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.”
POTUS Wants Answers: Kennedy Center Chaos as Ric Grenell Accused of Selling White House Access, $5.6 Million ‘Donation’ Allegedly Missing
Bombshell Claim: Comer Says Ilhan Omar’s Winery Sold Empty Barrels to Investors
Midwest pro-Trump state could hold key to Republicans’ midterm hopes
Trump puts fraudsters on notice with $25M whistleblower program offering cash for tips that deliver
Marine Le Pen vows to be the one to end ‘decades of anarchic immigration’ as France is torn apart by riots
Rogers argues El-Sayed is vulnerable with 2 traditionally Democratic blocs as Obama heads to Michigan
UNC settles Trump admin probes into alleged campus antisemitism, race-based admissions
Rogers warns Michigan voters against El-Sayed’s ‘extreme’ agenda ahead of election
Watch: Trump Calls Slotkin ‘Lowlife’ for Plan to Terrorize, Deter Future Conservatives With the Threat of Legal Punishment
Watch: Dem Sen So Radically Ignorant on Iran That CNN Has to Educate Him – So Bad, CNN Even Takes Trump’s Side
Rediscovered DHS Docs Suggest Ilhan Omar May Have Never Been US Citizen in First Place
JD Vance declines to endorse Netanyahu despite Trump’s strong backing
Judge walks back ‘untenable’ order against Trump DOJ after tense DC golf course hearing
Breaking: Feds Have DNA Evidence That Ilhan Omar Committed Voter Fraud, Married Her Brother – Source
‘Changes the balance of leverage’: Zelensky tries to hold on as Trump pressures him to concede
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:
POTUS Wants Answers: Kennedy Center Chaos as Ric Grenell Accused of Selling White House Access, $5.6 Million ‘Donation’ Allegedly Missing
Bombshell Claim: Comer Says Ilhan Omar’s Winery Sold Empty Barrels to Investors
Midwest pro-Trump state could hold key to Republicans’ midterm hopes
Trump puts fraudsters on notice with $25M whistleblower program offering cash for tips that deliver
Marine Le Pen vows to be the one to end ‘decades of anarchic immigration’ as France is torn apart by riots
Rogers argues El-Sayed is vulnerable with 2 traditionally Democratic blocs as Obama heads to Michigan
UNC settles Trump admin probes into alleged campus antisemitism, race-based admissions
Rogers warns Michigan voters against El-Sayed’s ‘extreme’ agenda ahead of election
Watch: Trump Calls Slotkin ‘Lowlife’ for Plan to Terrorize, Deter Future Conservatives With the Threat of Legal Punishment
Watch: Dem Sen So Radically Ignorant on Iran That CNN Has to Educate Him – So Bad, CNN Even Takes Trump’s Side
Rediscovered DHS Docs Suggest Ilhan Omar May Have Never Been US Citizen in First Place
JD Vance declines to endorse Netanyahu despite Trump’s strong backing
Judge walks back ‘untenable’ order against Trump DOJ after tense DC golf course hearing
Breaking: Feds Have DNA Evidence That Ilhan Omar Committed Voter Fraud, Married Her Brother – Source
‘Changes the balance of leverage’: Zelensky tries to hold on as Trump pressures him to concede
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.
POTUS Wants Answers: Kennedy Center Chaos as Ric Grenell Accused of Selling White House Access, $5.6 Million ‘Donation’ Allegedly Missing
Bombshell Claim: Comer Says Ilhan Omar’s Winery Sold Empty Barrels to Investors
Midwest pro-Trump state could hold key to Republicans’ midterm hopes
Trump puts fraudsters on notice with $25M whistleblower program offering cash for tips that deliver
Marine Le Pen vows to be the one to end ‘decades of anarchic immigration’ as France is torn apart by riots
Rogers argues El-Sayed is vulnerable with 2 traditionally Democratic blocs as Obama heads to Michigan
UNC settles Trump admin probes into alleged campus antisemitism, race-based admissions
Rogers warns Michigan voters against El-Sayed’s ‘extreme’ agenda ahead of election
Watch: Trump Calls Slotkin ‘Lowlife’ for Plan to Terrorize, Deter Future Conservatives With the Threat of Legal Punishment
Watch: Dem Sen So Radically Ignorant on Iran That CNN Has to Educate Him – So Bad, CNN Even Takes Trump’s Side
Rediscovered DHS Docs Suggest Ilhan Omar May Have Never Been US Citizen in First Place
JD Vance declines to endorse Netanyahu despite Trump’s strong backing
Judge walks back ‘untenable’ order against Trump DOJ after tense DC golf course hearing
Breaking: Feds Have DNA Evidence That Ilhan Omar Committed Voter Fraud, Married Her Brother – Source
‘Changes the balance of leverage’: Zelensky tries to hold on as Trump pressures him to concede
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.
