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Food Prices Rise To Dangerous Levels As “A Second Wave Of Layoffs” You may have noticed that food prices have started to go up very aggressively. I repeatedly warned my readers that this is precisely what would happen, and more price increases are on the way. Fear of COVID-19 has sparked a tremendous amount of extra demand as Americans have feverishly stocked up their pantries, and at the same time the virus has made it very difficult for the major food companies to keep up. Over the past several months we have seen a large number of food production facilities close down temporarily, food supply chains have been thrown into a state of chaos, and grocery stores have found it increasingly difficult to keep their shelves full. Many years ago I remember sitting in an Econ 101 class as a very young college student, and one of the things that I learned was that prices are going to rise when supply goes down and demand goes up. So it was inevitable that grocery store prices would become more painful, and the latest numbers that have been released by the BEA are definitely quite alarming…
If prices keep going up like this, a lot of American families are going to have to start cutting beef out of their diets simply because they cannot afford it anymore. And of course these price increases are coming at a really bad time, because we are in the midst of a historic economic downturn. When an Oregon woman named Bella Flores recently took her monthly trip to the grocery store, she was shocked by how much prices have gone up…
Actually, if I could get out of the grocery store with a bill of only 69 dollars I would be jumping for joy. These days, it seems like you can’t even get a full cart of groceries for under 200 dollars where I live. Sadly, more price increases are on the way. Demand is going to remain high, and many food companies will continue to operate at reduced levels. For example, just consider what the CEO of Tyson Foods recently had to say…
With food prices already at such elevated levels, the Federal Reserve has decided that now is a perfect time to jack up inflation even more. The following comes from a CNBC article entitled “The Fed is expected to make a major commitment to ramping up inflation soon”…
Isn’t that wonderful? You can almost always count on the Federal Reserve to do the wrong thing. Meanwhile, Fox Business is reporting that a “second wave of layoffs” has now hit the economy…
Those numbers are absolutely staggering. We already knew that millions upon millions of the jobs that were originally lost are never coming back, and now we are learning that millions of the jobs that were actually regained are being lost again. So what this means is that at the exact same time that food prices are skyrocketing, countless Americans find themselves out of work and no longer have paychecks coming in. What a nightmare. And this may help to explain why the U.S. Census Bureau is finding that so many Americans are missing meals right now…
During the first half of this year we witnessed lines at food banks that were up to two miles long, and we are likely to see similar scenes throughout the rest of 2020. But the good news is that the U.S. is still in better shape than much of the rest of the world. As I have detailed previously, giant armies of locusts have been devastating crops in Africa, the Middle East and Asia, and now it is being reported that they have decided to invade Russia…
Meanwhile, “nearly one-third of China has been impacted by severe flooding”, and that is having a dramatic affect on crop production over there. Even during the best of times, we struggle to feed everyone on the entire planet, and here in 2020 global food production has been hit by a whole host of major problems. I fully expect that global food supplies will increasingly become tighter, and that has very serious implications for the years ahead of us. Yes, food prices are already very high, but now is the time to stock up because they are only going to go higher. Unfortunately, there are millions upon millions of Americans that can’t afford to stock up because they have already lost their jobs and no longer have any income coming in. ***It is finally here! Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.com.***
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