The economic impact of COVID-19 will cut deeper than any recession in living memory. Experts warn the next recession will be ‘worse than the Great Depression

The nation I grew up in long ago no longer exists, the disturbing reality of today’s US.

As a boy, adolescent and youth with nothing special going for me, advantages I had are gone.

On Wednesday, the Economic Policy Institute (EPI) said workers in the US aged-16 to 24 “face high unemployment and an uncertain future,” adding:

Countless millions of US workers “of all ages” are enduring high unemployment — at a time of economic collapse that could be long-lasting.

Job prospects for new grads are bleak. Dire economic conditions “may persist for years.”

“Young workers have experienced worse outcomes than older workers leading up to and during the” the current depressed conditions.

“Over one-third of young workers (with jobs) are underemployed.”

Women are impacted more than men, Blacks and Latinos hit hardest.

In a weeks earlier column, former Reagan budget director David Stockman described the Wall Street owned and controlled Fed as follows:

It’s “a rogue institution that comprises a clear and present danger to the future of prosperity and liberty in America,” adding:

Wall Street speculators and US politicians don’t grasp the danger of “the most egregiously inflated financial bubble ever.”

“(W)e’re on the cusp of a economic crisis that could eclipse anything we’ve seen before. And most people won’t be prepared for what’s coming.”

When Stockman was appointed Reagan budget director in 1980, “US public debt was…$863 billion.”

It took “192 years and 39 presidents to get there.”

During a 30-day period last summer, Washington borrowed more than the nation’s lawmakers fom inception of the republic in 1776 through 1980.

According to the US Debt Clock, the national debt today exceeds $27 trillion and keeps exploding higher.

Current US federal spending is more than double federal tax revenues.

On October 1, Wall Street on Parade explained that the Fed handed Wall Street over $9 trillion this year that produced speculative excess.

From 2007 – 2010, the Fed doled out $29 trillion in “secret bailouts.”

Something similar is going on today — secretive emergency lending, giveaways to monied interests.

The Fed isn’t “provid(ing) information on to whom or how much it” handed out trillions of dollars.

How much more free money for speculative excess will follow ahead?

In the run-up to and following the 2008-09 financial crisis, the Fed “arbitrarily decided to provide an unlimited money spigot to Wall Street’s trading houses whenever they are at risk of blowing themselves up as a result of their own hubris,” Wall Street on Parade explained.

Conditions today are far more dire than then. The open-ended Fed money spigot most likely will pour out countless more trillions of dollars than already.

A day of reckoning awaits one day. The greater the speculative excess, the more damaging the eventual price to pay.

Like always before, ordinary people will be hardest hit.

Current hard times may continue for years, the lives and welfare of countless millions of Americans adversely affected.

According to the Economic Collapse blog, citing Social Security Administration 2019 wage data,  median annual income for Americans was $34,248.

With current unemployment at nearly 27% today — based on the pre-1990 calculation model, median income is much lower.

When I was at a young working age, single-income households could support middle class living standards — no longer.

To get by today, households need two or more jobs. According to the Social Security Administration:

Nearly one-third of US workers earned less than $20,000 annually last year.

Around 45% of US workers made less than $30,000.

Over 56% earned under $40,000.

Around two-thirds of US workers made less than $50,000 annually.

Unemployment, underemployment, and poverty affect millions of US households, things likely to worsen ahead.

For years, especially during the new millennium, America has been systematically thirdwordized.

The nation is heading toward becoming a full-blown ruler-serf society — controlled by police state harshness.

At a time of economic collapse, hard times are especially hard for most people to get by.

Analyst Doug Casey calls what’s happening today “one for the record books.”

The “house of cards (US economy is) built on quicksand, with a tsunami on the way,” he stressed in his latest commentary.

Casey predicts a “Greater Depression” ahead — to be “(m)uch different, much longer lasting, and much worse than the unpleasantness of 1929-1946.”

If Trump v. Biden November election results are disputed no matter who wins, what Casey considers likely, “mass unrest…stock market convulsions, a dollar collapse, and much more” could happen in the post-election period.

Clearly these are no ordinary times.

Endless US wars by hot and other means rage abroad.

State-sponsored health and welfare harm affects ordinary Americans.

Around 100,000 small business suspended operations or shut down permanently. Growing numbers of medium-sized and large ones filed for bankruptcy.

