Skip to main content
×
Blacklisted Listed News Logo
Menu - Navigation
Menu - Navigation

Cited Sources

2nd Smartest Guy in the World
2nd Amendment Shirts
10th Amendment Center
Aaron Mate
Activist Post
AIER
Aletho News
Ammo.com
AmmoLand
Alliance for Natural Health, The
Alt-Market
American Free Press
Antiwar
Armstrong Economics
Art of Liberty
AUTOMATIC EARTH, The
Ben Bartee
Benny Wills
Big League Politics
Black Vault, The
BOMBTHROWER
Brandon Turbeville
Breaking Defense
Breitbart
Brownstone Institute
Burning Platform, The
Business Insider
Business Week
Caitlin Johnstone
Campus Reform
CAPITALIST EXPLOITS
Charles Hugh Smith
Children's Health Defense
CHRISTOPHE BARRAUD
Chris Wick
CIAgate
Citizen Free Press
Citizens for Legit Gov.
CNN Money
Collective Evolution
Common Dreams
Conscious Resistance Network
Corbett Report
Counter Signal, The
Cryptogon
Cryptome
Daily Bell, The
Daily Reckoning, The
Daily Veracity
DANERIC'S ELLIOTT WAVES
Dark Journalist
David Haggith
Defense Industry Daily
Defense Link
Defense One
Dennis Broe
DOLLAR COLLAPSE
DR. HOUSING BUBBLE
Dr. Robert Malone
Drs. Wolfson
Drudge Report
Economic Collapse, The
ECONOMIC POPULIST, The
Electronic Frontier Foundation
Ellen Brown
Emerald Robinson
Expose, The
F. William Engdahl
FAIR
Farm Wars
Faux Capitalist
FINANCIAL REVOLUTIONIST
Forbes
Foreign Policy Journal
FOREXLIVE
Foundation For Economic Freedom
Free Thought Project, The
From Behind Enemy Lines
From The Trenches
FUNDIST
Future of Freedom Foundation
Futurism
GAINS PAINS & CAPITAL
GEFIRA
Geopolitical Monitor
Glenn Greenwald
Global Research
Global Security
GM RESEARCH
GOLD CORE
Grayzone, The
Great Game India
Guadalajara Geopolitics
Helen Caldicott
Homeland Sec. Newswire
Human Events
I bank Coin
IEEE
IMPLODE-EXPLODE
Information Clearing House
Information Liberation
Infowars
Insider Paper
Intel News
Intercept, The
Jane's
Jay's Analysis
Jeff Rense
John Adams
John Pilger
John W. Whitehead
Jonathan Cook
Jon Rappoport
Jordan Schachtel
Just The News
Kevin Barret
Kitco
Last American Vagabond, The
Lew Rockwell
Le·gal In·sur·rec·tion
Libertarian Institute, The
Libertas Bella
LIBERTY BLITZKRIEG
LIBERTY Forcast
Liberty Unyielding
Market Oracle
Market Watch
Maryanne Demasi
Matt Taibbi
Medical Express
Media Monarchy
Mercola
Michael Snyder
Michael Tracey
Middle East Monitor
Mike "Mish" Shedlock
Military Info Tech
Mind Unleashed, The
Mint Press
MISES INSTITUTE
Mises Wire
MISH TALK
Money News
Moon of Alabama
Motherboard
My Budget 360
Naked Capitalism
Natural News
New American, The
New Eastern Outlook
News Deck
New World Next Week
Nicholas Creed
OF TWO MINDS
Off-Guardian
Oil Price
OPEN THE BOOKS
Organic Prepper, The
PANDEMIC: WAR ROOM
PETER SCHIFF
Phantom Report
Pierre Kory
Political Vigilante
Public Intelligence
Rair
Reclaim The Net
Revolver
Richard Dolan
Right Turn News
Rokfin
RTT News
Rutherford Institute
SAFEHAVEN
SAKER, The
Shadow Stats
SGT Report
Shadowproof
Slay News
Slog, The
SLOPE OF HOPE
Solari
South Front
Sovereign Man
Spacewar
spiked
SPOTGAMMA
Steve Kirsch
Steve Quayle
Strange Sounds
Strike The Root
Summit News
Survival Podcast, The
Tech Dirt
Technocracy News
Techno Fog
Terry Wahls, M.D.
TF METALS REPORT
THEMIS TRADING
Tom Renz
True Activist
unlimited hangout
UNREDACTED
Unreported Truths
Unz Review, The
VALUE WALK
Vigilant Citizen
Voltaire
Waking Times
Wall Street Journal
Wallstreet on Parade
Wayne Madsen
What Really Happened
Whitney Webb
winter oak
Wolf Street
Zero Hedge

