If nearly 40% of the nation anticipates spending the next 12 months in “survival mode,” it’s not a good sign for the coming year.
Traditionally, Americans look forward to the turn of the year with optimism, but this time around, things are different. 2020 brought the COVID pandemic, tremendous violence and civil unrest in major cities and the greatest economic downturn since the Great Depression.
Sadly, a large chunk of the country is anticipating more difficulties in the coming months.
Thirty-eight percent of the 3,011 adults who participated in the Fidelity survey said they will spend the year in “survival mode,” meaning they’ll focus on one day at a time rather than long-term goals to try to get themselves and their families through 2021.
Although some respondents maintained their usual income over the past year, 68% had setbacks. Of those, 23% lost a job or household income; 20% had an unexpected non-health emergency; 18% had to provide unexpected financial aid to family or friends; and 16% had a health emergency in their family.
As I keep reminding my readers, Americans have filed more than 70 million new claims for unemployment benefits this year, but even many of the people who have kept their jobs have fallen on hard times.
Another new survey found that approximately one-third of all full-time workers in the U.S. “have experienced a pay cut” in 2020. Roughly 1 in 3 full-time workers have experienced a pay cut due to the coronavirus pandemic, according to the MagnifyMoney survey of 984 professionals surveyed Nov. 6 to 11.
If you were employed throughout all of 2020 and you are still able to pay all of your bills on time, you should be very thankful for your blessings because you are now in the minority.
For most Americans, the past 12 months have been painful, and this new round of lockdowns promises to extend the economic suffering long into 2021.
Some industries that were absolutely devastated by the first round of lockdowns are officially in panic mode at this point. For example, we have permanently lost approximately 17% of the restaurants in the country, and the National Restaurant Association is warning that 10,000 more could permanently shut down “in the next three weeks.”
Even during the best of times, running a successful restaurant is difficult. The margins are razor thin, new competition is always popping up and employees are constantly coming and going.
When you add a global pandemic on top of all of that, it has become almost impossible for many eateries to keep going, and we are being told that the future for the industry looks quite “bleak.”
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SOURCE: Charisma News