At a time of Depression-level unemployment, growing hunger and homelessness, along with deepening deprivation overall, US politicians prioritize their own interests, and those of corporate America they support — at the expense of essential to life and welfare needs of ordinary people.

Looking ahead to next year and beyond, things may get much worse for a protracted period with little relief for most Americans in need.

It took global war 2.0 to end the 1930s Great Depression.

Will something similar happen in the 2020s at a time when super-weapons can to kill us all if their full destructive power is unleashed?

It’s the wrong time to be young or working-age at a time when future prospects in America may be dire for a protracted period.

Instead of bipartisan efforts in Washington to turn things around, the worst of times are likely to continue.

Will they exceed Great Depression hardness throughout the 2020s?

No one of Franklin Roosevelt’s stature exists in Washington today.

There’s no likelihood of all-out efforts to create jobs for unemployed workers — no matter which right wing of the one-party state controls the White House and/or Congress.

Ordinary Americans are largely on their own during the hardest of hard times, likely to get harder in the months ahead.

Note:

So what can you do to ensure you and your family can survive the next Great Depression? There is plenty! Many of us had grandparents who survived this period and told us bits of wisdom that we can share with others. My great-grandmother lived on a farm in the middle of the Great Depression, and she shared with me her hardships and the valuable lessons she learned.

Here are some things that you can do.

1. Have Multiple Streams of Income

Gone are the days of having one stream of income to support your family, and unfortunately, no job is truly recession-proof. No one has 100% job security, even if we like to think so.

You can have your primary source of income. For our family, that would be my husband’s full-time job outside of the home, but that might look different for your family.

Then, it’s time to find different ways to make money. Think about the skills you have or the education that you have. My husband works part-time as an EMT and firefighter. We sell products that we grow out of the garden and jams and jellies I create in the kitchen. I started a blog to earn money on the side.

You can find numerous ways to make money! Be creative and think about things people will need that you can provide for them.

2. Start a Garden

Food is, without a doubt, the number one concern for any individual when the idea of facing a depression comes up. How would you feed yourself and your family?

That’s why you need to have a garden. You should start small because gardening is a skill that takes time to learn and cultivate, but I suggest stockpiling seeds if an emergency happens before your skills develop.

Be smart about the plants that you grow if you’re gardening for survival. Do you like eggplants? Sure! Can you preserve and feed your family on eggplants? Not really.

Survival gardening means focusing on different staple crops and adding healthy greens that you can grow throughout the year for additional vegetables. Corn, potatoes, tomatoes, beans, and squash are crucial to using your garden to survive. You have to think about foods with plenty of calories.

3. Learn To Preserve Food

If you have all of this food that you have grown, you need to be able to save it. Canning is the most obvious choice for food preservation, but you can also try your hand at dehydrating, freezing, fermenting, salting, and more.

People preserved food for thousands of years before the invention of refrigerators, so it’s definitely possible. Try your hand at it now and find the methods you prefer the most.

4. Raise Some Backyard Animals

I remember my great-great-grandmother – yes, really! – and she told me stories about raising chickens and meat rabbits in the backyard of her city home. It wasn’t unusual a century ago to have a few chickens and other poultry or meat rabbits.

My grandfather grew up in the same area and told me that there used to be a cart that came around each day, and you could grab a live chicken off of it to cook. Yes, it came alive, but everyone knew how to butcher back then.

See if your city allows some chickens or rabbits. While I live outside of the city limits, those who do live in the city limits near me are allowed six hens. That’s a few eggs a day, and when food is low, that’s valuable!

5. Take Up Hunting and Fishing

You might live in an area where hunting isn’t possible, or you would have to go too far out of the city to hunt. Not everyone feels comfortable hunting, but fishing is a beloved pastime for many families.

Turn that hobby into a way to feed your family. You might not think about eating the fish that your kids pull out of the small lake, but when food is scarce, you can. Fishing for subsistence happens all over the world, and you can do so right in your neck of the woods.

6. Learn How to Filter Water

While we hope that our access to freshwater isn’t jeopardized by the depression, it’s certainly possible. You might not be able to afford your water bill, in which case you’ll need to start collecting water elsewhere for your family.

I suggest that you build a rainwater collection system to gather the rain that happens throughout the week. Then, learn how to filter that water.

You might also want to learn how to filter water from a creek or lake if you find that you need to learn your home.

7. Stockpile Non-Perishable Foods

While you’re still employed and financially stable, it’s the perfect time to stockpile non-perishable foods. Learn how to store those foods correctly. Foods such as flour should be stored in mylar bars and in buckets to increase their lifespan.

