First, COVID comes flying in which annihilated our economy by forcing everyone to effectively stop working. COVID increased unemployment to levels we have never seen before… for no reason (it’s the flu, dude).
In response, we pumped $2 trillion into our economy. Effectively going into debt indefinitely into the future:
Current US GDP is about ~$19 trillion / year.
Current US debt is ~$24 trillion.
This one bill is a little less than 9% of our current debt. Our current debt that we have accumulated over multiple centuries.
Which further decimated the economy.
Then, as icing on the cake, the Fed dropped interest rates to asinine levels, continued to dramatically increase their balance sheet, and flood the market with quantitative easing:
The Federal Reserve on Monday announced an all-out effort to support a U.S. economy stressed by the coronavirus pandemic by permitting unlimited buying of Treasury bonds and mortgage-backed securities.
The quantitative easing represents the greatest-ever expansion of the Fed’s balance sheet.
Which resulted in the Fed tanking the economy further.
Now, we are dealing with race/socialist riots in every major city.
If COVID, the fed, and massive debt doesn’t kill our small businesses – Hell, we’ll just set them on fire, apparently.
Since COVID Couldn’t Kill Small Business, We Just Set Them On Fire
Hell, let’s look at the casualties from just Minneapolis (current as of May 31 only):
– ChicagoLake Dental: Extensive fire damage.
– Mama Safia East Lake Street: Fire damage.
– Bismallah Grocery & Coffee Chicago Avenue: Fire damage and looting.
– Quruxlow Restaurant East Lake Street: Property damage.
– Safari Beauty 405 E Lake St: Property damage.
– Speedway 51st and 34th: Fire damage.
– Basilica of Saint Mary Minneapolis: Property damage.
– Nepp & Hackert Law Firm West Lake Street: Property damage.
– Pharmacy at In Town on Lake Building: Property damage.
– Blue Tree Music Education 23rd and 35th: Property damage; glass door smashed
– Drew’s Popcorn 23rd and 35th: Property damage; glass door smashed.
– Domino’s on 26th Ave So and E 28th Street: Destroyed by fire.
– Popeyes Chicken Chicago Avenue: Destroyed by Fire.
– Boost Mobile East Lake Street: Destroyed by fire.
– Dream Haven Comics: 38th St and 23rd Ave: Looting, property damage.
– Family Dollar, 3110 Penn Ave N: Extensive damage
– Union Liquor, 3219 Penn Ave N: Extensive damage
– Broadway Liquor Outlet: Extensive Damage
– All Washed Up Laundromat, 3008 Penn Ave: Damage
– Penn Gas Stop, 2606 Penn Ave N: Extensive damage, Looting
– Aldi Grocery, Penn Ave N: Damage
– Family Dollar, 505 W Broadway: Looting
– Neighbors One Stop Inc. Gas station, 3759 Penn Ave N: Fire
– North End Hardware, Penn Ave N: Property damage
– Walgreens St Louis Park: Looting
– Nokomis Shoe Shop at 4950 34th Ave: Property damage.
– Sabri Commons at East Lake Street: Looting.
– International Bazaar at East Lake Street: Looting.
– 315 East Lake Street: Fire damage, looting.
– Yusuf Center East Lake Street: Looting.
– Plaza Mexico East Lake Street: Looting.
– El Nuevo Miramar East Lake Street: Looting.
– Extreme Noise Records Lake Street: Property damage.
– Piff Streetwear Como Avenue: Property damage and looting.
– Como Tap Como Avenue: Property damage and looting.
– Chris Vale Cycles 27th Avenue: Property damage.
– Dollar Tree Nicollet Avenue: Property damage.
– Kmart Nicollet: Property damage, looting.
– Office Depot Nicollet: Property damage, looting, flooding.
– Longfellow/Seward Healthy Seniors at US Bank building on Lake: Property damage and looting.
– Atlas Staffing: 1st Ave and Lake: Destroyed by fire.
– Uncle Hugo’s/Uncle Edgar’s 28th and Chicago: Destroyed by fire.
– Holiday Gas Station 46th and Hiawatha: Extensive fire damage.
– Walgreens 46th and Hiawatha: Property damage and looting.
