The pace at which Americans are losing their jobs is absolutely breathtaking. According to the Wall Street Journal, the largest number of new claims for unemployment benefits ever recorded in a single week prior to this year was 695,000 during the week that ended October 2nd, 1982. So that means that what we are now witnessing is completely unprecedented. About half the country is currently under some sort of a “shelter-in-place” order, and there has never been a nationwide shutdown of businesses anything like what we are currently experiencing.
Many are hoping that America will be able to “get back to normal” soon, but that all depends on the progression of this pandemic. The number of newly confirmed cases in the U.S. spiked by more than 11,000 on Wednesday, and the number of new deaths continues to escalate at a very alarming rate. Until those numbers start to improve, life is definitely not going to “get back to normal”.
In recent days, so many newly unemployed Americans have been trying to file for unemployment benefits that it has been crashing websites all over the country. For example, a newly unemployed worker in Michigan named Aaron Garza never was able to file for benefits through Michigan’s unemployment website although he kept on trying throughout Monday and Tuesday…
When Aaron Garza was dismissed this week from his job as a parts specialist at a Toyota dealership in Grand Rapids, Michigan, he joined a tidal wave of unemployed people swamping systems to help them and straining state finances to the breaking point.
On Monday, Garza went to Michigan’s unemployment website and tried logging on to apply for benefits electronically. After 30 minutes, he was able to sign on, but by the time a verification code was sent to his phone 25 minutes later, he had already given up. As of Tuesday afternoon, he still hadn’t been able to get through.
Last week, 108,000 workers filed for unemployment benefits in the state of Michigan.
That is 20 times more than normal.
In Louisiana, things are even worse. If you can believe it, the number of people filing for unemployment benefits is more than 40 times higher than usual…
In Louisiana alone, 71,000 people filed new unemployment applications last week, compared to the usual 1,400 or 1,500 people per week, said state labor secretary Ava Dejoie.
Louisiana has one of the highest per capita counts of coronavirus cases in the U.S. Democratic Gov. John Bel Edwards has ordered nonessential businesses to close, limited restaurants to takeout and delivery, banned gatherings over 10 people and directed residents to remain at home.
And in California, Governor Gavin Newsom says that a million residents of his state have filed for benefits “just since March 13”…
California Gov. Gavin Newsom said Wednesday that the state has seen 1 million unemployment claims in less than two weeks as the coronavirus pandemic has led to businesses being shut down across the state.
“We just passed the 1 million mark, in terms of the number of claims, just since March 13,” Newsom said.
On Thursday, we will get the latest weekly total for the nation as a whole.
At this point nobody is quite sure what to expect, but most forecasts are ranging between one million and four million…
Economists have issued widely varying estimates of Thursday’s jobless claims total based on anecdotal reports by about 40 states to news outlets for the first few days of last week. Goldman Sachs estimated the national count will be about 2.25 million but said it could be as low as slightly more than 1 million. Morgan Stanley reckons about 3.4 million. Oxford Economics says about 4 million.
If we even hit the lowest edge of that range, it will absolutely shatter the old record that was set back in 1982.
Of course similar things are happening all over the world. Approximately one-third of the entire population of the globe is currently under some sort of a lockdown order, and that means that hundreds of millions of workers are sitting at home not working.
Here in the United States, so many people are already absolutely sick and tired of being idle at home, but the truth is that it looks like this pandemic is just getting started.
In fact, New York City Mayor Bill de Blasio believes that more than half of the residents of his city will eventually get the virus…
More than half of New York City’s population can expect to be infected by the coronavirus, Mayor Bill de Blasio said. Most will suffer only a “mild experience,” but many will become very sick, and “we are going to lose some people,” he said. April will be tough and May tougher before the virus crisis eases, he said. The city has seen 192 deaths so far, and there are more than 17,000 confirmed cases of the virus.
“The world we knew is gone,” de Blasio said in a social media post. “And it’s not coming back, not for the next few months. That’s the blunt truth.”
If his projection is even close to accurate, that means that we are in for a very, very long battle with COVID-19.
A lot of people out there are still trying to downplay this pandemic, and that is a huge mistake. The dead bodies are starting to pile up just like we saw in China, Iran and Italy, and already “New York City’s morgues are nearing capacity”…
The Department of Homeland Security has been briefed that New York City’s morgues are nearing capacity, according to a department official and a second person familiar with the situation.
Officials were told that morgues in the city are expected to reach capacity next week, per the briefing. A third person familiar with the situation in New York said some of the city’s hospital morgues hit capacity in the past seven days. And a FEMA spokesperson told POLITICO that New York has asked for emergency mortuary assistance. Hawaii and North Carolina have asked for mortuary help as well, and the disaster response agency is currently reviewing the requests, according to the spokesperson.
You may have noticed that I have not said too much about what Congress is doing, and that is because any “stimulus package” is really not going to make that much of a difference.
Congress is not going to be able to make this pandemic go away, and they aren’t going to be able to convince people that are deathly afraid to leave their own homes to go out and spend money normally.
But thanks to Congress there will be a lot more money chasing a rapidly dwindling pool of goods and services in the days ahead, and that will eventually cause very painful inflation.
And if they are going to start handing out giant checks to everyone, they better keep on doing it all throughout this crisis. Because as Gerald Celente has warned, what we are heading for is “the Greatest Depression”…
“People are going to go bankrupt. You are going to see suicide rates increase. You are going to see crime escalate and people OD’ing on drugs because of depression…
Our leaders are totally closing down the economy. Again, this has never been done before. It’s not only Wall Street going down, Main Street went down simultaneously. That is unprecedented. Usually, the markets go down and then the ripple effects start hitting Main Street. This time–boom, they are both down…
It’s going to be worse than the Great Depression. It’s going to be the Greatest Depression.”
Sadly, one element of Celente’s warning is already coming to pass. It is being reported that calls to the National Suicide Prevention Hotline have risen 300 percent…
Isolation and anxiety over the coronavirus pandemic are taking a toll, with calls to a National Suicide Prevention Hotline call center rising 300 percent, KVLY reports.
Other suicide prevention services across the United States also have seen spikes in calls since the COVID-19 virus threw everyday life askew for millions.
In this hour, people are going to need hope.
But trying to convince them that this virus does not exist is not giving them hope.
And those that are boldly proclaiming that this virus will magically go away very quickly are only giving people false hope. When they later realize that they were lied to, that false hope will give way to even deeper depression and despair.