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This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1332546
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1332546
Hey, anything under a million is a good week by current standards.
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But how are their portfolios doing?
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That’s exactly what the spin will be: “At least it’s not a million! V-shaped rocket recovery!!”
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Unemployment at this level is going to wreck our economy unless and until another relief package passes Congress and/or a vaccine is widely deployed.
Meanwhile, Moscow Mitch ignores taking up any relief package that could pass, and Trump spends this time golfing, tweeting, lying, and holding COVID superspreader events.
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Son in law was a recipient of that extra cash and is lamenting the loss of it as they ramp up their farm business. I haven’t talked to them in a bit, given the calamity at the farm yesterday, but I know we have a business meeting pending to see if there’s anything I can do more on my newly-limited income as well.
The virus has to be controlled before we can expect to see any massive improvement on this. It won’t happen with this administration.
ETA: for those that might’ve missed the calamity, see here:
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so sorry, That had to be hard
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I called my daughter on learning the news. She could barely speak to me and she had a private goat snuggle session scheduled in less than half an hour for a four year old’s birthday party. Talk about having to stuff it down. I can’t imagine.
She is spending today making soap, in advance of the holiday rush season starting on Black Friday. Hopefully, it will serve as a distraction from her sorrow. Her latest concoction:
The fragrance is decedent fudgy chocolate with a glittery gold top.
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Talked to my sister yesterday. Her job at the daycare for handicapped adults is gone. Building, vehicles and everything else is going up for sale. She worked there 22 1/2 years. Some employees had around 40 years in. Her husband supervises about 3 other places in the same business. She said his job was secure.
So, 10.9 million jobs are gone from this time last year and the fed said interest rates will remain near zero until at least 2023. Looks like they don’t expect that V shaped recovery Trump was bragging about.
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I am so sorry @becca656. The news and photos from the farm have always been day brighteners for so many of us. I am sorry I have no day brightening to bring to the farm today when you all need it. Take care.
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We will continue to continue. It was a long-shot that Aerie would be able to have a normal life. She was much loved at the foundation, even to the point where they’ve put her image on t-shirts they sell to pay for all the good work they do. The foundation lost two other residents within the last week, so this has been hard on Sue, the owner, who invests an enormous amount of time and love.
It is the risk we take to work with animals, especially those with medical issues. But this one was a hard one to take.
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As so many of us here pointed out months ago, it’s not even so much that the unemployment #'s are going down.
It’s that many of those jobs just aren’t coming back. Ever. I think that as of 2021, this country is going to have to get used to a different idea of employment because of all the destruction that’s been put upon the economy and the people.
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In my consulting world, I’m already evaluating what the next couple of years will look like as I edge toward retirement (when I will probably continue working anyway). The world has discovered that we don’t have to be traveling every week to be effective - remote work is just fine.
I have a couple of new gigs in the pipeline, so I may be back to my old job pretty soon. I don’t think everyone else is nearly as lucky.
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I was gonna say, by Trump standards this is a BOOMING ECONOMY!
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Charissa Ward, 37, was furloughed in April from her job as a server at a restaurant in Disney’s Hollywood Studios resort near Orlando, Florida. Since then, she’s been helping at her partner’s online retail business, applying for jobs and waiting to see what Disney will do. “We have no idea when we’re going to get called back,’’ she said.
ORLANDO, Fla. - Nearly 5,400 furloughed employees at Universal Orlando Resort will not return to work anytime soon, a notice filed with the state revealed on Wednesday. Universal Orlando Resort filed a notice on September 4th stating that 5,389 furloughed employees will remain out of work. “As a direct result of the unforeseen reach of COVID-19 and its impact on its operations, Universal Orlando continues to experience unprecedented challenges with the economic effects likely to continue into next year.”
WH Spokesperson: "It’s all gonna get better right around October 30th. It will be great. Like a miracle."
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I am so sorry, @becca656. Somehow, every loss seems more significant in these times.
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From the Washington Post:
The total number of people claiming unemployment insurance went up by about 100,000 to 29.7 million, as of Aug. 29, the most recent week available for this statistic.
[With about 165.9 million US workers, this translates to an actual rate of 17.9% unemployed including ‘temporary’ layoffs.]
And - a reminder: the average unemployment benefit lasts 26 weeks. Once UI ends, a person is not included in these statistics. So, based on this average, the people unemployed since late February are no longer counted as unemployed. The big jump in unemployment was in April - so there could be a misleading reduction in unemployment statistics beginning in November as people laid off in April fall off the rolls.
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One of the bigger problems this country experienced with the Great Recession of 2008/09 was that many companies learned to operate fairly successfully with fewer employees. In some ways, I see this economy as a continuation of that theme but at warp speed.
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Repeating a previous post from days ago:
Listened to Kai Ryssdal of Marketplace, he interviewed a couple economists. They projected that approx 6.25 million people will never return to the jobs or line of work they lost due to the pandemic, mainly due to the businesses they worked for no longer existing, along with the job sector they work in projected to be seriously downsized post-pandemic (think hospitality, airlines & travel, restaurants, brick & mortar retail, etc). It was also projected that if a vaccine was not widely available and administered to most of the populace by spring of next year nearly 1 in 4 people currently employed, in all lines of work, would lose their job, be laid off, suffer diminished hours, or have their pay cut.
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So what’s the answer? Can those sectors of the economy that are doing well absorb that many people over any reasonable period of time? I certainly support additional help for those displaced, but that isn’t a permanent solution.
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