More than 3 million Americans have applied for unemployment benefits in the last week as layoffs and business closures thanks to the Wuhan virus pandemic grow, according to data published by Labor Department on Thursday, March 28, 2020.
Weekly claims for unemployment insurance rose to 3,283,000 between March 15 and 22, which was a significant increase from the 281,000 applications for unemployment benefits filed between March 8 and 14.
The steep rise in unemployment claims comes as businesses across the U.S. shutdown due to local and state level mandates that are attempting to slow the spread of the coronavirus pandemic. Non-essential businesses such as bars, entertainment venues, restaurants, and retailers have been forced to close up shop for a few weeks. As a result, millions of Americans are without a job.
According to data gathered by John Hopkins University, there are over 116,505 cases of the Wuhan virus confirmed in the U.S. which has resulted in 1,925 deaths.
The jobless claims have raised speculation that America is heading to one of its largest bouts of unemployment since the Great Depression.
Congress recently a gargantuan stimulus bill that was filled with all sorts of pork and handouts to massive corporations. Americans only received $1,200 dollars, which is scraps from a bigger picture perspective.
The Federal Reserve has also taken major actions by buying more than $700 billion in Treasury notes and mortgage-backed securities to “stimulate” the economy and insert liquidity into the financial system during a time that people desperately need cash.
This entire saga will turn out to be a disaster for Americans.
Once the dust clears, policymakers will need to rethink sacred cows such as “free trade”, mass migration, central banking, and public administration.
These policies are a nasty cocktail of globalism which can produce catastrophic effects for Americans such as reduced standards of living and loss of civil liberties.