Authored by Michael Snyder via The Economic Collapse blog,
Many have been warning for years that our economic bubble would eventually burst and that a collapse was inevitably coming, but the ferocity of this new economic crisis has caught just about everyone off guard. And even though some states have been attempting to “reopen” their economies in recent days, the job loss tsunami just continues to roll on. Prior to this year, the all-time record for the most new unemployment claims in a single week was 695,000. That record was set all the way back in 1982, and it had survived all the way until 2020. But now we have been absolutely dwarfing that number week after week. On Thursday, we learned that another 2.9 million Americans filed initial claims for unemployment benefits last week, and that brings the grand total for this pandemic to more than 36 million…
New filings for unemployment claims totaled just shy of 3 million for the most recent reporting period, a number that while still high declined for the sixth straight week, according to Labor Department figures Thursday.
The total 2.981 million new claims for unemployment insurance filed last week brought the coronavirus crisis total to nearly 36.5 million, by far the biggest loss in U.S. history. The count announced last week count was revised up by 7,000 to 3.176 million, putting the weekly decline at 195,000 between the two most recent reports.
To put that in perspective, at the lowest point of the Great Depression only 15 million Americans were unemployed.
Of course our population is quite a bit larger today, and so it isn’t a straightforward comparison.
But what everyone can agree on is the fact that we have never seen a two month spike in unemployment like this in all of U.S. history.
And according to the Federal Reserve, low income workers are getting hit harder than anyone else…
The Federal Reserve Bank on Thursday reported just how unequally the coronavirus-induced economic downturn is hitting Americans.
On one hand, lower-income people are getting slammed. Nearly 40% of those with a household income below $40,000 reported a job loss in March, according to the Economic Well-Being of US Households report.
Sadly, this is what seems to happen every time that there is an economic downturn.
http://www.zerohedge.com/bailout/us-caught-economic-death-spiral-and-one-group-being-hit-particularly-hard?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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