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.”
ICE director refuses to resign under pressure from Eric Swalwell not to ‘side with killers’
Tillis rips ‘political lawfare’ and praises grand jury after Dems avoid charges in ‘illegal orders’ case
Trump Was Right: Bombshell FBI Affidavit Released, Lists 5 Jarring Irregularities in 2020 Georgia Vote Counts – Some Already ‘Substantiated’
Nancy Guthrie search stalls after authorities release detained suspect
Hypocrisy: Mainstream Media And NBA Stay Silent After Kevin Durant Tells Fan: ‘I Know Where You Live, White Boy’
Super Bowl Viewership Drops Year-Over-Year, Still Sets a Record
Olympic Medalist Makes Shocking Admission in Post-Event Interview: ‘Worst Week of My Life’
‘GOP’ House candidate admits she’s actually a progressive in viral video: ‘Telling people the truth’
Vance warns Iran that ‘another option on the table’ if nuclear deal not reached
Person questioned in Nancy Guthrie disappearance released after Arizona stop
Person detained for questioning in Nancy Guthrie case has been released and more top headlines
The surprising reason why Americans could face high beef prices for years
Breaking the Fourth Wall: Left-wing groups defiant as GOP sheds light on groups tied to China
Grand jury rejects DOJ effort to indict Democratic lawmakers who urged military to defy illegal orders
Key House committee advances nationwide voter ID bill, setting up 2026 election fight
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:
ICE director refuses to resign under pressure from Eric Swalwell not to ‘side with killers’
Tillis rips ‘political lawfare’ and praises grand jury after Dems avoid charges in ‘illegal orders’ case
Trump Was Right: Bombshell FBI Affidavit Released, Lists 5 Jarring Irregularities in 2020 Georgia Vote Counts – Some Already ‘Substantiated’
Nancy Guthrie search stalls after authorities release detained suspect
Hypocrisy: Mainstream Media And NBA Stay Silent After Kevin Durant Tells Fan: ‘I Know Where You Live, White Boy’
Super Bowl Viewership Drops Year-Over-Year, Still Sets a Record
Olympic Medalist Makes Shocking Admission in Post-Event Interview: ‘Worst Week of My Life’
‘GOP’ House candidate admits she’s actually a progressive in viral video: ‘Telling people the truth’
Vance warns Iran that ‘another option on the table’ if nuclear deal not reached
Person questioned in Nancy Guthrie disappearance released after Arizona stop
Person detained for questioning in Nancy Guthrie case has been released and more top headlines
The surprising reason why Americans could face high beef prices for years
Breaking the Fourth Wall: Left-wing groups defiant as GOP sheds light on groups tied to China
Grand jury rejects DOJ effort to indict Democratic lawmakers who urged military to defy illegal orders
Key House committee advances nationwide voter ID bill, setting up 2026 election fight
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.
ICE director refuses to resign under pressure from Eric Swalwell not to ‘side with killers’
Tillis rips ‘political lawfare’ and praises grand jury after Dems avoid charges in ‘illegal orders’ case
Trump Was Right: Bombshell FBI Affidavit Released, Lists 5 Jarring Irregularities in 2020 Georgia Vote Counts – Some Already ‘Substantiated’
Nancy Guthrie search stalls after authorities release detained suspect
Hypocrisy: Mainstream Media And NBA Stay Silent After Kevin Durant Tells Fan: ‘I Know Where You Live, White Boy’
Super Bowl Viewership Drops Year-Over-Year, Still Sets a Record
Olympic Medalist Makes Shocking Admission in Post-Event Interview: ‘Worst Week of My Life’
‘GOP’ House candidate admits she’s actually a progressive in viral video: ‘Telling people the truth’
Vance warns Iran that ‘another option on the table’ if nuclear deal not reached
Person questioned in Nancy Guthrie disappearance released after Arizona stop
Person detained for questioning in Nancy Guthrie case has been released and more top headlines
The surprising reason why Americans could face high beef prices for years
Breaking the Fourth Wall: Left-wing groups defiant as GOP sheds light on groups tied to China
Grand jury rejects DOJ effort to indict Democratic lawmakers who urged military to defy illegal orders
Key House committee advances nationwide voter ID bill, setting up 2026 election fight
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.
