The 21st Century Has Been Hectic ... - Ellis CPA

The 21st Century Has Been Hectic …

911
The 21st Century started off with an explosive bang on when the twin towers were were taken down by a couple of passenger planes causing $13 billion of damages & a loss of 3000 lives.

Subprime Crisis
Huffpo & the GAO reported that the Subprime Crisis cost the nation $22 trillion dollars, and the lingering effects are still being felt. in 2008 the national debt was $9 trillion. In 2012 it was $16 trillion. Today it’s over $28 trillion.

Covid
But by far the greatest impact came from the 2020 Covid crisis & the lockdowns & election shenanigans that Covid precipitated. Small businesses are dying by the thousands — and no one is tracking the carnage. Let’s pause for a moment and take stock.

Yelp Inc., the online reviewer, has data showing more than 80,000 permanently shuttered from March 1 to July 25. About 60,000 were local businesses, or firms with fewer than five locations. About 800 small businesses did indeed file for Chapter 11 bankruptcy from mid-February to July 31, according to the American Bankruptcy Institute, and the trade group expects the 2020 total could be up 36% from last year.

More than 20 million people have lost their jobs.

Businesses will need to be the best they can be to survive the turmoil. They will need better tax, accounting & advisory professionals than they have now. They will need someone like us.