Skip to comments.The Economic Lockdown Catastrophe The worst jobs report in history shows why the economy must reopen.
Posted on 05/09/2020 4:05:59 AM PDT by karpov
Unemployment in April soared to 14.7%the highest rate since the government started keeping records in 1948while employers shed 20.5 million more jobs after losing 870,000 in March. The labor-market bleeding is even worse than those numbers suggest since 6.4 million workers left the workforce.
Labor participation had been trending upward the past two years as faster job growth drew millions of low-income Americans from the sidelines. But the participation rate has now fallen 3.2 percentage points to 60.2% since a recent peak in February, the lowest since 1973 before large numbers of women started working.
Much of the media continue to treat the economic destruction as a sideshow and present a false choice between saving lives and jobs. But this is the fastest jobs collapse in modern history. The Great Depression drove millions of Americans into poverty and caused many suicides, and theres a substantial risk this could happen again.
Mental-health crisis hotlines are reporting spikes in calls. According to Express Scripts, anti-anxiety prescriptions increased by a third between mid-February and mid-March. Many in despair will probably turn to alcohol or narcotics. CVS executives warned this week that delayed care could lead to a surge of non-coronavirus related health problems. They include cancers undiagnosed and illnesses left untreated.
Hospitals have also had to cancel elective procedures, which is how they make most of their money. Stanford Health Care is cutting pay by 20% for its 14,000 workers. The California Medical Association reported that revenues at private practices have declined by two-thirds since March 1, and half have furloughed or laid off staff.
Congress has appropriated $175 billion to shore up hospitals, but this wont help small physician practices much. Many health-care providers warn they may not survive if their privately insured patients lose jobs and sign up for Medicaid
(Excerpt) Read more at wsj.com ...
The democrats seem to think that the government can pay everyone $2,000 a month from now on, while 40 million people are out of work. Why democrats should never be elected to any public office.
Gosh, what a surprise! When you order people to stop working, unemployment rises. It’s quite brilliant that the Wall Street Journal figured this out. I never realized that journalists were this smart.
Eventually the markets are going to realize it’s not all coming back quickly. Too much damage has been done and the Democrats and the media are fighting tooth and nail to keep the country locked down, gummed up. A house divided against itself can NOT stand, the Bible says, no matter what men say.
A suggestion about getting people who are being payed more on unemployment and the problem getting them back to work. knowing most of the blue rat states welcome and encourage unemployment. Upon opening your business send a return receipt letter to the unemployment office in your state with the names and SS# of your employees now on unemployment and a copy to the US department of labor stating that you are open for business. This way the feds know the states have been informed and a letter should be going out to the employee that, your employer is now open for business if you choose to go back to work, YOUR UNEMPLOYMENT BENEFITS WILL END ON THIS DATE
Given the timing of this pandemic & how much of the response dovetails (almost perfectly) with the Marxist/New Green Deal agenda, it’ really, really hard for me to keep the tinfoil hat off my head. It almost does seem like the whole situation was engineered. Or the Left just got really, really lucky.
I still suspect that, when the dust clears, the mortality rate of this is going to be the same as a really bad flu season. The Media has certainly been going into overdrive scaring people to death. The ironic thing is that while cheerleading the shutdown, they are also feigning surprise at the economic devastation. Which is one of the most blatantly hypocritical things I can think of.
Having now created a disaster, you will now start hearing democrats say that the only way to fix this disaster is to vote for them and they will use the threatening force of government to fix the disaster that they created.
Criminal democrats are you enemy, folks as are all who vote for them.
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