Repost by @voxdotcom
It’s an economic collapse unlike any other in decades.
The US Department of Labor registered more than 6.6 million initial #unemployment insurance claims for the week ending March 28, according to data newly reported this morning. That easily surpasses the previous record, set in last Thursday’s release, which in turn shattered all previous records for initial unemployment filings. And there’s little reason to believe that next week’s report will be any better, with several large states including Georgia and Florida only now moving to adopt the kind of shutdown policies that began on the West Coast earlier in March.
To the best of our knowledge, this is not yet the highest level of overall unemployment in recent history, with the Great Recession and the brief but intense #recession of the early 1980s both seeing double-digit unemployment rates. But what’s different now is that the high unemployment of those recessions was the result of months of job losses, while the current wave of job losses has taken place in just a couple of weeks.
We’re stuck in dual crises for the foreseeable future — one that’s health-related, and one that’s economic. Eventually, this will end, but there’s no telling when. It’s a confusing time, especially when it comes to the state of the economy. We answered some of the biggest questions about the economic crisis — like what to do if you were laid off, how to get your #stimulus check, and more — at the link in bio.
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