At the onset of the economic crisis, Gerald Celente forecast that by 2012, people wouldn’t be worried about whether or not they would be able to put presents under the tree – they’d be worried about putting food on the table.
For 1.2 million Americans, this may be a reality during the 2010 Holiday season:
If Congress fails to reauthorize extended unemployment benefits by the end of November, it will spoil the holidays for 1.2 million people, according to the National Employment Law Project.
“The program deadline falls in the midst of the holiday season, when unemployed families do their best to put food on the table and hold on to their family traditions,” said NELP in a release. “It’s also a time when the economy, especially the retail sector, is counting on consumer spending — supported in part by unemployment benefits — to maintain the recovery.”
According to the government, there are 14.8 million people unemployed in the United States as of October 2010. That is the official figure. Unofficially, it likely exceeds 30 million without work. At some point, these people (and those who join the unemployment rolls going forward) will lose their jobless benefits as well.
They can kick the can down the road, but eventually entitlements and emergency economic programs will have to come to an end – be it through forced cuts and expirations, or debasement of the US dollar.
And then what?
Then, the system really comes unhinged.