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Monday, November 30, 2020

Growing Food Bank Lines Across America Signal Economic Crisis Far From Over 

Millions of Americans face food and housing insecurity this holiday season. The unemployment rate stands around 6.9%, with more than ten million folks still out of work. Permanent job loss continues to soar, now about 3.8 million, as a double-dip recession becomes increasingly likely by year-end. 

We recently pointed out that food bank lines continue to increase across the country as the virus-induced downturn continues to inflict financial devastation on the working poor. 

Last weekend, the North Texas Food Bank (NTFB) handed out more than 600,000 pounds of food to 25,000 hungry people – one of the largest-ever food giveaways, explained NTFB officials. 

The Daily Mail has compiled a list of food banks across the country reporting a surge in demand ahead of the holidays next week. 

On Friday, US military personnel handed out food in a “massive food drive” at a food bank in Arlington, Texas. 

Hundreds of cars were seen at the event organized by Tarrant Area Food Bank. It was described as the “largest food drive” in their history. 

Here’s a woman rummaging through a food bank set up inside a church in Wilkes-Barre, Pennsylvania. 

A food bank in Fort Washington, Maryland, handing out care packages to hungry people. 

Volunteers at a food bank in Los Angeles distributed 1,500 meals on Friday. 

People entering a drive-thru food bank in Montgomery, Alabama. 

In New York City, a food bank is handing out care packages to hungry folks as the city continues to deal with depressionary unemployment amid a Covid winter. 

On Saturday, hundreds of cars were lined up for a food bank distribution in North Jersey. 

A Twitter user records huge lines outside one food bank. No location was given. 

A Milwaukee food bank this morning has a traffic jam of hungry people waiting for care packages. 

Nationwide, food bank lines are surging ahead of the holiday season. 

This all comes as the Covid winter begins, and the economic recovery is faltering. JPMorgan warned Friday that a dark winter is ahead.

Citi econ surprise index clearly shows the recovery is stalling. 

JPM chief economist Michael Feroli, who writes that while the economy powered through the July coronavirus wave, “at that time the reopening of the economy provided a powerful tailwind to growth. The economy no longer has that tailwind; instead it now faces the headwind of increasing restrictions on activity.” Meanwhile, “the holiday season—from Thanksgiving through New Year’s—threatens a further increase in cases. This winter will be grim, and we believe the economy will contract again in 1Q, albeit at “only” a 1.0% annualized rate.”

In other words, the double-dip is about to hit.

So what about the “V-shaped” recovery?? 

Internet searches for “food bank” jump this past week. 

“Food bank near me” also surges. 

Remind you of anything? 

And for those wondering if the virus-induced downturn in the economy is over – well – you might want to listen to SoftBank CEO Masa Son’s latest warning about an imminent economic crash. 



Zerohedge

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