two weeks, 10 million Americans have already filed for unemployment. Moody’s is now warning that 30% of all mortages could go into default this year.
And the peak of the coronavirus outbreak in the US still isn’t projected to arrive for several more weeks. How bad will the economic fallout from covid-19 be?
Truly epic. As in possibly “Great Depression 2.0” magnitude. Yes, the clown show in charge of dealing with this mess will likely just make things worse. But the reasons for the dismal economic outlook go far beyond the damage being done right now by the coronavirus.
The global economy was dangerously unstable and unsustainable long before this pandemic started. Covid-19 is simply the trigger to bring the house of cards down. Peak Prosperity has been warning of such an economic breakdown for many years.
Through our Crash Course video series, we’ve laid out exactly what the biggest risks are and why we should have been (and still should be) so concerned.We’ll be surfacing those core deficiencies in upcoming videos, as we are now swiftly moving from the “warning” phase and rushing into the “managing” phase.
Being armed with the information to take appropriate action will become even more important in the days to come.