Posted on 05/05/2020 7:08:06 PM PDT by Pining_4_TX
The latest report on new unemployment claims was abysmal, coming in at 4.4 million last week, some 100,000 more than surveyed economists had expected. The continuous claims came in at just under 16 million, an all-time record. Mainstream labor economists estimate that, all things considered, the actual unemployment rate now (which is only officially reported with a lag) is above 20 percent—a rate not seen since the darkest days of the Great Depression. Indeed, all of the job gains since the Great Recession have been wiped out in just a matter of weeks.
What’s worse, even though the official unemployment rate is probably not quite as high as it was in 1933 (when it averaged 24.9 percent), there are reasons to believe that our labor market is currently in even worse shape economically than it was at the lowest depths of the Great Depression. Furthermore, once we take into account insights from Austrian capital theory, we can see why Keynesian hopes for a rapid recovery—and calls for longer lockdowns due to health concerns—are misguided.
(Excerpt) Read more at independent.org ...
Because people are living in Shanties and waiting in food lines and traversing the country looking for a better life
How many of today’s unemployed have Amazon prime or Netflix or cable?
The Chicoms are responsible for this and it’s nothing less than an act of war. The Rats are perpetuating the the lockdown with treasonous actions. Another act of war. Don’t get me started on the dipschitzs eatin this crap up.
GREAT DEMOCRAT DEPRESSION
Thank goodness it’ll only last a few weeks and then we will be back to normal. Right?
Right???
I think he is addressing how the government is screwing up the economy in all this. People aren’t starving, but some are content not to work at all. The relief packages, just like farm and business subsidies of all kinds, keep marginal businesses going, when they should be allowed to fail.
Already the administration has moved back its hopes for a recovery to 2021. This is going to be a long, slow, tortuous climb back.
Of course it’s worse. We haven’t even started to see the impact on having the 2020 summer tourist season quoted out, that hit 10s of thousands of camp grounds, cottage rentals, summer camps for kids, ocean and lake resorts, and the seasonal restaurants, craft shops, tour boat operators, and amusement parks in the colder states. The hospitality industry will take years to recover.
Well, the recovery will come, not in weeks, but in months. Trump is doing the right thing unlike Hoover and FDR, he is cutting taxes and regulations.
I just pray it doesn’t result in the Democrats winning more elections.
The alcohol industry should be fine. In fact, I think I’ll start drinking more. ;-)
Timidly raises hand: Because our governors saw it as a crisis that shouldn’t go to waste, so locked down their state economies and intend to keep them locked down all the way to the election if they can?
The enemy is within the gates. I have been posting repeatedly that some people MUST be punished for what they have done. They must be.
I guess you haven’t been paying attention to the people of California flocking by the many thousands to their beaches in defiance of their Gov’t. Florida Beaches ditto.
President Trump is correctly reading American’s eagerness to get back to normal. Chomping at the bit, to use his phrase.
The protests erupting in Blue states against the dictatorial edicts of the idiots they themselves elected.
We will rebound from this. Not in the two months, it took to unemploy 17 million but, in 4 to 6 months.
The big difference is that people can now “work from home” with their computers and internet connections, something which was unimaginable just 30 years ago ....
The only way they’ll be punished is if they’re defeated. At the ballot box or in the field. I feel the latter is going to be the only choice as time goes on.
If people couldn’t “work from home,” the shutdown orders wouldn’t have lasted more than 48 hours ... about the duration of the cleanup after a major winter snowstorm.
Yes, the entire travel and entertainment industry will never be the same.
I expect them to really come thru now...
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