The number of jobless claims increased to 5.24 last week, according to the Labor Department’s report that was released on Thursday morning.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1304172
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1304172
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That makes 20 million new claims in four weeks. No sane person sees an end to any of this yet either.
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All this winning that tRump has brought us is gonna kill us
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That is almost 22M job losses in a month!
Note that the St. Louis FED forecasted 47M job losses last March 30th…
we are now almost half-way to the job loss forecast!
And let us NOT forget that the job loss pain is being exacerbated by Cruello-The-Vain’s insistence to have his signature (not lawful) so then he wanted his name printed on the Cares Relief Check thus delaying it further for the most vulnerable Americans!
Coronavirus Carnage
Trump Carnage (due to 70 days of disinformation, denials, delays, dysfunction)
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The Great Recession was glacially slow for job losses compared to this depression. 8.6 million people lost their jobs over two years. TWO years! Now we are just one month into this crisis.
The April unemployment rate is going to be brutal.
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It would probably be more, but it is impossible in some states to file due to the amount of people trying.
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So. Much. Winning.
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The end is in November, unless the Covidiot does the right thing and resigns or otherwise leaves office. After the inevitable Dem landslide, Biden and his team will start working on a strategic plan , much like Obama did in 2008. I can see Elizabeth Warren being in charge of the recovery plan and doing a brilliant job.
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I had a theory that the theoretical throughput for Unemployment Claims was reached in the past 2 week, the system taps out around 6.5 million or so…
Talk about the spring of our discontent…
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~1/8th of the work force just filed, add in the existing 3.5% and a print of 16% is in the cards…
Trump can now claim he has topped Reagan…
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Tragically, this is probably just the beginning. Maybe I’m just pessimistic but I’ve not seen how this pandemic, and it’s economic impacts, will end anytime soon.
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I am just hoping that those semis keep showing up at the grocery store…
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I saw some financial analyst yesterday–Goldman-Sachs or something–saying that they were looking for a V-shaped recovery. That is, sharply down, but then a quick rebound.
I really would like some of what he’s smoking.
22 M people out of work is just the tip of the iceberg. There’s a lot more under-employed–think restaurant workers serving takeout, with a fraction of the business they had before. There was already a report that over 50% of renters are having trouble paying. That means a bunch of real estate companies go belly up. And then their properties plummet in value.
A lot of people like me have put off large purchases. New car sales are almost nonexistent. Think of all of the convention hotels, convention organizers, airlines, theme parks. Those won’t be back for years.
Yeah. This is not going to be a V-shaped recession/depression.
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Absolutely. She’s the woman for such a job.
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Dems do have extensive experience in cleaning up messes after Repub administrations so if the voters just come through there is hope.
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I saw the same report and had the same reaction. It’s depressing reading the aviation message boards, too. People asking for work while some commenter with rose colored glasses says that the industry will immediately bounce back. 9/11 impacted aviation for years-it’s a landmark in most airline workers’ memories, and that just involved a few days of flight cancellations.
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Meanwhile, the IRS’s apps to track your stimulas payment or give them your information so you get it faster and have it directly deposited is broken. It “works”, in that you can input your data, but when you do, it says sorry, system error, try again later. I realize that some people have gotten their payments already, but it appears to be people who filed the 2018 return, were due a refund AND had it directly deposited into an account that’s still active. Everyone else is still waiting.
That whole thing about how if you get Social Security directly deposited then you don’t have to do anything is a lie. If you didn’t file in 2018, got a refund and had it directly deposited, you’re going to have to wait for a paper check–and I wouldn’t be surprised if this is because Trump ordered the IRS to find ways to force you to wait for a paper check even if you qualify for direct deposit so you have to see his stupid name on it. I know this because both my parents get Social Security directly deposited and the IRS app was unable to find or allow me to enter their bank info.
And it can’t even tell me if I qualify since it says it has no info on me even though I filed for 2018 & 2019 but wasn’t due a refund and thus didn’t give them my direct deposit info.
At best this is being incompetently handled. At worst, it’s being politicized. I.e. par for the course for anything Trump touches. Obviously, it’s all Obama’s fault, for inventing COBOL.
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Typical financial analyst; had his head cocked to the side looking at an ‘L’.
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The general consensus agrees with you.
Watch for Italy to sink into a debt crisis.
In the US, consumer debt will skyrocket much faster than in 2008-2009 and take years to unwind.
My concern is how our panicked president reacts, and the damage he’ll inflict on others as he tries to save his own sorry ass.
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Seems like a lot of the folks making those predictions aren’t everyday working people.
“V-shaped recovery. That is, sharply down, but then a quick rebound.”
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