22 Million Jobs Lost, Philly Manufacturing Worst Collapse In History, Lobbying Soars Major DC Payday
People think we are on the path to prosperity but we are in the midst of the worst Economic Collapse in history. 22 million jobs have been lost so far which is the worst monthly decline in history. More jobs have been lost that all that we have gained since the great recession. Around half of those who have lost their jobs report that the layoffs are temporary so hopefully once everything levels out maybe some of them will have a job to return to. The Philly Fed regional survey was just released and it was a shocking miss of expectations and had the worst 2-month drop in history. It collapsed -56.6 expectations were -32.0 across the board everything was in decline including prices paid and prices received. In recent months the Philly survey defied the manufacturing recession seen in other regions and had one of the hottest manufacturing sectors for job growth. Now sentiment has completely collapsed and pessimism rules the day. And Lobbying seems to be the best performing sector as a ton of money is pouring into pockets in DC. Mostly in search of bailouts or various other favors like changing their companies designations to essential businesses. Six Flags isn't hurting that bad because they had a ton of money reserved for lobbying but they we're after taxpayer money. Another shocking industry that came looking for taxpayer money is an industry that thrives off of the taxpayers anyway Casinos. An industry that runs on money and you would think they should have a large cash surplus however most of the corporations have exhausted their cash on relentless share repurchases to fuel this bull market and reward their wealthy investors seeking for a quick buck on vice. Now that the free money trough is flowing everyone is showing up with their hand out.