Another 1.3M Americans File for Unemployment
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Re: Another 1.3M Americans File for Unemployment
#2Our government has failed in their response at local, state, and federal levels. The other thing we're going to be seeing soon is that these Unemployment programs have failed to do what they're ordained to do.
This is an anecdote, but my brother was furloughed and has been waiting on any money (including the first stimulus) for literally months
Re: Another 1.3M Americans File for Unemployment
#3Meanwhile the S&P 500 is 5% away from an ATH record. Unemployed people = gambling with stocks + FOMO?
Re: Another 1.3M Americans File for Unemployment
#4Meanwhile the S&P 500 is 5% away from an ATH record. Unemployed people = gambling with stocks + FOMO?
I would guess that most unemployed people don't have money in individual stocks in the market. In fact, 85% of all stock is owned by the richest 10% of Americans.
While it is true that a slim majority of Americans have some stock, the vast majority of that is in retirement plans, not brokerage accounts.
Re: Another 1.3M Americans File for Unemployment
#5Meanwhile the S&P 500 is 5% away from an ATH record. Unemployed people = gambling with stocks + FOMO?
The stock market is completely detached from the “labor market”
Re: Another 1.3M Americans File for Unemployment
#6Meanwhile the S&P 500 is 5% away from an ATH record. Unemployed people = gambling with stocks + FOMO?
I would guess that most unemployed people don't have money in individual stocks in the market. In fact, 85% of all stock is owned by the richest 10% of Americans. While it is true that a slim majority of Americans have some stock, the vast majority of that is in retirement plans, not brokerage accounts.
I've heard the following theory:
Most trading volume is algorithmic, so it only takes a small number of real humans doing unusual trading activity for markets to move.
I've phrased it like this because I don't have expertise.
Re: Another 1.3M Americans File for Unemployment
#7Our government has failed in their response at local, state, and federal levels. The other thing we're going to be seeing soon is that these Unemployment programs have failed to do what they're ordained to do. This is an anecdote, but my brother was furloughed and has been waiting on any money (including the first stimulus) for literally months
Most unemployment systems in US states were designed with the intention to keep people from getting benefits or getting them off them as soon as possible. Unsurprisingly, such systems are minimally robust when they actually need to be used, en masse.
Maybe we will learn a lesson from this, but the number one political priority right now seems to be indemnifying businesses from pandemic-related harm caused to their customers and employees, so I’m not optimistic.
Re: Another 1.3M Americans File for Unemployment
#8Our government has failed in their response at local, state, and federal levels. The other thing we're going to be seeing soon is that these Unemployment programs have failed to do what they're ordained to do. This is an anecdote, but my brother was furloughed and has been waiting on any money (including the first stimulus) for literally months
Do you have any sense of how people are managing?
I sort of assumed that people _must_ be receiving money because there's no way Americans in the lower deciles of savings would be able to pay their bills consistently without work or stimulus. If there's no stimulus and no work, how are they paying bills? Is it on credit? Was there actually some savings?
Re: Another 1.3M Americans File for Unemployment
#9Our government has failed in their response at local, state, and federal levels. The other thing we're going to be seeing soon is that these Unemployment programs have failed to do what they're ordained to do. This is an anecdote, but my brother was furloughed and has been waiting on any money (including the first stimulus) for literally months
Most unemployment systems in US states were designed with the intention to keep people from getting benefits or getting them off them as soon as possible. Unsurprisingly, such systems are minimally robust when they actually need to be used, en masse. Maybe we will learn a lesson from this, but the number one political priority right now seems to be indemnifying businesses from pandemic-related harm caused to their cu…
Yes, this is working as ultimately intentioned, though of course not according to its ostensible purpose.
Re: Another 1.3M Americans File for Unemployment
#10Meanwhile the S&P 500 is 5% away from an ATH record. Unemployed people = gambling with stocks + FOMO?
No. The government is injecting tons of cash into the market. This props prices up and causes inflation, or at very least avoids deflation.