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Thu Mar 26, 2020, 12:47 AM

The upcoming job losses will be unlike anything the US has ever seen

Source: CNBC

The coronavirus crisis is likely to result in layoffs on a scale that the U.S. has never seen before.

Economists expect April to be the first reporting month when the damage starts to show up.
Forecasts for that month range from 500,000 to 5 million.

The worst month during the financial crisis saw nonfarm payrolls decrease by 800,000.

Weekly jobless claims numbers are expected to be so bad that the White House has reportedly asked state officials to delay releasing precise counts.

Read more: https://www.cnbc.com/2020/03/20/the-upcoming-job-losses-will-be-unlike-anything-the-us-has-ever-seen.html



This article refers to monthly numbers but tomorrow morning the Treasury will release the weekly numbers, expected to be from 1-5 million.

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Reply The upcoming job losses will be unlike anything the US has ever seen (Original post)
MoonlitKnight Thursday OP
msongs Thursday #1
cilla4progress Thursday #2
Initech Thursday #3
KY_EnviroGuy Thursday #5
Aquaria Thursday #8
KY_EnviroGuy Thursday #9
appalachiablue Thursday #15
Aquaria Yesterday #16
sop Thursday #4
Totally Tunsie Thursday #6
Warpy Thursday #7
duforsure Thursday #10
IronLionZion Thursday #11
Hestia 20 hrs ago #17
machoneman Thursday #12
MoonlitKnight Thursday #13
Stuart G Thursday #14
LudwigPastorius 17 hrs ago #18

Response to MoonlitKnight (Original post)

Thu Mar 26, 2020, 01:08 AM

1. all these job losses ordered by and created by politicians. very unusual nt

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Response to MoonlitKnight (Original post)

Thu Mar 26, 2020, 01:10 AM

2. This is why drumpf is freaking about

getting back to normal. He's been bragging about the low unemployment rate from the beginning. This will make him shit his pants.

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Response to cilla4progress (Reply #2)

Thu Mar 26, 2020, 01:23 AM

3. Yup, this is hitting him where he lives.

And that is not good, nor will it end well.

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Response to cilla4progress (Reply #2)

Thu Mar 26, 2020, 02:54 AM

5. Trump can't stand to be seen as a loser.

I recall one of his biographers saying that quite clearly and that he lives to have "wins". In that light, he's in very deep emotional shit.

I don't see how people survive working for this White House unless he's managed to hire every psychopath in the country.

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Response to KY_EnviroGuy (Reply #5)

Thu Mar 26, 2020, 04:15 AM

8. Wouldn't take much to hire a bunch of psychopaths

I've seen reports that about 1 in 100 of all people are psychopaths. So they're plenty common enough to be working with this known psychopath.

Most people think that psychopaths wouldn't be able to work together, but they can, when it suits them. Sometimes, you'd rather have the stereotypical dynamic where they're at each other's throats all the time than when they work together. When they work against each other, they spend more time tearing each other down and manipulating everyone else to help them do it. When they work together, everyone around them is torn down.

I had the misfortune of witnessing two of them join forces in my family. It was a fricking nightmare.

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Response to Aquaria (Reply #8)

Thu Mar 26, 2020, 04:28 AM

9. Yes, and I think it's much higher than 1% when one considers.....

it exists in human populations in degrees, say rated from one to ten. Most of the nines and tens are in prison whereas sixes, seven and eights are Republican politicians and big business CEOs (just by my amateur metrics, LOL). The rest of them as you mention, are running among us just as everyday assholes.

It took me until I was up into my mid-60s to understand some of this psychology and evolutionary theory on an amateur level but it gave me much relief in understanding humanity, and to be somewhat at peace with it.

KY.......

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Response to KY_EnviroGuy (Reply #9)

Thu Mar 26, 2020, 11:58 PM

15. The numbers sound about right & yes the rest are running

around menacing and making hell. Agree that 1% is way, way too low a number for this group of deviants.

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Response to appalachiablue (Reply #15)

Fri Mar 27, 2020, 12:19 AM

16. The 1% is for overall.

But if you look at CEOs, surgeons, salespeople, politicians and other high-stakes jobs, the numbers get a lot higher. Probably 1/4 of CEOs are psychopaths.

