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 admin invokes 30-year dormant terror court as it seeks to deport Afghan woman tied to Election Day plot
Army conducts first overseas test of ‘Hammer of the Gods’ weapon-disrupting system
Grandmother’s missed pickup leads to grim discovery in church parking lot
Clinton, Obama-era Democratic heavyweights Penn and Emanuel rip NYC’s Mamdani over taxes, Israel, blast DSA
Revealed: The DNC Lost Almost $30k to Email Scammer – No Word Yet if the Employee Was DEI or the Scammer Was a Deposed Nigerian Prince
Breaking: US Launches Airstrikes in Iran, Saudi Arabia Joins in as Iran Is Pushed to ‘Tipping Point’
DOJ suffers setback in New Jersey voter roll lawsuit despite illegal registrants scandal
Watch: Sen. Josh Hawley Illustrates the Absurdity of Fauci’s Hearing Stunt with 3 Questions
Trump AG pick Blanche stalled as key Republicans refuse to budge
Trump Going to SCOTUS to Have Punitive $83 Million E. Jean Carroll Decision Reversed
Perverse History Surfaces in Murder-Suicide Deaths of Seemingly Storybook Family of 8 Who Burned in Own Home
Ted Cruz demands Fauci face jail time, labels him America’s ‘most damaging bureaucrat’
Watch: Bodycam Footage of Tony Romo’s Arrest and Sobriety Test Raises Questions
El-Sayed in the hot seat for another foreign rental property, nearly $300K in additional income
Trump taps veterans to fix illegal alien trucking problem plaguing US roadways
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 admin invokes 30-year dormant terror court as it seeks to deport Afghan woman tied to Election Day plot
Army conducts first overseas test of ‘Hammer of the Gods’ weapon-disrupting system
Grandmother’s missed pickup leads to grim discovery in church parking lot
Clinton, Obama-era Democratic heavyweights Penn and Emanuel rip NYC’s Mamdani over taxes, Israel, blast DSA
Revealed: The DNC Lost Almost $30k to Email Scammer – No Word Yet if the Employee Was DEI or the Scammer Was a Deposed Nigerian Prince
Breaking: US Launches Airstrikes in Iran, Saudi Arabia Joins in as Iran Is Pushed to ‘Tipping Point’
DOJ suffers setback in New Jersey voter roll lawsuit despite illegal registrants scandal
Watch: Sen. Josh Hawley Illustrates the Absurdity of Fauci’s Hearing Stunt with 3 Questions
Trump AG pick Blanche stalled as key Republicans refuse to budge
Trump Going to SCOTUS to Have Punitive $83 Million E. Jean Carroll Decision Reversed
Perverse History Surfaces in Murder-Suicide Deaths of Seemingly Storybook Family of 8 Who Burned in Own Home
Ted Cruz demands Fauci face jail time, labels him America’s ‘most damaging bureaucrat’
Watch: Bodycam Footage of Tony Romo’s Arrest and Sobriety Test Raises Questions
El-Sayed in the hot seat for another foreign rental property, nearly $300K in additional income
Trump taps veterans to fix illegal alien trucking problem plaguing US roadways
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 admin invokes 30-year dormant terror court as it seeks to deport Afghan woman tied to Election Day plot
Army conducts first overseas test of ‘Hammer of the Gods’ weapon-disrupting system
Grandmother’s missed pickup leads to grim discovery in church parking lot
Clinton, Obama-era Democratic heavyweights Penn and Emanuel rip NYC’s Mamdani over taxes, Israel, blast DSA
Revealed: The DNC Lost Almost $30k to Email Scammer – No Word Yet if the Employee Was DEI or the Scammer Was a Deposed Nigerian Prince
Breaking: US Launches Airstrikes in Iran, Saudi Arabia Joins in as Iran Is Pushed to ‘Tipping Point’
DOJ suffers setback in New Jersey voter roll lawsuit despite illegal registrants scandal
Watch: Sen. Josh Hawley Illustrates the Absurdity of Fauci’s Hearing Stunt with 3 Questions
Trump AG pick Blanche stalled as key Republicans refuse to budge
Trump Going to SCOTUS to Have Punitive $83 Million E. Jean Carroll Decision Reversed
Perverse History Surfaces in Murder-Suicide Deaths of Seemingly Storybook Family of 8 Who Burned in Own Home
Ted Cruz demands Fauci face jail time, labels him America’s ‘most damaging bureaucrat’
Watch: Bodycam Footage of Tony Romo’s Arrest and Sobriety Test Raises Questions
El-Sayed in the hot seat for another foreign rental property, nearly $300K in additional income
Trump taps veterans to fix illegal alien trucking problem plaguing US roadways
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.
