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.”
Video: After Dozens of US Historical Statues Removed by Left, Indians in TX Have Built Gargantuan 90 Ft. Statue to Pagan ‘God’
Trump allies building ‘lawfare’ defense apparatus before possible Democratic takeover
Judge Blocks Blue State from Making Nuns Perform Assisted Suicide But It’s Not Over Yet
House GOP not done with ActBlue after bombshell internal memos raise foreign cash questions
GOP takes aim at Congress’ next ‘get filthy rich’ loophole after stock-trading ban
Socialists are helping GOP campaigns heading into November
‘I am guilty’: How Fairfax County Commonwealth’s Attorney Steve Descano keeps letting killers off with insanity pleas
Manhunt underway in California after armed suspect allegedly points gun at people, shoots at officers
Patrick Clancy in his own words: Top takeaways from grieving father’s first interview
Lindsay Clancy holdout juror makes new promise as lawyer warns of public attacks
Breaking: ICE Shooting Rocks Austin – Protesters Clash with Officers, Democrats Condemn Agency with Few Facts Available
ICE shooting rocks Austin as Democrat demands bodycam video, independent probe
Massachusetts’ plan to offer postpartum screening home visits sparks online debate
Cops flush homecoming prank plans after seizing 650 toilet paper rolls in ‘Operation Clean Sweep’
Trump to meet with Mamdani in New York amid high-stakes midterm push
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:
Video: After Dozens of US Historical Statues Removed by Left, Indians in TX Have Built Gargantuan 90 Ft. Statue to Pagan ‘God’
Trump allies building ‘lawfare’ defense apparatus before possible Democratic takeover
Judge Blocks Blue State from Making Nuns Perform Assisted Suicide But It’s Not Over Yet
House GOP not done with ActBlue after bombshell internal memos raise foreign cash questions
GOP takes aim at Congress’ next ‘get filthy rich’ loophole after stock-trading ban
Socialists are helping GOP campaigns heading into November
‘I am guilty’: How Fairfax County Commonwealth’s Attorney Steve Descano keeps letting killers off with insanity pleas
Manhunt underway in California after armed suspect allegedly points gun at people, shoots at officers
Patrick Clancy in his own words: Top takeaways from grieving father’s first interview
Lindsay Clancy holdout juror makes new promise as lawyer warns of public attacks
Breaking: ICE Shooting Rocks Austin – Protesters Clash with Officers, Democrats Condemn Agency with Few Facts Available
ICE shooting rocks Austin as Democrat demands bodycam video, independent probe
Massachusetts’ plan to offer postpartum screening home visits sparks online debate
Cops flush homecoming prank plans after seizing 650 toilet paper rolls in ‘Operation Clean Sweep’
Trump to meet with Mamdani in New York amid high-stakes midterm push
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.
Video: After Dozens of US Historical Statues Removed by Left, Indians in TX Have Built Gargantuan 90 Ft. Statue to Pagan ‘God’
Trump allies building ‘lawfare’ defense apparatus before possible Democratic takeover
Judge Blocks Blue State from Making Nuns Perform Assisted Suicide But It’s Not Over Yet
House GOP not done with ActBlue after bombshell internal memos raise foreign cash questions
GOP takes aim at Congress’ next ‘get filthy rich’ loophole after stock-trading ban
Socialists are helping GOP campaigns heading into November
‘I am guilty’: How Fairfax County Commonwealth’s Attorney Steve Descano keeps letting killers off with insanity pleas
Manhunt underway in California after armed suspect allegedly points gun at people, shoots at officers
Patrick Clancy in his own words: Top takeaways from grieving father’s first interview
Lindsay Clancy holdout juror makes new promise as lawyer warns of public attacks
Breaking: ICE Shooting Rocks Austin – Protesters Clash with Officers, Democrats Condemn Agency with Few Facts Available
ICE shooting rocks Austin as Democrat demands bodycam video, independent probe
Massachusetts’ plan to offer postpartum screening home visits sparks online debate
Cops flush homecoming prank plans after seizing 650 toilet paper rolls in ‘Operation Clean Sweep’
Trump to meet with Mamdani in New York amid high-stakes midterm push
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.
