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And as an econ/business reporter points out, this should be seen as the lower bound on the true number of lost job, because there are a lot of reasons people didn't file, including confusion, overwhelmed systems, and many lost jobs not qualifying: https://twitter.com/bencasselman/status/1243147516784324608
This is also only the beginning, as lockdowns across the nation aren’t in full swing yet.
And as an econ/business reporter points out, this should be seen as the lower bound on the true number of lost job, because there are a lot of reasons people didn't file, including confusion, overwhelmed systems, and many lost jobs not qualifying: https://twitter.com/bencasselman/status/1243147516784324608
This is also only the beginning, as lockdowns across the nation aren’t in full swing yet.
I am finding confusing information online. Like... Did they really give to the each employer the power to decide if they are essential or not?
I'm not in the US or an America, but my (retired), Father is and for the sake of the people around him and his family I hope this is the point where the American political system - and Republicans in particular - realise that their ideologies are dead.
In the UK we saw an Old-Etonian Tory Prime Minister in the space of a couple of weeks:
- Effectively nationalise a huge chunk of private industry by offering to subsidise 80% of all salaries up to £30k/year
- Delay tax payments for businesses, and offer up to 15% of GDP in loans and grants to help keep them alive
- Renationalise the train industry (privatising it and others was a hallmark of Thatcher's period in power)
- Accept that their planned immigration policy post-Brexit is now probably dead in the water because who knew that "low skilled workers" like cleaners and agricultural workers would be useful?
- Severely curtail free movement and enterprise by shutting every pub, restaurant, cinema, theatre and cafe across the UK as well as almost every shop that isn't a pharmacy or food shop
- Become champion supporters of an NHS they were - until recently - trying to sell bit off of
Politics here has changed forever, and likely for the better (assuming the sanctions on free movement and enterprise are temporary and not a back door for more draconian measures). For the sake of the most vulnerable in America, I hope it's the same there too.
And maybe - just maybe - it's time everybody took another look at the UBI debate, again.
1. These figures are only new claims as of 3/21, so the numbers will get worse.
2. This is ~2% of the estimated ~160-165M US Workforce.
3. This is nearly 5x (!) the prior record of 671K new jobless claims from 1982, and redefines the scale for jobless claims. [1]
4. This does not account for the countless gig workers that are part of the modern economy that likely did not file for unemployment since they were not covered prior to the passing of the senate bill last night.
This goes to show just how sharp of an impact the coronavirus pandemic has had relative to past recessions. Even the '08 Financial Crisis took MONTHS to unravel.
Earlier quoted context omitted.
This is also only the beginning, as lockdowns across the nation aren’t in full swing yet.
There is usa how the implemented lockdowns work? They forced to shut down all non-essential industries and shops? Or they just suggested it? I am finding confusing information online. Like... Did they really give to the each employer the power to decide if they are essential or not?
To make it sure that I understand it correctly: this is not the total number of unemployed people, but the number of people who became unemployed recently and now file the forms? Then that number is gigantic, wow.
Welcome to the Great Depression of the 21st century.
Things are bad enough without exaggerating the situation. The big problem with the great depression was not the size of the crash but the duration of the recovery. Our view of the money supply seems a bit more effective these days and it seems unlikely that the recession that comes out of this situation will last as long.
If you think this is all over in anything less than 4-5 years in terms of economic impact, I don't think you've understood what has really just happened and is about to happen.
Earlier quoted context omitted.
This is also only the beginning, as lockdowns across the nation aren’t in full swing yet.
There is usa how the implemented lockdowns work? They forced to shut down all non-essential industries and shops? Or they just suggested it? I am finding confusing information online. Like... Did they really give to the each employer the power to decide if they are essential or not?
Welcome to the Great Depression of the 21st century.
Things are bad enough without exaggerating the situation. The big problem with the great depression was not the size of the crash but the duration of the recovery. Our view of the money supply seems a bit more effective these days and it seems unlikely that the recession that comes out of this situation will last as long.
Semi tangent, about dealing with mass unemployment. I like to think this event changes people's perspective on folks out of work in the US. There's a lot of recrimination, and even self loathing about being poor or out of work in the US. It doesn't seem based in reality and certainly isn't helpful. Perhaps it is time we realize that much like a pandemic things in this world change fast and we need to be able to help…