The U.S. economy is in recession and headed for a depression, due to the economic fallout from the coronavirus outbreak (Covid-19). A record 33,000,000 Americans have filed for unemployment. Many did not receive unemployment, as states' websites crashed. Some were wrongly denied unemployment and have been facing appeals, while going without enough money to pay for mortgage/rent, utilities and food.

The government issued a $1,200 stimulus check to most Americans. However it is not enough to help people who have been out of work for nearly 3-months, due to the virus outbreak. Many states will now move ahead with evictions, regarding Americans who are unable to pay their rent, due to the virus putting them out of work.

Five banks in America issued forbearance programs that last for 3-months, regarding giving people a small break from paying their mortgages during the virus crisis. However, there is a big problem looming, as during the lockdown, many companies in America filed for bankruptcy. Some to reorganize and protect their businesses, with the goal of reopening. However, many businesses closed and will not reopen, as they were not able to weather the financial storm. Many Americans have also filed for personal bankruptcy.

Just 3-months ago the U.S. economy was booming. The stock market reached record highs. There was record low unemployment. In life it's stunning how much can change overnight. A record amount of damage has been done and some of it is permanent.

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