22 million file for unemployment insurance as unemployment rate is now fully in double-digits.

Published: April 20, 2020 | Print Friendly and PDF
  Gab
Share

For many years we have talked about how many Americans were living paycheck to paycheck.  One troubling statistic that came to mind, even before the COVID19 outbreak, was that half of Americans were one paycheck away from financial disaster.  What the COVID19 outbreak has shown is how frail the economic situation was for many Americans and how disconnected Wall Street was from the lives of millions of Americans.  Even in the last two weeks, the stock market has rallied in the face of 22 million people filing for unemployment in a span of one month. This is an insane number and never in our history have we seen so much economic carnage in such a short period of time.  But the reality is, the entire system has shut down and people now need to start thinking what the next phase of all of this is.

The massive surge in unemployment

The sectors that employ most Americans in raw numbers are the positions that pay the least and have little to no health insurance coverage.  So this crisis has compounded the two areas they are most vulnerable: financial and healthcare. The crisis has of course slammed the most susceptible people first but many other sectors will follow.

First, let us look at the employment damage:

This chart is simply stunning.  And the only reason the numbers didn’t seem so bad last week is that we had a 4-day work week and one day was shaved off.  This week will have another few million people filing for unemployment insurance (if they can even get through) and this will be adding to an already high figure.

Why will this be a depression?  First, even when we do reopen, does anyone envision people going out in mass to restaurants?  Do people plan on going on cruises in mass? Are people going to go to amusement parks or movie theaters in large numbers?  That is yet to be seen and it will look very different (e.g., face masks, temperature checks, etc.).  

Also, people are realizing how important it is to have an interconnected system.  Try having two working professionals at home trying to teach their kids all the while trying to work from home (if they are fortunate enough to still have their jobs).  These people are not operating at 100% productivity. You need teachers, daycares, healthcare providers, and others to push forward our society. No one person or family can be everything to everyone.

And let us talk about the biggest expense for most Americans, housing.  This month about one out of three renters was behind on their rent. On the mortgage front, there are millions of Americans asking for forbearance on their payments because of COVID19.  Banks are allowing 3-months for now. But then a balloon payment will be due in 3-months. This is nuts. So you think someone that can’t pay this month is suddenly going to have the ability to pay 3 full months of mortgage payments down the road?  That just doesn’t seen realistic and highlights the current government and banking mindset of kicking the can down the road. 

Also, the $2 trillion relief shows how much bloat can come from these kind of packages.  There are 128 million households in the US.  We could have given each household $15,625 for that amount!  Yet each adult gets $1,200 and $500 per kid.  Frankly, that means you could have given each household $1,300 for 12 full months.  Let us not get into our massive debt but if we are going to talk about direct relief, just send the money out to households and let them decide where the need is (instead of picking winners and losers with all the political horse trading)

This COVID19 depression is simply highlighting the economic fissures that were already in our system.  Now they are fully open. So we have to deal with a health crisis alongside an economic crisis. Now is not the time to play politics if we really want to help American families.

If you enjoyed this post click here to subscribe to a complete feed and stay up to date with today’s challenging market! 

TOP TRENDING ARTICLES


PLEASE DISABLE AD BLOCKER TO VIEW DISQUS COMMENTS

Ad Blocking software disables some of the functionality of our website, including our comments section for some browsers.


Trending Now



BlackListed News 2006-2023
Privacy Policy
Terms of Service