We knew the bad news was coming. Here it is:
Nearly 3.3 million Americans applied for unemployment benefits last week — more than quadruple the previous record set in 1982 — amid a widespread economic shutdown caused by the coronavirus.
The surge in weekly applications was a stunning reflection of the damage the viral outbreak is doing to the economy. Filings for unemployment aid generally reflect the pace of layoffs.
The pace of layoffs is sure to accelerate as the U.S. economy sinks into a recession. Revenue has collapsed at restaurants, hotels, movie theaters, gyms, and airlines. Auto sales are plummeting, and car makers have close factories. Most such employers face loan payments and other fixed costs, so they’re cutting jobs to save money.
We sincerely hope the pain that's being felt by so many of our fellow Americans is short- lived. Some of the measures Democrats insisted on including in the just- passed Senate coronavirus relief bill may cushion some of the blow (the expanded and more generous unemployment benefits, the direct payments, and the assistance to small businesses that employ so many and have been disproportionately hurt). The bill will be taken up in the House of Representatives and is expected to pass quickly.As job losses mount, some economists say the nation’s unemployment rate could approach 13% by May. By comparison, the highest jobless rate during the Great Recession, which ended in 2009, was 10%. (our emphasis)
Minus the AWOL "wartime president," we're all in this together. Help out your neighbors as much as you can. Be kind and generous to those who are hurting.
BONUS: Here's how unprecedented this surge is, in graph form (click to enlarge) --
BONUS II: But, hey, the motherf*ckers over on Wall Street are loving it today!
BONUS III: Multi- millionaire Treasury Secretary and former foreclosure king Steve "Missing A Vowel" Mnuchin says no worries, unemployment numbers aren't "relevant."
