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Thread: U.S. weekly jobless claims total 2.4 million

  1. #1
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    Default U.S. weekly jobless claims total 2.4 million

    It's time to do some serious praying, repenting and seeking the Lord. Actually, it's past time.

    U.S. weekly jobless claims total 2.4 million - CNBC



    That brings the total filings during the coronavirus pandemic to 38.6 million.

    https://www.cnbc.com/2020/05/21/us-w...ss-claims.html

    Notice that there is (at least at the time of this posting) no mention of the unemployment rate with 38.6 million people out of work, so I did a little figuring on my own.

    According to the U.S. Bureau of Labor statistics ( http://www.dlt.ri.gov/lmi/laus/us/usadj.htm ), in the month of April, there were 159.481 million people in the workforce with 133.403 million of those employed and 23.078 million unemployed. So, according to their statistics, the unemployment rate was 14.7 percent.

    However, using the new number for the number of unemployed people, which is 38.6 million and assuming the size of the workforce remained the same at 159.481 million (I could not find the number for May), the current unemployment rate would be 24.6 percent.

    Now, to put all of this in perspective, according to the website The Balance ( https://www.thebalance.com/unemploym...y-year-3305506 ) the unemployment rate before the crash of 1929 was 3.2 percent. The peak unemployment rate during the Great Depression was 24.9 percent in 1933. It took over three years to go from 3.2 percent to 24.9 percent unemployment.

    What about our present employment situation? Well, in February, the unemployment rate was 3.5 percent which is more or less the same rate as 1929. Now, three months later, the unemployment rate (using the numbers above) has shot up to 24.6 percent. This is essentially the same as it was at the peak of the depression. The difference is, we went from 3.5 percent unemployment to 24.6 percent in three months when it took three years to reach that level during the Great Depression.

    This is the most rapid crash of the U.S. economy in history.
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  2. #2
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    The difference between 1932 and today is the creation of trillions of backed by nothing FRNs to kick the can down the road for a short time. The $400 burger and fries is the cheap meal of the near future.

  3. #3
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    Oh balcony on all that kind of talk is right off the stable room floor and YOU KNOW IT!!! They are in the process of issuing bonds at 50 dollars notes for 50 years and even 100 year notes for THAT will help pay off this debt that has been put on by this virus and just wait till another package of close to 3 trillion is put out for those that need it. WOW take off a layer of tin foil will ya... Geesh

  4. #4
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    Quote Originally Posted by Hoppalong View Post
    Oh balcony on all that kind of talk is right off the stable room floor and YOU KNOW IT!!! They are in the process of issuing bonds at 50 dollars notes for 50 years and even 100 year notes for THAT will help pay off this debt that has been put on by this virus and just wait till another package of close to 3 trillion is put out for those that need it. WOW take off a layer of tin foil will ya... Geesh
    You are an economic ignoramus of enormous proportions. To cite one of hundreds of examples, the nickel candy bar of your youth is now $1. Compare the under 50 to 75-cent price of magazines to the current $7 to $12 cover prices. How about $70,000 trucks? Wages have increased at a far slower rate than inflation, and that trend will kick into overdrive in the near future.

  5. #5
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    Quote Originally Posted by moestooge View Post
    You are an economic ignoramus of enormous proportions. To cite one of hundreds of examples, the nickel candy bar of your youth is now $1. Compare the under 50 to 75-cent price of magazines to the current $7 to $12 cover prices. How about $70,000 trucks? Wages have increased at a far slower rate than inflation, and that trend will kick into overdrive in the near future.
    Thank you for attempting to set hopper straight..

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