YouTube transcript (April 2020) reporting on the unprecedented surge in U.S. unemployment during the early COVID-19 pandemic: 5.2 million new jobless claims for the week ending April 11 and about 22 million claims over four weeks, with the Congressional small business rescue fund (Paycheck Protection Program) said to be exhausting $350 billion. The speaker warns of a deep recession, long recovery, widespread impacts on consumer behavior and education, and mentions California accounting for over 10 million claims.
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5.2 million
22 million
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The small business rescue fund set up by Congress is officially out of money as another 5.2 million Americans applied for unemployment last week, bringing the four week total to 22 million. That means at least one in every ten American adults has lost their job over the previous four weeks. The unemployment claims set a new record, smashing even the worst estimates of the most cynical analysts. In fact, 5.2 million Americans applied for unemployment claims for the week ending April 11, according to the Department of Labor, adding to the sharpest and most severe rise in joblessness in the nation's history. In four weeks alone. That is more than 22 million people seeking jobless benefits. And those are just the ones that got through to the call center. 22 million people out of work. That's more than the last 10 years job gains and nearly wiping out the 22.4 million jobs created in the 11 year recovery that followed the last recession in 2009. California has over 10 million claims alone. We have now entered into the second great depression. Even if they reopen now, it will take a couple of years to pull out of this. Especially as some states are talking about reopening in July. We are most definitely going to be in a recession. July will bring the collapse. And this doesn't include the self employed and the small businesses who have no resources. The small business rescue set up by Congress to avert massive layoffs is set to exhaust its $350 billion fund capacity. Top lawmakers say employment, socialization and on and on will never be the same. Even if the virus wraps up in a month, so what? Who's going to be running out to buy a new vehicle? Nobody with any brains. Five to eight years worth of payments in the face of zero job security? No thanks. How's post secondary education going to fare? A huge question. Who wants to invest time, effort and big money into a process for which there is no guaranteed conclusion? Who wants assumption of dust collecting crap will never be the same. The lockdown proves what really matters. And it ain't that nobody's sitting at home right now thinking I can't wait until the stores open. I need a new dress. They're opening their closets to reams of clothes that are barely if ever used. Investing for retirement freedom 556065707580 for share subscribe and.
