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.”
Trump-backed candidates score major boost from deep-pocketed AI Super PAC in upcoming primaries
How AIPAC’s spending strategy evolved, to the dread of anti-Israel Democrats and Republican detractors
Tulsi Gabbard honors wish of Gold Star wife to visit husband’s grave at Arlington National Cemetery
Trump flexes MAGA muscle in Texas Senate runoff clash between Cornyn and Paxton
Skydiver dies after midair collision with another jumper during group jump in Washington state
Dog accidentally fires shotgun, striking woman yards away during chaotic gas station stop
Maine Senate candidate Graham Platner embraces democratic socialism at Bernie Sanders rally in Portland
Jacob Frey criticized for remembering George Floyd on Memorial Day, six years after death sparked riots
Widow of ‘American Sniper’ Chris Kyle Hits Back Against Dem Senate Candidate for ‘Making Things Up’
Watch: Trump Sums Up Memorial Day Better and Quicker Than Any President in Living Memory – Just 9 Words
President Trump Explains Importance of Memorial Day in Rousing Speech: ‘The Ultimate Sacrifice’
Dem City Gave Muslim Group $35k and Didn’t Track How It Was Spent
Anti-ICE protesters clash with agents outside New Jersey detention center as Gov Sherrill denied entry
Lawmaker Convicted Under ‘Crimes Against Humanity’ Law for Writing Pro-Marriage Pamphlet
Stomach Churning: Paragliding Woman Videos Herself Plummeting After Mid-Air Crash With Plane
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:
Trump-backed candidates score major boost from deep-pocketed AI Super PAC in upcoming primaries
How AIPAC’s spending strategy evolved, to the dread of anti-Israel Democrats and Republican detractors
Tulsi Gabbard honors wish of Gold Star wife to visit husband’s grave at Arlington National Cemetery
Trump flexes MAGA muscle in Texas Senate runoff clash between Cornyn and Paxton
Skydiver dies after midair collision with another jumper during group jump in Washington state
Dog accidentally fires shotgun, striking woman yards away during chaotic gas station stop
Maine Senate candidate Graham Platner embraces democratic socialism at Bernie Sanders rally in Portland
Jacob Frey criticized for remembering George Floyd on Memorial Day, six years after death sparked riots
Widow of ‘American Sniper’ Chris Kyle Hits Back Against Dem Senate Candidate for ‘Making Things Up’
Watch: Trump Sums Up Memorial Day Better and Quicker Than Any President in Living Memory – Just 9 Words
President Trump Explains Importance of Memorial Day in Rousing Speech: ‘The Ultimate Sacrifice’
Dem City Gave Muslim Group $35k and Didn’t Track How It Was Spent
Anti-ICE protesters clash with agents outside New Jersey detention center as Gov Sherrill denied entry
Lawmaker Convicted Under ‘Crimes Against Humanity’ Law for Writing Pro-Marriage Pamphlet
Stomach Churning: Paragliding Woman Videos Herself Plummeting After Mid-Air Crash With Plane
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.
Trump-backed candidates score major boost from deep-pocketed AI Super PAC in upcoming primaries
How AIPAC’s spending strategy evolved, to the dread of anti-Israel Democrats and Republican detractors
Tulsi Gabbard honors wish of Gold Star wife to visit husband’s grave at Arlington National Cemetery
Trump flexes MAGA muscle in Texas Senate runoff clash between Cornyn and Paxton
Skydiver dies after midair collision with another jumper during group jump in Washington state
Dog accidentally fires shotgun, striking woman yards away during chaotic gas station stop
Maine Senate candidate Graham Platner embraces democratic socialism at Bernie Sanders rally in Portland
Jacob Frey criticized for remembering George Floyd on Memorial Day, six years after death sparked riots
Widow of ‘American Sniper’ Chris Kyle Hits Back Against Dem Senate Candidate for ‘Making Things Up’
Watch: Trump Sums Up Memorial Day Better and Quicker Than Any President in Living Memory – Just 9 Words
President Trump Explains Importance of Memorial Day in Rousing Speech: ‘The Ultimate Sacrifice’
Dem City Gave Muslim Group $35k and Didn’t Track How It Was Spent
Anti-ICE protesters clash with agents outside New Jersey detention center as Gov Sherrill denied entry
Lawmaker Convicted Under ‘Crimes Against Humanity’ Law for Writing Pro-Marriage Pamphlet
Stomach Churning: Paragliding Woman Videos Herself Plummeting After Mid-Air Crash With Plane
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.
