The New Yorker published an article this morning by John Cassidy entitled "Is It Too Late To Prevent Mass Unemployment Owing To the Corona Virus?" It is so clueless that I actually found it funny.
It's important to point out that the number of new unemployment claims last week was six million plus. Last week that number was 3.3 million new claims. The average per week for the six months prior to that was about 220,000 claims per week. So suddenly, due to the virus, we have just under ten million more people unemployed. That's enough to raise the unemployment rate to more than 10% and the layoffs from closed businesses continued all through this present week as well. In other words, we already have mass unemployment owing to the corona virus. So that makes the New Yorker article remarkably idiotic.
Cassidy could have shortened his article to one word. NO.
The real issue is not whether we will have major unemployment. The question is whether or not we will be able to bring back all the jobs quickly once the pandemic ends. Maybe someone should tell Cassidy and The New Yorker.
It's important to point out that the number of new unemployment claims last week was six million plus. Last week that number was 3.3 million new claims. The average per week for the six months prior to that was about 220,000 claims per week. So suddenly, due to the virus, we have just under ten million more people unemployed. That's enough to raise the unemployment rate to more than 10% and the layoffs from closed businesses continued all through this present week as well. In other words, we already have mass unemployment owing to the corona virus. So that makes the New Yorker article remarkably idiotic.
Cassidy could have shortened his article to one word. NO.
The real issue is not whether we will have major unemployment. The question is whether or not we will be able to bring back all the jobs quickly once the pandemic ends. Maybe someone should tell Cassidy and The New Yorker.
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