A new analysis released Tuesday shows that more U.S. workers filed unemployment claims last week than during any other week in the nation’s history.
An estimated 3.4 million Americans filed such claims for the week ending March 21, according to the findings from the Economic Policy Institute (EPI).
“This will dwarf every other week in history,” wrote EPI’s Aaron Sojourner and Paul Goldsmith-Pinkham, adding, “The true impacts are undoubtedly of larger scale than described here.”
Tim Walz Fumes About ‘Accountability’ in Shooting Death of Renee Good – He Should Start by Looking in a Mirror
New top Democrat on House CCP committee took cash from China-linked donors
DC pipe bomb defendant pleads not guilty to federal charges
Watch: Top Chicago Cop Blasts Dem, Media Narrative on Renee Good Shooting, Comes to Defense of ICE Agents Being Attacked with Cars
Fox News True Crime Newsletter: Ohio dentist murders, Kohberger sister’s warning, ‘Torso Killer’ confession
Trump pauses oil exec summit to peek at White House ballroom’s progress
Johnson meets with Muslim man who confronted, disarmed Bondi Beach attacker
Iranian officials have few options if they flee an overthrown regime
WATCH: Bodycam for Ohio dentist murders shows police went to wrong home before couple was found dead
Walz Rages That ICE Won’t Share Shooting Evidence With Sanctuary City Minneapolis – Which Outright Refuses to Cooperate With ICE
House Republicans defend ICE agent in fatal shooting, say use of force was justified
California leads multistate lawsuit against Trump over child care funding freeze
Obama Presidential Center job listings push ‘anti-racism’ pledge ahead of opening
Breaking Footage: US Forces Execute Lightning-Quick Seizure of Fully-Loaded Venezuelan Oil Tanker
Trump Admin Considers Sending Large Payments to Every Greenland Resident in Bid to Acquire the Island: Report
The startling calculation—based on claims in 35 states and Washington, D.C. and extrapolated to the other 15 states—comes as the nation continues to experience a rise in cases of the novel coronavirus—with over 46,000 confirmed as of Tuesday—and as ordinary Americans feel the economic and societal impacts of the crisis, with schools, stores, and work places temporarily shuttered, varying degrees of lockdowns in place, and households and frontline workers still wondering if lawmakers will put their urgent needs above those of corporate America.
A graph accompanying the new EPI analysis, which is based on data from news reports from March 15 to March 21, illustrates the enormous jump in unemployment claims—even if the actual figure ends up being on the analysts’ low-end projection of 3 million claims. At no other point in the timeline shown does the figure even scrape 1 million.
Reaction to the findings was stark:
Tim Walz Fumes About ‘Accountability’ in Shooting Death of Renee Good – He Should Start by Looking in a Mirror
New top Democrat on House CCP committee took cash from China-linked donors
DC pipe bomb defendant pleads not guilty to federal charges
Watch: Top Chicago Cop Blasts Dem, Media Narrative on Renee Good Shooting, Comes to Defense of ICE Agents Being Attacked with Cars
Fox News True Crime Newsletter: Ohio dentist murders, Kohberger sister’s warning, ‘Torso Killer’ confession
Trump pauses oil exec summit to peek at White House ballroom’s progress
Johnson meets with Muslim man who confronted, disarmed Bondi Beach attacker
Iranian officials have few options if they flee an overthrown regime
WATCH: Bodycam for Ohio dentist murders shows police went to wrong home before couple was found dead
Walz Rages That ICE Won’t Share Shooting Evidence With Sanctuary City Minneapolis – Which Outright Refuses to Cooperate With ICE
House Republicans defend ICE agent in fatal shooting, say use of force was justified
California leads multistate lawsuit against Trump over child care funding freeze
Obama Presidential Center job listings push ‘anti-racism’ pledge ahead of opening
Breaking Footage: US Forces Execute Lightning-Quick Seizure of Fully-Loaded Venezuelan Oil Tanker
Trump Admin Considers Sending Large Payments to Every Greenland Resident in Bid to Acquire the Island: Report
This chart, holy shit https://t.co/luqjZ4ngsh pic.twitter.com/NeCbcOY1aw
— Christopher Ingraham (@_cingraham) March 24, 2020
Sojourner and Goldsmith-Pinkham, both research associates at EPI, put the projection into the context of the nation’s unemployment rate:
For scale, consider that 3.4 million Americans moving from employment to unemployment would raise the number of the unemployed from 5.7 million to 9.1 million. This alone would raise the unemployment rate by more than half, by 2 percentage points from 3.5% to 5.5%, moving back to 2015 levels in just one week. This spike represents 2.2% of all jobs in the economy. The largest monthly rise in the unemployment rate in American history was plus 1.3 percentage points in October 1949.
Tim Walz Fumes About ‘Accountability’ in Shooting Death of Renee Good – He Should Start by Looking in a Mirror
New top Democrat on House CCP committee took cash from China-linked donors
DC pipe bomb defendant pleads not guilty to federal charges
Watch: Top Chicago Cop Blasts Dem, Media Narrative on Renee Good Shooting, Comes to Defense of ICE Agents Being Attacked with Cars
Fox News True Crime Newsletter: Ohio dentist murders, Kohberger sister’s warning, ‘Torso Killer’ confession
Trump pauses oil exec summit to peek at White House ballroom’s progress
Johnson meets with Muslim man who confronted, disarmed Bondi Beach attacker
Iranian officials have few options if they flee an overthrown regime
WATCH: Bodycam for Ohio dentist murders shows police went to wrong home before couple was found dead
Walz Rages That ICE Won’t Share Shooting Evidence With Sanctuary City Minneapolis – Which Outright Refuses to Cooperate With ICE
House Republicans defend ICE agent in fatal shooting, say use of force was justified
California leads multistate lawsuit against Trump over child care funding freeze
Obama Presidential Center job listings push ‘anti-racism’ pledge ahead of opening
Breaking Footage: US Forces Execute Lightning-Quick Seizure of Fully-Loaded Venezuelan Oil Tanker
Trump Admin Considers Sending Large Payments to Every Greenland Resident in Bid to Acquire the Island: Report
Grim as the scenario painted by the analsis is, reality may be even worse. The researchers wrote that the actual tally of claims “could be substantially higher.” Not all unemployed workers are able to file unemployment insurance claims either, and for those that do, they’ll get about half—or less—of their regular income. The end of the coronavirus crisis is also not in the immediate future.
All that points to the need for the federal government to provide states with more aid.
“American working families are paying a large price through no fault of their own,” wrote Sojourner and Goldsmith-Pinkham. “But there is no shortcutting public health to get the American economy back to work. A healthy economy requires public health.”
Story cited here.