– Kitchen Window Uptown: Extensive property damage, looting.
– Popeyes Lake: Property damage.
– Hooks Fish and Chicken West Lake: Property damage.
– Metro PCS West Lake: Property damage.
– Pawn Shop West Lake: Property damage.
– Grand Managament Inc. Lyndale: Property Damage.
– Kyle’s Market W 36th Street: Property damage.
– Pearl Vision Nicollet: Property damage.
– Galactic Pizza: Property damage.
– Marathon Lyndale and 28th: Property damage.
– Williams Uptown Pub & Peanut Bar: Property damage.
– Iron Door Pub: Fire damage
– Speedway LynLake: Extensive fire damage.
– Family Dollar 36th & Nicollet: Destroyed by fire.
– O’Reilly’s Auto Parts 36th and Nicollet: Extensive fire damage.
– Fade Factory Barber Shop: Extensive fire damage.
– Hibachi Grill on Lake Street: Fire damage.
– Wells Fargo 31st and Nicollet: Property damage, extensive fire damage.
– Commercial building at 27th and East Lake: Extensive fire damage.
– USPS at 31st Street and 1st Avenue: Extensive fire damage and looting.
– Shell Gas Station Park and Lake: Property damage, fire, and looting.
– Migizi Communications 27th Avenue South: Destroyed by fire.
– Olympic Cafe West Broadway: Destroyed by fire.
– Metro by T-Mobile West Broadway: Fire damage.
– Lyndale Tobacco at 722 W. Lake St: Property damage.
– Paper Source Uptown: Property damage and looting.
– Everett’s Foods on 38th and Cedar: Property damage and looting.
– El Nuevo Rodeo Restaurante East Lake Street: Destroyed in fire.
– Holiday 36th and Cedar: Broken windows and looting.
– Matt’s Bar 35th and Cedar: Broken window
– Subway at 36th and Cedar: broken windows.
– E&L Supermarket and Deli on Lowry Ave: Property damage.
– Nguyen Architects 26th and 27th: Destroyed in fire.
– Pantry Food Market 52nd Ave N and Bryant Ave. N: Property damage and looting.
– O’Reilly Auto Parts 35th and Nicollet: Property damage.
– The Hub Bike Co-op: Property damage.
– Family Dollar 35th and Nicollet: Property damage.
– Pat’s Tap 35th and Nicollet: Property damage.
– B-Squad Vintage 35th and Nicollet: Property damage.
– Tibet Store: Property damage.
– Speedway 35th and Nicollet: Property damage.
– Casablanca Foods 33rd and Nicollet: Property damage.
– Valerie’s 32nd and Nicollet: Property damage.
– A Automall Inc. East Lake: Property damage, vehicles stolen.
– Speedway at 60th and Portland: Property damage.
– Broadway Clinic North Minneapolis: Property damage.
– Juxtaposition Arts North Emerson: Property damage.
– Sew Simple Nicollet and 24th: Property damage, looting.
– Park and Lake Car Wash on East Lake Street Windows broken, graffiti and some interior damage.
– Park-Nicollet Minneapolis Clinic: Property damage.
– Arby’s Lake Street: Destroyed by fire.
– K-Mart Lake Street: Property damage.
– Penzey’s Spices Uptown: Property damage, looting.
– Walgreens Hennepin and 27th: Property damage.
– Midori’s Floating World Cafe Lake Street: Fire damage.
– GM Tobacco Lake and 27th: Fire damage.
– McDonald’s Lake and 31st: Property damage.
– Walgreens Central and Lowry in Northeast: Property damage.
– Wells Fargo Lake Street: Fire and property damage.
– Ladditude Tattoo Lake and 27th: Fire damage.
– LV’s Barbershop Lake and 27th: Fire damage.
– The Hub Bike Co-op Minnehaha and 30th: Property damage.
– J-Klips Lake Street: Property damage.
– 5 Guys Hennepin and 24th: Property damage.
– Holiday Hennepin and 25th: Property damage.
– Honda Town Lake and 43rd: Property damage.
– Tires Plus Lake and 34th: Property damage.
– Hennepin County Human Service Center: Property damage.
– ICC Wireless Lake Street: Property damage.
