‘Less Than Half Of Working Age Americans Will Be Earning A Wage Next Month’, One Bank Warns
Jobless claims piled up for a fifth consecutive week in the US, data out Thursday showed.
In addition to the nearly 185,000 lives COVID-19 has claimed globally, the virus has taken 26.5 million American jobs.
That figure is staggering. It effectively erases the total job creation over the course of the entire expansion (the longest in US history) - plus five million lost jobs.
Read more: America’s Unemployment Nightmare Continues As Virus Claims 26.5 Million Jobs
Obviously, one can extrapo
“less than half of working age Americans will be earning a wage next month” -> At least they can just buy TSLA on their Robinhood accounts and ride it into the sunset, thanks to the Fed
Trump, May 2016: “You’ll say ‘Please, Mr. President, we beg you sir, we don’t want to win anymore. It’s too much.”
Ok, I surrender, Mr President, you were right. I am begging you not to “win” anymore. 26.5 million jobs lost is indeed too much.
To be fair, this is one time when it really isn’t his fault.
Without Covid or Russia things were slowing. The hope for a V-shaped recovery is out the window and that he can now be faulted with. We needed unity to pull that one off.
Fault? No. Abdicated Responsibility to Lead? 100%
The existence of the virus wasn’t his fault. But his response to it or lack thereof was/is.
Yet the market bulls who have the luxury of working from home are growing more convinced we will be headed toward new highs by year-end. If only I could perpetually view the world through rose-colored lenses.
Lets see if Trump can put this back together better than it was. If he can not, hello Biden’s VP.
“This” refers to our economy and what the government does/ does not provide to Americans.
USA really needs a smart long term vision from President and Congress….. Oh well.
I can put a lot of it on Trump. A great deal of it. After inauguration he made mistake after mistake. Bad personnel choices, bad foreign policy choices, bad domestic policy choices. All of that fed into the chroney tax cuts that took advantage of the wage earner. He made weaknesses out of our strengths.
So a virus comes along and exposes our weaknesses instead of pushing our narrative. This outcome is directly due to trumps policy of chaos. He is not a three moves ahead of you guy, he is it does not matter what move I make guy/ I own the board the table the room and at least one third of this country’s souls. We would have been better off by a material margin had any other person won the office. The magnitude of the impact of the virus is his fault by what multiple, history can only guess.
True dat.
While the virus itself cannot be blamed on Trump, his bungled Response to it can.
Had he reacted swiftly and decisively (you know, “presidential”), lifes and jobs could have been saved.
The number jobless claims would of course still be horrendous, but most certainly not as high.
Heck, even if they would only be 5 % lower, that still amounts to 1.3 MILLION people.
That’s a LOT.