November 26. 2020

U.S. House Speaker Nancy Pelosi

The U.S. economy continues to reel under the coronavirus pandemic, as the unemployment rate has shot up again. Forbes magazine stated, "Weekly jobless claims ticked up for the second week in a row to 778,000 (on a seasonally adjusted basis), significantly more than the 733,000 claims experts were expecting—the data is a discouraging sign that the record-breaking surge in Covid-19 cases is beginning to impact the labor market."

The mere fact the unemployment rate during the coronavirus pandemic surpassed the figures of the Great Depression is an indication America is in a depression. Over 50% of the restaurants in America have closed during the pandemic. A number of retailers have gone out of business. The numbers are pretty bad.

Congress has not done what was needed to save the economy. However, they callously continue to fight over a $1,200 stimulus check (per eligible person), which at this point in the game, will do very little to save people from financial ruin. People have become homeless from Congress' failure to act in the necessary manner and in a timely fashion.

Many were also waiting to get a stimulus check to help them over the holidays during this sad pandemic (Thanksgiving and Christmas), but even that is in doubt, as Congress continues to argue while people suffer.

STORY SOURCE

Unemployment Claims Are Rising Again Amid Covid-19 Surge

Nov 25, 2020,08:39am EST - Updated Nov 25, 2020, 11:25am EST - Weekly jobless claims ticked up for the second week in a row to 778,000 (on a seasonally adjusted basis), significantly more than the 733,000 claims experts were expecting—the data is a discouraging sign that the record-breaking surge in Covid-19 cases is beginning to impact the labor market.

Claims have been falling steadily—with the exception of a few weekly jumps—since March, but the pace of the recovery has slowed significantly over the last few months as coronavirus relief provisions from the spring began expiring.

Lawmakers in Washington have so far been unable to agree on another tranche of federal aid, despite a consensus among policymakers and experts that more stimulus is necessary to prop up the economy during the winter months before a coronavirus vaccine becomes widely available. New weekly claims remain stubbornly above the prepandemic record of 695,000 claims in 1982...

https://www.forbes.com