Re: *Prompter Thread* (NO Personal Attacks, Trolling, breaking 52 USC 30121 OR 2 USC
Another 787K Americans filed a first time unemployment claim last week, versus an expected 870K and prior week's 898K. A better than expected topline, and crossing below the 800K threshold is certainly welcome, but we have to wonder when the massive level of claims can subside.
I feel like a broken record, but this is simply bad. There's no positive way to spin the consistency of the jobless claims (though I'm sure some will try). We're 7+ months out from the initial surge in claims, we're ~5 months out from when most places reopened their economies, and many states are removing nearly all restrictions, yet the job losses continue to be massive. Considering that during the height of the Great Recession, weekly jobless claims peaked around 650K (and the all-time high was 671K in 1982), the fact that we've had more than 7 months straight of claims above that previous all-time high is nothing short of stunning.
Congress still has not acted to renew the robust unemployment benefits that expired at the end of July. The President's Executive Order for additional unemployment aid has run out in most states who participated (and the amount was cut by one-third or one-half, depending on if the state was able to contribute the additional $100). McConnell's GOP Senate just made a political play to try to pass a "skinny" relief bill that was filled with poison-pill-like terms, such as liability protections for employers and businesses if an employee/customer were to contract COVID. Meanwhile, the Senate Majority Leader has told Republicans that his chamber will oppose any broad deal struck between House Speaker Nancy Pelosi and the White House (through Treasury Secretary Mnuchin).
The American people are struggling to stay employed; many are having a hard time finding work as the recovery of jobs has slowed and new-job creation remains low; permanent job losses are soaring; the President is uninvolved in negotiations over stimulus; and the Senate Majority Leader is explicitly telling his caucus to vote against relief for Americans.
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Last edited by BTBaboon; 10-22-2020 at 05:35 AM.
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