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3.28M file for U.S. jobless benefits

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Re: 3.28M file for U.S. jobless benefits

#31

Post by vikramkr »

duxup wrote: post #17

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…

I'm more cynical - it's very easy to justify losing your job now as driven by external factors while losing your job before as being due to an internal failing. If people get their jobs back within the next few months, I think it could breed a sense of superiority of "I got my job back with the Coronavirus, and you couldn't even get a job in one of the biggest boom markets ever.' there's no basis in reality for looking down on the poor like you said, and I don't know if this shock will force people to really understand reality as you hope, or simply by the basis of a new false understanding as I fear.

Re: 3.28M file for U.S. jobless benefits

#32

Post by cjslep »

I grew up with the puritanical mindset of: "Your intrinsic worth as a human is the money you earn; because the money you earn is from how hard you work; and how hard you work is a reflection of your intrinsic Virtue."

Thus I grew up in a family that loathes the unemployed. I really hope -- though I have grave doubts -- that this event gets through to them, so that they can have some personal growth, too.

Re: 3.28M file for U.S. jobless benefits

#33

Post by djsumdog »

asdfasgasdgasdg wrote: post #19
1zael wrote: post #4

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.

we have better communication and technology today as well. The trouble is, we have no idea when recovery will even begin. The human spirit can move past this; but many people can't even begin right now.

Re: 3.28M file for U.S. jobless benefits

#34

Post by snazz »

toomuchtodo wrote: post #25
yulaow wrote: post #22

Earlier quoted context omitted.

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?

The authority has been delegated to states, each state is making their own decisions.

Yes. Every state has treated it slightly different. Many high-population states are under restrictive rules right now.

Re: 3.28M file for U.S. jobless benefits

#35

Post by rubber_duck »

And this is just the start.

While I think the US response to Corona was slower than the response in my country I feel the US is the only country that's seriously discussing economic repercussions and debating the medical experts.

In EU (at least in my country) it's doctors running things and we are in "stop the pandemic at all cost". Everyone is in panic due to Italy situation. But doctors are only trained to see the medical side of the picture - and there is a point at which this approach to fighting the virus is going to have worse consequences than a full blown pandemic itself - I don't see anyone publicly discussing this point around here.

Re: 3.28M file for U.S. jobless benefits

#36

Post by lotsofpulp »

yulaow wrote: post #22
toomuchtodo wrote: post #12

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?

Yes, government is mostly nudging people towards doing the right thing.

Re: 3.28M file for U.S. jobless benefits

#37

Post by vikramkr »

adtac wrote: post #18
hyperbovine wrote: post #8

Earlier quoted context omitted.

And a far higher percentage of the workforce.

About 1.6-1.8% by most estimates, so not really _far_ higher

That's 60 to 80 percent higher. Large differences in small numbers still look small haha

Re: 3.28M file for U.S. jobless benefits

#38

Post by yurlungur »

The thing about the current situation is that there is still no end in sight and it feels like we are just at the beginning stages of a tough struggle.

Thankfully tech seems to be holding up in terms of employment for the moment, but we have stopped hiring as well so who knows what may come next. Not every tech can withstand or even benefit from the current crisis.

Re: 3.28M file for U.S. jobless benefits

#39

Post by scottLobster »

Won't know for sure until Apr 03 (The Day BLS releases the official unemployment rate for March) but this may very well trip the Sahm recession indicator, which has correctly predicted/detected every US recession back to 1950 (If it's been further backfitted I can't find the data).

https://fred.stlouisfed.org/series/SAHMCURRENT

Re: 3.28M file for U.S. jobless benefits

#40

Post by jeltz »

NamTaf wrote: post #14

3.28 million? Really? With the lockdowns of retail, hospitality, etc. in Australia, a country of 25 million total, we've seen nearly something north of 800,000 unemployed (temporarily or permanently). This can't be an accurate figure, surely!

This is just the people who have filed last week. There is bound to be many more soon. And I am not sure everyone who have lost their jobs are eligible.
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