Up to 13 million jobs lost in less than a month amid government closing economy to win war on Chinese coronavirus:
http://dailytorch.com/2020/04/13-million-jobs-lost-in-less-than-a-month-amid-government-closing-economy-to-win-war-on-chinese-coronavirus/
Unemployment claims hit an all-time record at 6.6 million last week amid the national lockdown to combat the Chinese coronavirus and save as many lives as possible. 45 states have issued stay at home orders in their states, including 38 that have issued them for the entire state, effectively shutting down their economies. All 50 states have closed schools. That brings the total of unemployment claims for the past two weeks up to about 10 million, already dwarfing the total job losses in the financial crisis and 2007-2009 recession, which topped 8.3 million in Dec. 2009. Those losses took about three years to be realized as mortgage markets cratered and property values plummeted.On top of that in March alone an additional 3 million Americans lost their jobs according to the Bureau of Labor Statistics. Added to the past two weeks’ data on unemployment claims, that could bring the total job losses from coronavirus related closings up to 13 million and counting. To prevent a long, deep recession the federal government must make these economic incentives passed by Congress to maintain payroll for the duration of the pandemic available now. Aggressive advertising will be needed to bring these programs to everyone’s attention. Now, how deep the recession is will largely be determined by the extent of the pandemic, how long states remain closed and how effective social distancing is. When the pandemic is over, it will be up to the states to reopen as quickly as possible and the emergency benefits encouraging people not to work phased out. The long-term consequences of delay could mean it takes a decade to recover economically from this virus, with much of the damage already done. What do you think?