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Response to MoonlitKnight (Original post)

Thu Mar 26, 2020, 02:36 AM

4. I wonder if Trump will go back to his "unemployment numbers are fake" crappola?

According to Trump, in 2016 Obama's 5% unemployment numbers were "fake," he claimed they were actually around 30%. Now, Trump will say his 30% unemployment numbers are "fake," they're really around 5%. My head is already spinning.

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Response to sop (Reply #4)

Thu Mar 26, 2020, 03:06 AM

6. "It's all the fault of those terrible reporters and the fake news media.

That's my story, and I'm sticking to it."

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Response to MoonlitKnight (Original post)

Thu Mar 26, 2020, 03:14 AM

7. I got caught in Nixon's big recession in 73

and the unemployment office had it all alphabetized and assigned days and times and the line still stretched a couple of city blocks. They didn't even ask if we'd applied for any jobs, there just weren't any to apply for.

Most people remember the gas lines. The unemployment lines were worse.

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Response to MoonlitKnight (Original post)

Thu Mar 26, 2020, 05:02 AM

10. He'll try to corrupt those numbers

Because it exposes his failures to handle this when he should have. Then he'll accuse others that they are the ones responsible for this, never him, which is a lie. trump caused this to be this bad from incompetence, arrogance, and he really doesn't care about anyone else except donald trump, and you're life has no worth to him , he shows openly now. All he cares about with all this going on is himself , and money and staying in power to continue corrupting OUR government. trumps failed response is still continuing from him now refusing to use needed laws , and suggesting only those who praise him get help. That alone is more than enough grounds for resignation calls to start up.

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Response to MoonlitKnight (Original post)

Thu Mar 26, 2020, 07:37 AM

11. instead of giving trillions to "job creators"

give directly to these laid off workers so they can continue to pay the bills, rent/mortgage, groceries, health care. That will do more to help our economy than having executives decide they need more stock buybacks while lounging about in their second or third vacation home far away from cities.

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Response to IronLionZion (Reply #11)

Fri Mar 27, 2020, 09:36 AM

17. I was reading an economist the other day (forget which) who stated that the very thing

that will jump start the economy is a Debt Jubilee for consumer credit with mortgages not included (I think). Look at the payment money that people will have in their pockets. It actually is less expensive in the long run if we do that.

It's already been bandied about that the $2T is short, that $5T is really needed to really make a difference.

Outstanding consumer credit as of Jan 2020 = 4,202.74025 trillion (which includes secured debt). I am not sure if school debt is included in that number, if not, should be added to balance. Also, that the FED buy up credit pennies on the dollar like collector do, and just write it off.

All credit cards are suspended and will not reopen until we've come up with a plan for a new and better economy at the end of all this. If your debt is written off, you will be able to save (pressure people to save at least 10% - can't make them) for what they need, they will not need to use credit, other than warranty's on big ticket items.

OBTW = fuck the banks and whomever holds the debt. No Whiners Allowed.

As always, YMMV


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Response to MoonlitKnight (Original post)

Thu Mar 26, 2020, 08:28 AM

12. "Tomorrow morning the Treasury will release."....NOTHING!

Watch for Mnuchin to claim:

-the dog ate the numbers
-we're having some technical difficulties
-Trump asked for a 90 day delay. Wouldn't want to scare the markets now would we?
-Ben Carson said the data had been infected.
-Betsy DeVos said she didn't understand the results as math wasn't her stromg suit.
-Susan Collins said what the fuck, we're rooting for Trump no matter what.

All very sad, for sure.

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Response to MoonlitKnight (Original post)

Thu Mar 26, 2020, 08:32 AM

13. 3.23 million!!! One week

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Response to MoonlitKnight (Reply #13)

Thu Mar 26, 2020, 04:59 PM

14. Outstanding prediction in Original Post..K and R nt

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Response to MoonlitKnight (Original post)

Fri Mar 27, 2020, 12:52 PM

18. He'll end his term with the highest unemployment and lowest stock market seen in modern times.


...not to mention all the dead Americans.

Unequivocally, undebatably, the worst president in history.

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