– Jackson Hewitt Tax Service: Property damage.
– Little Caesars Lake Street: Fire and property damage.
– Teppanyaki Grill Lake Street: Fire and property damage.
– Home Choice Lake Street: Fire and property damage.
– Dollar General Lake Street: Extensive fire damage.
– Twin Lake Dental: Fire and property damage.
– HD Laundry Lake Street: Fire and property damage.
– Citi Trends Lake Street: Fire and property damage.
– Total Wireless Lake Street: Fire and property damage.
– Pineda Tacos Lake Street: Property damage.
– Subway Lake Street: Property damage.
– 7 Mile Fashion Express East Lake Street: Destroyed by fire
– The Fremont Bar Uptown: Property damage, looting.
– O’Reilly Auto Parts West Broadway: Extensive fire damage.
– Broadway Liquor Outlet West Broadway: Property damage, looting.
– Quality Tobacco Lake and 1st: Extensive fire damage.
– Skol Liquor Store 27th Avenue: Property damage, looting.
– Max-It Pawn Shop Cedar Avenue: Extensive fire damage.
– Minnehaha Liquor Lake Street: Property damage, looting, extensive fire damage.
– Hexagon Bar at E 26th and 27th: Extensive fire damage.
– Target Lake Street: Looting, graffiti, property damage, fire damage.
– Wendy’s Lake Street: Fire, destroyed.
– AutoZone Lake Street: Fire, destroyed.
– Cub Foods Lake Street: Looting, property damage, fire damage.
– Under construction affordable housing development at 26th and 29th: Fire, destroyed.
– 7-Sigma building, 26th and 29th: Fire, extensive damage.
– Minneapolis 3rd Police Precinct: Destroyed by fire.
– Dollar Tree off Lake Street: Property damage, looting.
– Metro by T-Mobile Lake Street: Fire, extensive damage.
– Hi Lake Liquor: Property damage, looting.
– Speedway East Lake Street: Property damage.
– East Lake Library: Windows smashed, graffiti.
– Precision Tune Auto Care Lake Street: Property damage.
– U.S. Bank Lake Street: Property damage, graffiti.
– Dairy Queen East Lake Street: Property damage.
– Papa Murphy’s Pizza East Lake Street: Property damage.
– Planet Fitness on Lake: Property damage.
– Domino’s Pizza 26th and 28th: Property damage.
– Urban Forage Winery and Cider House, Lake and 29th: Property damage, looting.
– Gandhi Mahal Restaurant, 27th and Lake: Window smashed.
– Car-X Tire & Auto East Lake Street: Property damage, vehicle smashed through windows.
– Frattelone’s Ace Hardware East Lake Street: Property damage.
– MN Transitions Charter School: Property damage.
– Laundro Max East Lake Street: Window smashed.
– Soderberg’s Floral & Gift East Lake Street: Property damage.
– East Lake Clinic: Property damage.
– Seward Pharmacy: Window smashed, graffiti.
– Electra Tune Auto Care on Lake St: Property damage, vehicle stolen.
– Walgreens at 43rd and Chicago: Property damage, looting.
– Elevated Beer Wine & Spirits, Hiawatha Ave: Property damage, looting.
– Schooner’s Tavern, barbershop next door: Fire, property damage.
– Seward Co-op, 28th and Franklin: Window smashed, attempted theft of ATM.
– Midtown Global Market: Property damage, looting.
– Chicago & Lake Liquor: Property damage, looting.
– East Lake Liquor: Property damage, looting.
– Ingebretsens on Lake: Property damage, windows smashed.
– Freewheel Bike: Property damage, windows smashed.
– Hamdi Restaurant, Midtown: Property damage, graffiti.
– Hudson’s Hardware, East 42nd Street: Property damage and looting.
– Birchwood Cafe, East 25th Street: Property damage.
– CVS Uptown: Property damage, looting.
– Timberland Uptown: Property damage, looting.
– Sunnys Wigs 29th and Lyndale: Property damage.
– Thurston Jewelers West Lake Street: Property damage.
– Banadir Pharmacy West Lake Street: Property damage and looting
– Sephora Uptown: Property damage.
– Gamestop Uptown: Property damage, looting.
– Indulge and Bloom, Uptown: Property damage.
