It is not good to hope that any man loses his job, especially amid the rapidly changing economic changes that are putting many people out of work and causing serious poverty. The facts of the current situation are very dire. It is reported that minimum official unemployment numbers could reach 30% of the whole workforce.
Unfortunately, the US is well on the way to that path, with ten percent of the American workforce officially out of work as of this week according to Business Insider.
Less than one month of data shows just how deeply the coronavirus pandemic has rocked the US labor market — and many economists expect that pain will continue.
In the week ending April 4, 6.6 million Americans filed for unemployment insurance, the Labor Department reported Thursday. While the weekly jobless claims number narrowly missed posting a third consecutive record, it still shows that coronavirus induced layoffs are continuing at an astounding clip.
A total of 16.8 million people have filed for unemployment benefits in three weeks. That means more than 10% of American workers have been laid off and sent in claims, according to the Economic Policy Institute.
“The numbers are so large,” Barclays chief US economist Michael Gapen told Business Insider. “The conclusion is staring you in the face about what happened to labor markets beginning in the middle of March.” (source)
These numbers are equal to or greater than those associated with the Great Depression.
America is going to go through some very hard times in the upcoming years. The economy will eventually recover, but most likely not without fundamental changes to it.
It is likely that poverty will become commonplace, and like in many countries, such as Russia, there will be an elite rich class that rules over the masses of seriously poor people trapped in a cycle of desperation with little hope for advancement. This is not said to discourage people, but to make them aware of changes that will likely come to pass and instead of being unsure how to handle them, to be able to be as prepared as possible so they can weather them well.
If ten percent of the labor force is out of work now, and the estimates are thirty percent, that means twenty percent stands at a serious risk of being put out of work, and yet nobody knows who that next twenty percent will be, for just like the COVID-19 virus, poverty knows no favorites, and when conditions come about that cause it, all that one can do is be prepared to bear it as well as one possible can.
Make preparations now, for nobody knows who will be next or what the effects will be.