An ominous warning has been issued by investors as the Joe Biden administration continues to fail miserably at keeping the American economy afloat.
The Decline of the Dollar
A recent report from Bloomberg shows that the dollar has been falling since the coronavirus pandemic hit the United States in March of 2020.
As of now, it is down between 10% and 12% relative to the United States’ major trading partners, dropping to its weakest levels since early 2018.
Investors have warned that it is only going to get worse, claiming that there could be a 35% decline in the value of the dollar by the end of 2021.
According to End Time Headlines, “The three main reasons for the warning are 1) a sharp widening in the U.S. current-account deficit, 2) the rise of the euro, and 3) a Federal Reserve that would do little in response to any weakness in the greenback.”
COVID Job Losses Made Worse by the Biden Administration
Another report from the Associated Press revealed staggering job losses due to the pandemic, showing that four times as many jobs were lost in 2020 due to COVID than during the worst part of the 2009 financial crisis.
The authoritarian lockdowns reportedly destroyed 8.8% of all work hours around the world in 2020, which is equal to 255 million full-time jobs.
“This has been the most severe crisis for the world of work since The Great Depression of the 1930s. Its impact is far greater than that of the global financial crisis of 2009,” said International Labour Organization (ILO) Director-General Guy Ryder.
Ryder added that the losses were almost equally divided between reduced work hours and “unprecedented” job losses.
The COVID-related job losses in the United States occurred mostly in Democrat-run states, which instituted authoritarian lockdowns that effected small businesses and many other important areas of the economy. Having Joe Biden in the White House is only going to increase the unemployment rate, as Biden has vowed to destroy the fossil fuel industry, which employs millions of Americans. His actions in destroying the Keystone XL Pipeline deal have already led to significant job losses.
Unfortunately, all signs point to the economy doing much worse during the next four years with Democrats in charge. Will the dollar, the job market, and the United States in general be able to bounce back? Or will the economy be scarred forever?