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.”
Planned Parenthood drops lawsuit challenging Trump administration’s Medicaid cuts
San Francisco uncovers nine secret drug and gambling dens disguised as convenience stores
Dozens of House Republicans Demand Mitch McConnell ‘Stop Stalling the SAVE Act’
Jeffries says GOP ‘done eff’d up in Texas,’ vows they won’t win five seats: ‘They can’t ignore it’
Chuck Schumer Lambasted After Comparing the SAVE Act to Jim Crow
Donations surge for fallen NY officer and new mom following tragic death at hands of DWI suspect
Clintons agree to testify after House threatens contempt in Jeffrey Epstein probe
LAPD Chief Refuses to Enforce Gavin Newsom’s Crackdown on ICE Agents: ‘It Doesn’t Make Any Sense’
House GOP majority shrinks to just one vote as Johnson swears in new House Democrat
Trump and India PM Modi Reach Historic Trade Agreement, Includes Ending Importation of Russian Oil
Grammys blasted as ‘anti-China political tool’ after Dalai Lama wins audiobook award
House Democrat Appears Hundreds of Times in New Epstein Documents
Trump raises ‘nationalized voting’ idea in Bongino’s return podcast debut
FLASHBACK VIDEO: The Barack Obama Video That Anti-ICE Dems Want Buried Forever and That Trump Should Run on TV 24/7
Matt Mahan sets himself apart from crowded California field by criticizing Newsom
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:
Planned Parenthood drops lawsuit challenging Trump administration’s Medicaid cuts
San Francisco uncovers nine secret drug and gambling dens disguised as convenience stores
Dozens of House Republicans Demand Mitch McConnell ‘Stop Stalling the SAVE Act’
Jeffries says GOP ‘done eff’d up in Texas,’ vows they won’t win five seats: ‘They can’t ignore it’
Chuck Schumer Lambasted After Comparing the SAVE Act to Jim Crow
Donations surge for fallen NY officer and new mom following tragic death at hands of DWI suspect
Clintons agree to testify after House threatens contempt in Jeffrey Epstein probe
LAPD Chief Refuses to Enforce Gavin Newsom’s Crackdown on ICE Agents: ‘It Doesn’t Make Any Sense’
House GOP majority shrinks to just one vote as Johnson swears in new House Democrat
Trump and India PM Modi Reach Historic Trade Agreement, Includes Ending Importation of Russian Oil
Grammys blasted as ‘anti-China political tool’ after Dalai Lama wins audiobook award
House Democrat Appears Hundreds of Times in New Epstein Documents
Trump raises ‘nationalized voting’ idea in Bongino’s return podcast debut
FLASHBACK VIDEO: The Barack Obama Video That Anti-ICE Dems Want Buried Forever and That Trump Should Run on TV 24/7
Matt Mahan sets himself apart from crowded California field by criticizing Newsom
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.
Planned Parenthood drops lawsuit challenging Trump administration’s Medicaid cuts
San Francisco uncovers nine secret drug and gambling dens disguised as convenience stores
Dozens of House Republicans Demand Mitch McConnell ‘Stop Stalling the SAVE Act’
Jeffries says GOP ‘done eff’d up in Texas,’ vows they won’t win five seats: ‘They can’t ignore it’
Chuck Schumer Lambasted After Comparing the SAVE Act to Jim Crow
Donations surge for fallen NY officer and new mom following tragic death at hands of DWI suspect
Clintons agree to testify after House threatens contempt in Jeffrey Epstein probe
LAPD Chief Refuses to Enforce Gavin Newsom’s Crackdown on ICE Agents: ‘It Doesn’t Make Any Sense’
House GOP majority shrinks to just one vote as Johnson swears in new House Democrat
Trump and India PM Modi Reach Historic Trade Agreement, Includes Ending Importation of Russian Oil
Grammys blasted as ‘anti-China political tool’ after Dalai Lama wins audiobook award
House Democrat Appears Hundreds of Times in New Epstein Documents
Trump raises ‘nationalized voting’ idea in Bongino’s return podcast debut
FLASHBACK VIDEO: The Barack Obama Video That Anti-ICE Dems Want Buried Forever and That Trump Should Run on TV 24/7
Matt Mahan sets himself apart from crowded California field by criticizing Newsom
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.
