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Economy

Indiana I-69 Corridor Project; Section 6; Morgan/Johnson/Marion counties

Photo credit: ITB495

This article was produced by the Independent Media Institute.

Rich Carmona spent decades upgrading his 1970s ranch home in Midland, Michigan.

He lovingly installed new flooring and doors and remodeled the bathrooms. After finishing the kitchen 18 months ago, he finally had the house the way he liked it.

Then the 96-year-old Edenville Dam failed amid heavy rains May 19, unleashing a torrent of water that drowned roads, swept some houses off of their foundations and left others, including Carmona's, in ruins.

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Reprinted with permission from TomDispatch

Many economists believe that a recession is already underway. So do millions of Americans struggling with bills and job losses. While the ghosts of the 2008 financial crisis that sent inequality soaring to new heights in this country are still with us, it's become abundantly clear that the economic disaster brought on by the Covid-19 pandemic has already left the initial shock of that crisis in the dust. While the world has certainly experienced its share of staggering jolts in the past, this cycle of events is likely to prove unparalleled.
The swiftness with which the coronavirus has stolen lives and crippled the economy has been both devastating and unprecedented in living memory. Whatever happens from this moment on, a new and defining chapter in the history of the world is being written right now and we are that history.

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