Quantcast
Connect with us

Tens of millions of jobs could be lost during pandemic – forcing unemployment higher than Great Depression: Fed

Published

on

Unemployed men outside a soup kitchen opened by Al Capone in Depression-era Chicago, Illinois, U.S., 1931 (National Archives)

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.

ADVERTISEMENT

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.

 


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

2020 Election

Trump can ‘rage from the balcony’ but he ‘will not succeed’: Dem super lawyer promises to protect the vote

Published

on

President Donald Trump has a lot of options available to him when it comes to his attempt to steal the election. That doesn't mean they'll work, however.

In an interview with Democratic "super-lawyer" Bob Bauer, "The Circus's" John Heilemann listed a few scenarios for Trump trying to steal the election.

"We already have an electoral infrastructure -- a voting system -- that is not always adequately resourced or supported," Bauer explained. "You take that system, you layer on top of it a pandemic, you lay on top of that destructive behavior by one of the major political parties who espouses this kind of nonsense, and you add on top of that the internet-distributed misinformation plays, and that just means that the task that you have to address these contingencies is much larger than it's been as a structural matter any time in the past."

Continue Reading

2020 Election

Melania Trump cancels appearance at Pennsylvania rally due to ‘lingering cough’

Published

on

First Lady Melania Trump has cancelled an appearance at a Pennsylvania rally with President Donald Trump due to her ongoing COVID-19 symptoms.

The first lady was slated to travel with the president on Tuesday to her first rally since receiving the COVID-19 diagnosis.

"Mrs. Trump continues to feel better every day following her recovery from COVID-19, but with a lingering cough, and out of an abundance of caution, she will not be traveling today," a statement from the First Lady's Office said.

CONFIRMED: Melania Trump will no longer accompany her husband to PA tonight, per her spokeswoman: "Mrs. Trump continues to feel better every day following her recovery from COVID-19, but with a lingering cough, and out of an abundance of caution, she will not be traveling today."

Continue Reading
 

Breaking Banner

Damning timeline shows Trump has falsely claimed the coronavirus will disappear 38 times

Published

on

President Donald Trump this past February claimed that the novel coronavirus could soon "disappear" or "go away."

Eight months, 8.2 million infections and 220,000 deaths later, however, the coronavirus pandemic is still going strong with no end in sight.

CNN's fact-checking team of Daniel Dale and Daniel Wolfe have put together a damning timeline that shows Trump has claimed the virus would disappear or go away a total of 38 times over the past eight months, even during times when cases and deaths were surging.

Continue Reading
 
 
Democracy is in peril. Invest in progressive news. Join Raw Story Investigates for $1. Go ad-free. LEARN MORE