While human life is irreplaceable, the coronavirus is also killing the economy as evidenced by the latest report showing 10 million Americans filed jobless claims in only two weeks, threatening to quickly surpass the numbers set in the Great Recession; plus more of today’s top stories in conservative politics.
6.6M file unemployment, 10 million claims in 2 weeks
The last week of March saw 6.6 million Americans filing unemployment claims, setting a record and doubling the 3.3 million jobless claims filed a week earlier to bring the 2-week total to 10 million.
Residents in 37 states are now ordered to remain at home as the number of individuals infected with coronavirus in the US climbed above 216,000 on Thursday morning, more and more Americans are finding themselves unemployed.
Numbers could soon surpass 2007-2009 Great Recession
As fast as unemployment claims are rising, amid federal distancing guidelines extended to April 30, in the coming weeks, the American labor market could see unemployment numbers surpass the 15 million jobs that were lost at the peak of the 2008-2009 Great Recession that lasted 18 months.
During that time, the worldwide Gross Domestic Product (GDP) fell by less than 1%. By comparison, during the Great Depression from 1929 until the late 30s, the global GDP fell by 15%.
One cannot rule out the possibility that the world could currently be headed down a similar path.
Based on the latest GDP forecast, some experts are expecting that 20 million workers will be laid off or furloughed by July, with every state experiencing job losses.
During the Great Depression, the peak of US unemployment hit 24.9% in 1933.
By comparison, US unemployment in 2019 was only 3.5%, which is near historic lows and a number that the Federal Reserve believes to be the “natural rate” of unemployment that is a marker of a healthy economy, which it designates as whenever the rate falls between 3.5%-4.5%.
Schiff calling for 9/11-style commission on Fed’s coronavirus response
This was predictable… First impeachment and now this…
House Intelligence Committee Chairman Adam Schiff announced he is working on creating a 9/11-style commission to review the Trump administrations response to the coronavirus pandemic.
Schiff made the announcement on Twitter on Wednesday, saying he is working on creating a nonpartisan panel that will examine and review the overall response of the government to the coronavirus pandemic, assessing its readiness and actions.
“After Pearl Harbor and 9/11, we looked at what went wrong to learn from our mistakes,” Schiff wrote in a tweet.
“Once we’ve recovered, we need a nonpartisan commission to review our response and how we can better prepare for the next pandemic,” Schiff continued. “I’m working on a bill to do that.”
A number of Republicans immediately rebuked Schiff’s comments.
“His Russia collusion hoax failed, his Ukraine scam failed, and his efforts to cover up FISA abuse failed,” said Devon Nunes, (R-CA). “So, Schiff is launching yet another dumb stunt to justify his never-ending media relations operation.”
“The same people who delayed the Coronavirus relief bill because they demanded giveaways for special interests and millions for the Kennedy Center now want to create a commission to attack the Trump Administration’s response?” Rep. Jim Jordan (R-Ohio) asked rhetorically.
“Give me a break. And the person who is leading this effort is Adam Schiff – the same Adam Schiff who released the phone records of the President’s personal attorney, a journalist, and a sitting Member of Congress. We should focus on stopping the virus, not politicizing the crisis.”
Pelosi continues to push to reduce SALT tax cap which would help the wealthy–Sanders and Warren silent
Representative Nancy Pelosi (D-CA) is always slamming Republicans for looking out for the wealthy, but that is exactly what the House Speaker is doing by continuing to push for the creation of a new stimulus bill.
This new bill would include a rollback on the state and local tax deduction (SALT) cap, a proposal that would predominantly help wealthy individuals — those earning $100,000 a year more, which includes most residents in Pelosi’s district and likely even herself.
A change in SALT tax rule would see those earning over $200,000 getting a huge benefit while causing a $77.4 billion revenue loss to the federal government, with more than half of that amount being saved by those who earn $1 million or more per year.
Meanwhile, it’s nothing but crickets chirping from the normally outspoken Democratic critics of benefits for the wealthy such as Vermont Senator Bernie Sanders and Massachusetts Senator Elizabeth Warren, who are failing to weigh in on the matter and call out the leader of their own party.