by Michael Snyder
The Economic Collapse Blog
For a long time I warned that our economic bubble would burst and that we would plunge into a nightmarish economic collapse. Now it has happened, and it turns out that fear of COVID-19 was the “black swan event” that triggered the collapse. The ironic thing is that COVID-19 is not even close to the worst thing that is going to happen to us. But it was more than enough to topple our incredibly fragile economic system, and now tens of millions of Americans are deeply suffering. On Friday, the April jobs report was released, and it was the worst jobs report in U.S. history by a very, very wide margin. According to the official numbers, 20.5 million Americans lost their jobs during the month, and the unemployment rate shot up to 14.7 percent. During the last recession, the unemployment rate peaked at about 10 percent, and we have already left that number in the dust. The figures that we are seeing now are truly, truly horrifying, and what is even more frightening is that they aren’t even that accurate.