CBS’s 60 Minutes interviews a variety of Americans, from different walks of life, all struggling to make ends meet.
No one knew it then  but these were the opening days of the Great Recession. Now, layoffs that started with corporations are cascading into mom and pop shops.
As corporations began laying off workers in 2007 and 2008, a negative feedback loop began and those who were laid off spent less on consumer goods. As people bought fewer goods, more businesses had to lay off workers. Eventually, many of the businesses have to close their doors, and even the owners join the unemployment rolls. The bankruptcy rate for small businesses have tripled since the recession began. This leads to even further pain, as businesses are no longer paying rent on commercial properties, leading to defaults and layoffs at real estate management companies. One could go on and on about how the feedback loop strengthens, and even accelerates over time.
Today, as more people lose their jobs, and millions start falling off of emergency unemployment benefits, the downward spiral will continue.
For many, there is no end in sight to the misery.
For others who still have jobs today, the pain is yet to come, because eventually millions more will be let go.
It’s simple math. And it can’t be stopped.
60 Minutes Reports:
Hat tip All American Gold