Economy

Bars & Clubs Closed In Texas & Florida As Rollback Begins

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from Silver Report Uncut:

Bars & Clubs Closed In Texas & Florida As Rollback Begins, Record 32 Million Adults Living W/Parents

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The shutdown or “rollback” begins again in Texas and Florida beginning with all bars and clubs as well as rafting or tubing businesses though I’m not sure the size of this market. For the bars in Miami and Houston to be shut down during the summer is certainly going to crush profits this year as many have been hanging on by a thread after months of closures and delayed demand. Bars and taverns are allowed to continue takeout of delivery but a large part of their existence is the atmosphere and providing a place for people to meet together. For takeout, there are probably cheaper options so they are going to have to adapt. The problem is a lot of people have been expecting a V-shaped recovery which is getting harder to envision as things haven’t finished shutting down and as the problems get worse we may see more of this beginning to happen in other hard-hit states. We see a record number of American adults are moving back home to live with their parents or other families as the total has reached 32 million and according to Zillow millions of these ex-renters are leaving a wake of lost rent payments behind them. Multigenerational homes was a common sight during the last depression and it seems the housing market could be in for a nasty surprise. It will be impossible to have a V-shaped recovery if we are redefining the American economy day by day.

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