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.”
EXCLUSIVE: Pence pushes to rename bill for Lindsey Graham, recalls final talk: ‘Bring Putin to the table’
Trump says ‘proud American veterans’ will replace illegal immigrant truck drivers
Former Marine running for Congress says Trump is the Antichrist and ‘must be killed’ in shocking video
Tim Scott floats Lindsey Graham’s sister as permanent successor
GLAAD Complains Over New Study Showing Movies Have Become Less Gay: ‘Our Stories are Disappearing’
Drunk wrong-way driver killed Mass. trooper after 9 drinks at bar, DA report says
Retired math professor charged after wife, an airline meteorologist, found shot dead: cops
House Democrats fracture badly over Massie amendment to cut $3.3B in US aid to Israel
Bill Maher Chides ‘Extreme’ NPR During Sitdown Interview with Far-Left Outlet: ‘I’m Surprised You Even Had Me On’
Harris calls for ICE probe after Maine shooting amid renewed ‘border czar’ criticism
Illegal Alien Trucker Who Caused Deadly 8-Car Crash Learns His Fate in Court
Biden, Who Allegedly Couldn’t Sign His Own WH Documents, Claims He’s Written an Entire Book About Being President
Fetterman downplays GOP fundraising partnership and dodges reelection plans
Not a Single Democrat Showed Up to Wednesday’s Senate Hearing on Taxpayers Being Defrauded
Todd Blanche confirmation hearing turns to Smith bombshells: ‘Did Jack Smith read my emails?’
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:
EXCLUSIVE: Pence pushes to rename bill for Lindsey Graham, recalls final talk: ‘Bring Putin to the table’
Trump says ‘proud American veterans’ will replace illegal immigrant truck drivers
Former Marine running for Congress says Trump is the Antichrist and ‘must be killed’ in shocking video
Tim Scott floats Lindsey Graham’s sister as permanent successor
GLAAD Complains Over New Study Showing Movies Have Become Less Gay: ‘Our Stories are Disappearing’
Drunk wrong-way driver killed Mass. trooper after 9 drinks at bar, DA report says
Retired math professor charged after wife, an airline meteorologist, found shot dead: cops
House Democrats fracture badly over Massie amendment to cut $3.3B in US aid to Israel
Bill Maher Chides ‘Extreme’ NPR During Sitdown Interview with Far-Left Outlet: ‘I’m Surprised You Even Had Me On’
Harris calls for ICE probe after Maine shooting amid renewed ‘border czar’ criticism
Illegal Alien Trucker Who Caused Deadly 8-Car Crash Learns His Fate in Court
Biden, Who Allegedly Couldn’t Sign His Own WH Documents, Claims He’s Written an Entire Book About Being President
Fetterman downplays GOP fundraising partnership and dodges reelection plans
Not a Single Democrat Showed Up to Wednesday’s Senate Hearing on Taxpayers Being Defrauded
Todd Blanche confirmation hearing turns to Smith bombshells: ‘Did Jack Smith read my emails?’
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.
EXCLUSIVE: Pence pushes to rename bill for Lindsey Graham, recalls final talk: ‘Bring Putin to the table’
Trump says ‘proud American veterans’ will replace illegal immigrant truck drivers
Former Marine running for Congress says Trump is the Antichrist and ‘must be killed’ in shocking video
Tim Scott floats Lindsey Graham’s sister as permanent successor
GLAAD Complains Over New Study Showing Movies Have Become Less Gay: ‘Our Stories are Disappearing’
Drunk wrong-way driver killed Mass. trooper after 9 drinks at bar, DA report says
Retired math professor charged after wife, an airline meteorologist, found shot dead: cops
House Democrats fracture badly over Massie amendment to cut $3.3B in US aid to Israel
Bill Maher Chides ‘Extreme’ NPR During Sitdown Interview with Far-Left Outlet: ‘I’m Surprised You Even Had Me On’
Harris calls for ICE probe after Maine shooting amid renewed ‘border czar’ criticism
Illegal Alien Trucker Who Caused Deadly 8-Car Crash Learns His Fate in Court
Biden, Who Allegedly Couldn’t Sign His Own WH Documents, Claims He’s Written an Entire Book About Being President
Fetterman downplays GOP fundraising partnership and dodges reelection plans
Not a Single Democrat Showed Up to Wednesday’s Senate Hearing on Taxpayers Being Defrauded
Todd Blanche confirmation hearing turns to Smith bombshells: ‘Did Jack Smith read my emails?’
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.
