Posted on 05/08/2020 5:42:28 AM PDT by MeneMeneTekelUpharsin
With much of the American economy in self-imposed shutdown to prevent the spread of coronavirus, April's colossal surge in unemployment delivered a historic blow to workers. The US economy lost 20.5 million jobs in April, the Bureau of Labor Statistics said Friday — by far the most sudden and largest decline since the government began tracking the data in 1939. Those losses follow steep cutbacks in March as well, when employers slashed 870,000 jobs. Those two months amount to layoffs so severe, they moire than double the 8.7 million jobs lost during the financial crisis. For many Americans who lost their jobs and their homes in the 2008 financial crisis, this moment reopens old wounds. It took years to rebound from those setbacks. When the economy eventually did crawl back, US employers added 22.8 million jobs over 10 years — a victory for all those who had weathered the Great Recession.
Now, the coronavirus (Wuhanic Plague) pandemic stings not only because of the public health crisis it has inflicted — but also because it wiped out that decade of job gains in just two months.
(Excerpt) Read more at cnn.com ...
Open up our country!
Good ol CNN we can always rely on them
I mean this is a big DUH, when only essential businesses were left open.
I wish that some congress critters were unemployed.
I get that the constitution says we can’t reduce their pay, TILL NEXT ELECTION. Trump should use an executive order to reduce all government pay 25% and instruct departments to downsize 25%.
How is it that us serfs suffer but government employees don’t feel the pain?
We haven’t even begun to see the effects of all of this. People simply do not have a clue.
Blame the azzhat DEMORAT governors for that.
Yet a few FR idiots are still yapping about a V recovery. Completely detached from reality.
Really? Self-imposed? Like I agree or chose this?
Ah, the amazing power of government! In one swoop it has the power to put 40 million people out of work and to send them to the food lines, queuing up and waiting, just like in Venezuela.
The government does not have the power to restore those jobs and to feed the people. For that to happen, it has to get the bleep out of the way and let the people go back to normal.
Who thought, in early March, that it all would go to blazes, and that we would be forced to sit at home and venture out to stand in line to essentially BEG for food?
Government can only mess up things. It cannot solve problems.
And not to sound like a lib, but a good chunk of the people who've been let go are poor and minorities, the same souls these Blue Govs allegedly want to help.
Let's flatten the suicide curve, help all Americans (but, statistically, the poor and minorities), and unchain the bulls of American commerce. Make Alinsky work for us.
that’s still less than i figured...thought the number would be closer to 22%.
What? Stirring it up? These numbers are lagging indicators. It’s actually worse than 14.7%. Every day the number gets worse. It’s reality. It’s going north of 20%, and will take years to fix. Don’t be in denial.
How are commissioned salespeople figured into this? Technically you may have a job, working from home, but you’re making very little money or nothing at all because no one is buying.
“I fear if we don’t open up businesses, we will see a spike in financially-induced suicides that dwarf and remaining fatalities from the virus.
And not to sound like a lib, but a good chunk of the people who’ve been let go are poor and minorities, the same souls these Blue Govs allegedly want to help.
Let’s flatten the suicide curve, help all Americans (but, statistically, the poor and minorities), and unchain the bulls of American commerce. Make Alinsky work for us.”
I agree, I have observed that people do better with some kind of a job, stress from work can be a problem, but in general a job and responsibility help with alcohol and drug addiction (both will at least shorten a life, if not outright kill), the old “idle hands are the devils workshop” sayin has a lot of validity.
The fact CNN is still on the air shows me the unemployment has not gone far enough.
that’s the U6 number...i’m a commissioned salesperson for 33 years with the same company and have been doing okay the past two months...
Another story, however, has 5m Americans going BACK to work already. Moreover, while indeed many small businesses are hurting and many factories closed down, we have already entered the “black market/double dipping” point in the China Virus scare: speaking with people in LA, there are a lot of people already doing “back door” gym, hair salon openings, some of whom continue to draw “unemployment.”
Glad you’re doing well. Just read that U6 might hit 30%.
That is correct, we need get back to work, pronto. The average death from this CCP virus is over 75. Most of them are not in the work force so what are we protecting by having it closed??
All the debased money floating around is going to come home to roost. Those on any sort of fixed income will be destroyed in the coming decade when those unearned unproductive dollars go seeking housing and food.
Some are not in any hurry to go back to any kind of employment because right now with all the free money floating about, they don’t have to. Not just the stimulus money, the government has just bestowed all the income tax credits and giveaways too with the promise of more.
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