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 hails America as ‘most exceptional nation ever to exist’ in Mount Rushmore speech
Trump warns of ‘resurgence of the Communist menace’ during Mount Rushmore America 250 speech
Mamdani Trashes USA on Eve of July 4th as Land of Inequality, Racial Bias
WATCH LIVE: Trump gives Independence Day eve speech at Mount Rushmore
Fourth of July app guides spectators through nine-hour air show from NASA jets to B-1 bombers
Three dead, 7 rescued in boating tragedy as severe holiday weekend storm ravages Wisconsin tourist hot spot
Watch: Tokyo, Japan, Puts Blue States, Cities to Shame with July 4th Celebration
Trump grants pardons to ‘persecuted’ mechanics in right-to-repair crackdown: ‘I am setting them all free’
Police swarm Michigan shopping center after ‘significant’ shooting incident; at least 2 dead
US military deploys MTVRs, airlifts aid to Venezuela following deadly earthquakes
UPDATE: Strange Findings – DHS Investigators Release Report on Secret Service Failures at Butler Assassination Attempt
Op-Ed: Make Colombia Free Again, Bring Us Back to Our Judeo-Christian Roots
Who Should Be Held Accountable for Climate Alarmism?
Mamdani blasts ICE agents, Elon Musk and ‘supremacy’ in America 250 speech ahead of July 4 weekend
Trump DOJ Sues Gavin Newsom’s California Over Glock Ban
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 hails America as ‘most exceptional nation ever to exist’ in Mount Rushmore speech
Trump warns of ‘resurgence of the Communist menace’ during Mount Rushmore America 250 speech
Mamdani Trashes USA on Eve of July 4th as Land of Inequality, Racial Bias
WATCH LIVE: Trump gives Independence Day eve speech at Mount Rushmore
Fourth of July app guides spectators through nine-hour air show from NASA jets to B-1 bombers
Three dead, 7 rescued in boating tragedy as severe holiday weekend storm ravages Wisconsin tourist hot spot
Watch: Tokyo, Japan, Puts Blue States, Cities to Shame with July 4th Celebration
Trump grants pardons to ‘persecuted’ mechanics in right-to-repair crackdown: ‘I am setting them all free’
Police swarm Michigan shopping center after ‘significant’ shooting incident; at least 2 dead
US military deploys MTVRs, airlifts aid to Venezuela following deadly earthquakes
UPDATE: Strange Findings – DHS Investigators Release Report on Secret Service Failures at Butler Assassination Attempt
Op-Ed: Make Colombia Free Again, Bring Us Back to Our Judeo-Christian Roots
Who Should Be Held Accountable for Climate Alarmism?
Mamdani blasts ICE agents, Elon Musk and ‘supremacy’ in America 250 speech ahead of July 4 weekend
Trump DOJ Sues Gavin Newsom’s California Over Glock Ban
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 hails America as ‘most exceptional nation ever to exist’ in Mount Rushmore speech
Trump warns of ‘resurgence of the Communist menace’ during Mount Rushmore America 250 speech
Mamdani Trashes USA on Eve of July 4th as Land of Inequality, Racial Bias
WATCH LIVE: Trump gives Independence Day eve speech at Mount Rushmore
Fourth of July app guides spectators through nine-hour air show from NASA jets to B-1 bombers
Three dead, 7 rescued in boating tragedy as severe holiday weekend storm ravages Wisconsin tourist hot spot
Watch: Tokyo, Japan, Puts Blue States, Cities to Shame with July 4th Celebration
Trump grants pardons to ‘persecuted’ mechanics in right-to-repair crackdown: ‘I am setting them all free’
Police swarm Michigan shopping center after ‘significant’ shooting incident; at least 2 dead
US military deploys MTVRs, airlifts aid to Venezuela following deadly earthquakes
UPDATE: Strange Findings – DHS Investigators Release Report on Secret Service Failures at Butler Assassination Attempt
Op-Ed: Make Colombia Free Again, Bring Us Back to Our Judeo-Christian Roots
Who Should Be Held Accountable for Climate Alarmism?
Mamdani blasts ICE agents, Elon Musk and ‘supremacy’ in America 250 speech ahead of July 4 weekend
Trump DOJ Sues Gavin Newsom’s California Over Glock Ban
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.
