If you think the outrageous number of jobless folks standing in food lines has surpassed all imaginable bounds, hang on to your britches. If you aren’t one of them yet, all current indicators say you might soon be. The forecast calls for disaster.
During the Christmas season, leading economists had predicted the number of new jobless claims to be floating around the 724,000 a week mark. This is more than disastrous enough for any leading world economy. The figure was based on a recent decline in unemployment claims which indicated the country was moving in the right direction.
However, what was not taken into consideration is how many employers, at least those with half a heart, delayed the inevitable task of laying off their employees until after Thanksgiving. Considering our currently crippled state-of-affairs, for a majority of these employers, it was the best and only they could do.
Another fact not considered is how some of the recently laid-off employees who were financially able to do so, perhaps because of a still employed spouse, waited until after ‘Turkey Day’ to apply for benefits.
Understanding how the number of new jobless claims can dramatically fluctuate from week to week, economists use a four-week average as opposed to a weekly count. The highest new pre-pandemic jobless numbers occurred in October 1982, ringing the danger bell at 695,000 in one week.
The second-highest pre-pandemic total happened in March 2009 when the walls of Wall Street crumbled during the height of America’s financial recession. This catapulted new claims to a disturbing 665,000 in a single week.
Here’s the catch. A flailing economy creates the need for people to get back to work and start pumping greenbacks back into the economy. But. Many employers take a different view and have taken one, due to a crisis situation never before seen.
Businesses, in particular those catering to the public, such as eateries, have had no choice but to adapt or fold, and that meant having to unload some excess weight in the form of their workers.
In days of yore, it was generally no problem for a laid-off for doing something stupid employee, especially a low waged worker, to move on down the road to the next job. It happened every day. There was never a need to apply for benefits.
But things are different now and those multitudes of recently unemployed citizens who would much rather be back punching a timeclock or slinging hash didn’t do a single wrong thing to get themselves sent packing. And as a result of the pandemic, they now have nowhere else to go, and no other choice but to take a number and a seat at the unemployment office.
This year, in the final week of March, the total of all unemployment claims nationwide, old and new, hit a ten times higher level than any previous record, topping out at an astounding 6.87 million American’s who were home watching TV. If they can still pay their cable or electric bill.
Things gradually calmed down a bit and by August the numbers went down to roughly one million unemployed workers. In September they dropped again.
But all roads lead to the present. Just this past spring the government launched a pandemic relief program for the self-employed and others who perhaps would not otherwise qualify to receive assistance but had still lost their incomes. This of course contributed to the rise in numbers.
Fifty-one states are currently reporting a continuance of 8,555,763 weekly claims for Pandemic Unemployment Assistance benefits, along with 4,532,876 ongoing weekly claims for Pandemic Emergency Unemployment Compensation benefits.
All in all, America has reached the unfathomable number of 853,000 weekly new unemployment claims. How’s that make you feel? Does knowing Biden’s taking over on Jan 20, maybe, make you feel any better? Didn’t think so.
It’s difficult being the messenger and not getting filled full of led, but with these rising numbers and the Democrats assuming their undeserved power, you might want to stock up on supplies. You know. Just in case…but hey, they rule their own roosts.