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The US Unemployment Coronageddon

Agent47

Agent47

Active Member
Site Supporter
It’s only weeks into ‘stay-at-home’ and millions of jobs went up in flames.

Today, we got another dose of preliminary fall-off-the-cliff data about the lockdown economy: 6.648 million people filed initial unemployment claims in the week ended March 28, seasonally adjusted, about ten times the prior record set in 1982, according to the US Department of Labor this morning. This is on top of the upwardly revised 3.307 million that had filed during the week before. Combined, this makes for nearly 10 million unemployment claims processed in two weeks:

Week Two of the Collapse of the Labor Market
 
Wingman68

Wingman68

Well-Known Member
Site Supporter
Well, shocker that. Everyone stay home, & file for government help. WHAT?? That’s the alarmed reaction of msm.

The big question now is who can get us out of this mess or just make it the undoing of our great country? Trump has already proven that he can bring back the jobs that O said were never coming back. Biden is telling us that he will pick a woman, preferably of color. Is that because she will be the best qualified person to take the country forward as he is most obviously demented & will not last? Or is he filling quotas for votes? We are at a major crossroad. Choose wisely.
 
Gold Dragon

Gold Dragon

Well-Known Member
This is what Australia is doing to manage the economic fall out of covid19. Yes, we have a lot less people to worry about than the US. Superannuation is our retirement tax shelter like 401K.

https://www.smh.com.au/politics/fed...ckages-what-is-jobkeeper-20200316-p54aqw.html

Who gets what from the $66.1 billion federal stimulus package?
  • Payments of $550 per fortnight over the next six months for new and existing recipients of benefits such as JobSeeker, Youth Allowance, Parenting Payments, Farm Household Allowances and Special Benefits, on top of existing payments.
  • An extra $750 payment to social security, veteran income support recipients and eligible concession cardholders.
  • Individuals in hardship can access $10,000 of their superannuation in 2019-20 and $10,000 in 2020-21.
  • Reducing superannuation drawdowns by 50 per cent and reducing deeming rates by 0.25 per cent.
  • Up to $100,000 in payments for small and medium businesses to help with operating costs.
  • Government guarantee of 50 per cent for new small and medium business loans through eligible lender
Who gets what from the $17.6 billion federal stimulus package?
The federal package is front-loaded, meaning a burst of money comes at the start – $11 billion over the next three months. Here are the highlights:
  • $750 one-off cash payment to welfare recipients will be received by 6.5 million Australians including those on the age pension, Family Tax Benefit, Youth Allowance, Newstart, Austudy, Disability Support and parenting and carer payments. Paid into our account from March 31, 2020. Budget cost: $4.8 billion in 2019-20.
  • Lower and higher deeming rates will be cut by half a percentage point, largely benefiting aged pensioners. Budget Cost: $600 million
  • Investment incentives for businesses with turnover up to $500 million. The instant asset write-off threshold has been lifted to $150,000 temporarily and a 15-month investment incentive will give businesses a 50 per cent deduction on the cost of eligible assets. Budget cost: $3.9 billion
  • Up to 70,000 eligible employers are able to get a wage subsidy worth 50 per cent of apprentice or trainee wages paid from January 1, 2020 to September 30, up to $21,000 per person. Budget cost: $1.3 billion
  • For employers with turnover under $50 million, a tax-free payment of $2000 to $25,000 will be paid to about 690,000 small and medium businesses. Budget cost: $6.7 billion
  • For workers who fall sick or need to be isolated, Services Australia will offer a Major Personal Crisis exemption for 14 days for those who cannot meet current income-support obligations due to required isolation. This does not require a medical certificate unless a further extension is needed. Others may be covered under Youth Allowance, a Sickness Allowance or, after March 20, a JobSeeker Payment.
 
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church mouse guy

church mouse guy

Well-Known Member
Site Supporter
Wingman68 said:
Well, shocker that. Everyone stay home, & file for government help. WHAT?? That’s the alarmed reaction of msm.

The big question now is who can get us out of this mess or just make it the undoing of our great country? Trump has already proven that he can bring back the jobs that O said were never coming back. Biden is telling us that he will pick a woman, preferably of color. Is that because she will be the best qualified person to take the country forward as he is most obviously demented & will not last? Or is he filling quotas for votes? We are at a major crossroad. Choose wisely.
Click to expand...

Joe could become disqualified immediately after being sworn in. If the Dems nominate Joe, the Veep will be Prez very quickly. Joe is making his choice on ID politics amongst candidates who were unpopular in the primaries. What a rotten deal! Joe is not popular himself.
 
R

RighteousnessTemperance&

Well-Known Member
church mouse guy said:
Joe could become disqualified immediately after being sworn in. If the Dems nominate Joe, the Veep will be Prez very quickly. Joe is making his choice on ID politics amongst candidates who were unpopular in the primaries. What a rotten deal! Joe is not popular himself.
Click to expand...
The biggest unknown in this is who the new VP would be. And recall how Ford became president.
 
alexander284

alexander284

Well-Known Member
Agent47 said:
Nobody is hyping nothing, just stating facts
Click to expand...

It's interesting. The people who demand evidence, proof, and facts are often the same people who refuse to accept and believe the evidence, proof, and facts, once it's presented to them.

Reminds me of the Jews who, to this day, refuse to believe that Jesus is the Messiah.
 
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