Don’t go too crazy with stockpiling, and remember to only stockpile foods your family really eats. There is no point in storing tuna if your family hates it. It’s wasteful not to eat it at some point.

Also, don’t break the bank. There are dozens of ways that you can stockpile food without blowing your budget.

8. Be As Resourceful As You Can

Something I always admired about my grandparents was their ability to use whatever they had available. Their ingenuity helped them survive difficult times, and we need to find that same spark inside of us.

Instead of buying something new, we need to see what we have that can be a substitute. If we can’t find a replacement, is there a way to make it or a version of whatever we need for cheaper? Buying new should be the last resort.

9. Stop Relying on Credit Cards – Live Within Your Means

Credit cards are the norm for our society, but most usage means you’re living outside your means. If you can’t afford it in cash, it has to wait until you can.

Pay off your credit cards and lock them away. Teach yourself and your family how to save and wait for what you really want. It makes you more appreciative of what you have.

10. Stock Up on Clothing

If the economy is about to tank, you need to think about things you and your family will need, and clothing is on that list. Now is a good time to stockpile essentials like socks and underwear, along with some basic shirts in a variety of sizes.

At the end of seasons, snatch up the clearance clothes in the next sizes up for your kids. It’s one of my favorite ways to reduce how much money I spend on clothing. Go to thrift stores and find used clothes or shop consignment sales.

11. Learn How to Mend

Your clothing will eventually wear out. Mending is a skill that most women had during the Great Depression. They had to fix their kids’ clothing to make it last as long as possible.

You can do the same! Don’t toss out shirts with holes; fix them. You can buy pants that are too long and hem them (then take out the hems later when the child grows). Not only is mending and sewing a valuable skill, but it can help you save money when each penny counts.

12. Find a Tradeable Skill

Skills are nearly as valuable as items. No one can do everything, so having a few tradeable skills is a serious asset. You might understand construction, plumbing, electrical work, or work in the medical field.

Anything can be a skill to someone else. Your ability to garden, can, and preserve food could be something that another person wants to learn. You could teach them the ins and outs in exchange for them to fix your leaky faucet.

It seems like a strange idea, but this was something that worked for centuries. It’s very much the mentality of you scratch my back, and I will scratch your back.

13. Stockpile Medications

When the pandemic first started, I needed some pain medication for my kids; my toddler’s molar popped through, and she was uncomfortable. I headed to the store, and all of the children’s medicine was sold out.

You might not think about medication as one of the first things people buy out, but they do. This was proof that we need to make sure we have all of the medications our family needs on hand.

It’s hard to get a stockpile of prescription medication; it takes time and refilling at the right time, but it can be done. You can focus on stocking all of the OTC medications that you will need.

14. Learn How to Barter

How do you buy things when the value of currency plummets?

The answer is bartering. Bartering was the critical form of currency for centuries, and one day, it will take back over as the primary way to get the items needed for your family.

Right now, we do have time to prepare and get ready for a potential economic crash, so now is the ideal time to stockpile barter items. These items often are luxury items, but they also can be inexpensive items that people don’t think that they will need, but they really do.

Most preppers know things like alcohol, coffee, and chocolate would be barter items, but don’t forget the value in hygiene products and medication. A bottle of ibuprofen would be more valuable than chocolate for many families who want to swap with you.

15. Save Now While You Can

Saving is crucial while you have your primary source of income, but saving doesn’t just have to be in the form of money. I consider stockpiling food and essentials a form of savings because it’s less money you need to spend in the future.

Start living a frugal lifestyle. Don’t eat out (at least not as often) and find ways to save money. Learn to do without for non-essential items, and if you do want something, learn to delay your gratification. Wait a week or two to buy it to decide if you still want it, and search for better prices in the meantime.

16. Find Likeminded People to Help

Last but not least is to find people in your life who are worried about the future just as much as you are. No one can do everything, and you will need a form of community to help you survive.

Family and friends helped each other survive during the Great Depression, and it will happen again in the future. Don’t be surprised if you have to move in with family members or if they need to move in with you. These things were far from uncommon a century ago to help each family survive and live within their means.

You Will Survive

No one wants our worries or predictions about the next Great Depression to come true, but it’s a possibility looming over our heads. We need to be smart now while things are okay for our families. If you’re still employed, count your blessings and start to prepare now.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s