30% Of Americans Now Have Either Been Laid Off, Had Hours Cut, Or Salaries Reduced

Gallup reports via Zero Hedge that now 30% of Americans have either been laid off, had hours cut, or their salaries reduced.

Nearly one in three Americans have experienced a temporary layoff, permanent job loss, reduction in hours, or reduction of income as a result of the coronavirus situation. Eighteen percent have experienced more than one of these disruptions.

Looking at these events separately, 10% of Americans report they have been temporarily laid off from work as a result of the coronavirus, and an additional 2% say that the situation has caused them to permanently lose their job. More common than loss of employment are reductions in hours (15%) and loss of income (26%).

Gallup also finds that these impacts have been more pronounced among those in lower income brackets. Among those respondents whose annual household income (before the pandemic) was less than $36,000 annually, 14% report being temporarily laid off, 4% have been permanently been let go, and 32% have seen a loss of income.

These data reinforce a recent Gallup finding that 25% of employed Americans think they are likely to be laid off in the next year. Despite this concern, among those respondents who have been laid off, 85% believe it is likely that they will be able to return to their job once the crisis has ended, with 60% saying that it is “very likely.” (source)

This is nothing.

Wait until things get really bad. These numbers could go up to 50%.

This does not fundamentally change what I have said before. To the contrary, I hold to what I have been saying-

-If possible, get a second job
-Work as hard as you can at your current job and earn as much as possible
-Work hard in the summer to prepare for the winter

This virus is just the beginning. If it is being used to cause ‘disruptions’ to the food supply, what else could this affect? Has one considered possibly the supply of water, electricity, or even the ability to travel easily?

There are many places where this situation could go, and it is not good.

It is important to pay attention less to news, and more to fundamentals as to what you are doing for your life.

Think like the ant as opposed to the grasshopper. The winter will come- it is just a matter of when.

Don’t get caught unprepared.

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