47 million jobs could be lost during the coronavirus pandemic, the St. Louis branch of the Federal Reserve announced Monday. That would skyrocket unemployment to a never-before heard of 32.1%. The Great Depression saw a peak of 24.9% unemployment.
67 million Americans are currently “at a high risk of layoffs,” the analysis shows, according to CNBC.
Millions of Americans have already lost their jobs. There were a staggering 3.3 million new unemployment filings reported last week. Estimates predict an additional 2.65 million more filings will be reported this week.
The calculations “don’t account for workers who may drop out of the labor force, thus bringing down the headline unemployment rate, and they do not estimate the impact of recently passed government stimulus, which will extend unemployment benefits and subsidize companies for not cutting staff and extending unemployment benefits.”
St. Louis Fed President James Bullard, considered one of the most influential economists in the world, last week tried to put a positive spin on his projection of a 30% unemployment rate. He predicted the jobless number “will be unparalleled,” but urged Americans, “don’t get discouraged.”
“This is a special quarter, and once the virus goes away and if we play our cards right and keep everything intact, then everyone will go back to work and everything will be fine,” Bullard claimed, predicting a “boom quarter” after the virus is controlled. Many experts predict some businesses will not be able to recover or re-open.
Harvard researchers want less accurate tests for COVID-19
The aphorism "perfect is the enemy of good enough" has been played out to tragic effect in the US's inadequate testing for the coronavirus, according to researchers calling for quick tests that cost only about a dollar each, and which may not be as accurate but can be carried out several times a week by the whole population.
Michael Mina, assistant professor of epidemiology at Harvard University, has for weeks been pushing for what he calls "crappy" tests.
His idea is to move away from the current high-precision molecular tests, known as PCR tests, which are still scarce in large swathes of the country and which people often have to wait hours to get done, and then have to wait days -- or up to a week -- for the results.
WATCH: Seth Meyers goes after ‘sociopath’ Jared Kushner for America’s coronavirus failures
The host of "Late Night with Seth Meyers" on NBC harshly criticized senior White House advisor Jared Kushner for America's COVID-19 testing failures.
"More than 155,000 Americans have now died from the coronavirus pandemic," Meyers noted. "Cases are rising in more than 20 states. The U.S. now accounts for one-quarter of all coronavirus deaths in the world."
"And in some parts of the country, people are waiting as long as two-weeks to get their test results -- which is insane. The whole point of testing is to find cases, isolate them and trace their contacts. If it takes two weeks, it's pointless."
Virologist rips Deborah Birx: ‘She’s ignored the evidence’ with her ‘willful disregard for the science’
The White House coronavirus coordinator continues to lose support among the medical community, according to a new report in The Washington Post.
The report noted Dr. Deborah Birx has also been undermined by Trump, who attacked her on Twitter.
So Crazy Nancy Pelosi said horrible things about Dr. Deborah Birx, going after her because she was too positive on the very good job we are doing on combatting the China Virus, including Vaccines & Therapeutics. In order to counter Nancy, Deborah took the bait & hit us. Pathetic!