– H&M Uptown: Windows smashed.
– Apple Store Uptown: Windows smashed., looting.
– Urban Outfitters Uptown: Door window smashed.
– Smokeless Northeast: Vandalized, closed till further notice.
– AutoZone at 501 West Broadway, North Minneapolis: Unconfirmed report of looting, property damage.
– Buzzmart, downtown Minneapolis: Property damage.
– Town Talk Diner, Lake Street: Extensive property damage.
– Bondesque: Property damage.
The damage is being done primarily by Black Lives Matter activists and the Antifa types.
Supposedly for racial justice or something of that nature. Even though, ironically, it won’t actually benefit blacks:
“The riots had economically significant negative effects on blacks’ income and employment. Further, those effects may have been larger in the long run – from 1960 to 1980 – than in the short run – from 1960 to 1970.”
“The riots significantly depressed the median value of black-owned property between 1960 and 1970, with little or no rebound in the 1970s.”
Social scientists have studied the causes of the riots for a long time. Now two NBER papers by William Collins and Robert Margo instead examine the economic impact of the riots on African Americans and on the cities where they took place. In the first paper, The Labor Market Effects of the 1960s Riots (NBER Working Paper No. 10243), they find that the riots had economically significant negative effects on blacks’ income and employment. Further, those effects may have been larger in the long run – from 1960 to 1980 – than in the short run – from 1960 to 1970.
Until 1975, the racial gap in average earnings among full-time male workers in the United States narrowed. There were periods of sharp convergence, as in the 1940s, alternating with periods of relative stasis, as in the 1950s and early 1960s. After 1970, racial convergence in earnings slowed markedly, in part because many low-wage black males were no longer engaged in full-time work, the authors note. The proportion of blacks living in high-poverty urban neighborhoods increased as well, and residential segregation led to increasingly poor socioeconomic outcomes among young blacks. In this context, Collins and Margo attempt to detect whether the riots contributed to a downward economic spiral that hurt employment opportunities, incomes, and property values.
Although they characterize their baseline estimates as “tentative,” Collins and Margo find a relative decline in median black family income of approximately 9 percent in cities that experienced severe riots relative to those that did not, controlling for several other relevant city characteristics. There is also some evidence of an adverse effect on adult male employment rates, particularly in the 1970s. Between 1960 and 1980, severe riot cities had relative declines in male employment rates of 4 to 7 percentage points. Individual-level data for the 1970s suggests that this decline was especially large for men under the age of 30.
In the second paper, The Economic Aftermath of the 1960s Riots: Evidence from Property Values (NBER Working Paper No. 10493), Margo and Collins investigate the influence of riots on central city residential property values, especially black-owned properties. They find that the riots significantly depressed the median value of black-owned property between 1960 and 1970, with little or no rebound in the 1970s. The baseline estimates for severe-riot cities relative to small-or-no-riot cities range from approximately 14 to 20 percent for black-owned properties, and from 6 to 10 percent for all central-city residential properties. Household-level data for the 1970s indicate that the racial gap in property values widened substantially in riot-afflicted cities relative to others.
The exact mechanisms through which the riots affected economic activity over a long period of time are difficult to identify, but a large number of potentially reinforcing channels exist. Property risk might seem higher in central city neighborhoods than before the riots, causing insurance premiums to rise; taxes for income redistribution or more police and fire protection might increase, and municipal bonds may be more difficult to place; retail outlets might close; businesses and employment opportunities might relocate; middle and higher income households might move away; burned out buildings might be an eyesore; and so on. These damaging aspects of riots, the authors find, apparently outweighed outside assistance directed toward the riot areas in the wake of the disturbances.
If a pandemic, massive debt, and overarching Fed can’t set fire to our economy… we’ll just have to literally set it on fire ourselves.
I feel bad for the poor small business owners in this mess. One thing after the other just keeps putting them down. It will be a miracle if we have an economy to come back to after 2020.
Eventually these idiots will be forced to understand the importance of the economy. That is, when they have no economy left.
My advice to my readers: buy another gun.
Where To Find Good Gun Deals Online And Where To Check Before You Buy
The No Excuse Guide To Home and Personal Defense On A Budget
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