30 Million Americans File for Unemployment #TrumpSlump
Do you feel optimistic about the US economy?
ABC News Reports: 30 million have sought US unemployment aid since virus hit
The economy is collapsing before our eyes as more than 30 million Americans have filed for jobless aid within 6 weeks of COVID-19 hitting the US. At this rate, the unemployment rate could reach 20%; the highest rate was 25% during the Great Depression.
A key reason for that emerges from a survey by the Economic Policy Institute. It found that up to 12 million more people have lost jobs but haven't filed a claim for benefits, either because they couldn't get through their state's overwhelmed system or they didn't try, perhaps because it was too difficult.
This week, the government stated that the US economy has shrunk almost 4.8% and this is the sharpest drop since the financial crisis. Things aren't looking great for the future either.
The economy is expected to contract in the April-June quarter by as much as 40% at an annual rate. No previous quarter has been anywhere near as weak since the government began keeping such records after World War II.
Americans need rapid testing and control of COVID-19 so we can re-open the economy.
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