General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums"Unemployment will remain elevated as workers learn of generous benefits..."
The COVID-19 pandemic rages on, and the damage being done to the U.S. economy is expected to only get worse.
The U.S. Labor Department will release fresh data at 8:30 a.m. ET on Thursday morning that will show the effect of the novel coronavirus on employment in the U.S. The number of Americans filing for unemployment benefits is expected to spike to a record-breaking 3.7 million for the week ended March 28, up from 3.283 million the week prior. Prior to the week ended March 21, the previous record was 695,000 claims filed the week ended October 2, 1982.
Though consensus estimates were for 3.7 million initial jobless claims for the week ended March 28, the range of estimates on Wall Street are wide, but the major firms expect the number to be in the millions. On the high end, Goldman Sachs expects 6 million claims for the week. Not far behind are Bank of America and Pantheon Macroeconomics expecting 5.5 million claims, while on the lower end, JPMorgan Asset Management predicts 2 million claims.
Claims are likely to remain elevated throughout April, especially as more business owners and workers learn about the more generous unemployment insurance benefits included in the Phase 3 legislation, Goldman Sachs economist David Mericle argued.
https://finance.yahoo.com/news/coronavirus-covid-weekly-initial-jobless-claims-march-28-165758189.html
No; the workforce isnt terrified of COVID; theyre just looking forward to the opportunity to sit home; lazy; and collect the generous outpouring of unemployment benefits...
/sarcasm
We lost one full time income permanently; our retirement savings decimated; and our healthcare evaporated from the fallout to the pandemic.
I can assure you that this generous conciliatory gesture is devastating to our household.
Who writes this sh*t?
DEbluedude
(816 posts)EarthFirst
(2,900 posts)Moostache
(9,895 posts)It takes a special kind of warped mind to see through this fucked up, acid-trip prism of reality....where people are GLAD to be receiving desperation level 'benefits'?
JF'nC...to actually SEE the world through that lens is monstrous and why the old system has to completely die during this crisis and be replaced with something else, something...anything better. Otherwise, the dead are dying in vain, the heroes risking all for them are doing so in vain and we will be back here again too soon to ponder...
ck4829
(35,076 posts)These guys provide ammo for those who make caricatures of capitalism.
dewsgirl
(14,961 posts)He recieved maybe 275 a week and had to jump through hoops to receive those. What are these generous benefits they are speaking of?
True Blue American
(17,984 posts)5 Republicans, including Lindsey tried to derail the bill because it provided $600 a week! More than some of them make! The hypocrisy of those making huge salaries for destroying the country upset a worker might get a few dollars more is sickening.
I hope the voters remember this!
Cosmocat
(14,564 posts)And it has been horrible.
beachbumbob
(9,263 posts)workers is abhorrent to them
librechik
(30,674 posts)haele
(12,653 posts)You still have to either be out looking for a job in your location for unemployment. If people are hiring, you have to take any reasonable offer for your training/skills or explain why you aren't going to take it. After being on unemployment for three weeks, I took the offer of an engineering position that wasn't going to start for another four weeks and still had to go to a UE hearing on week six to explain why I stopped looking before they would pay the final two weeks. Even though I was going to start work again in two weeks.
Most states won't allow you to stop applying for jobs. You aren't going to be just sitting at home if jobs are available, even if they're going to be paying a bit more.
That is, unless you're a Republican with the emotional maturity of privileged 12 year old who privately thinks "real work" is sitting in a big chair pontificating and running business like a personal ATM. That labor is for chumps and idiots.
Haele.
ProfessorGAC
(65,034 posts)Nicely done, haele!
thesquanderer
(11,986 posts)riversedge
(70,215 posts)............Claims are likely to remain elevated throughout April, especially as more business owners and workers learn about the more generous unemployment insurance benefits included in the Phase 3 legislation, Goldman Sachs economist David Mericle argued.
thesquanderer
(11,986 posts)To me, the implication here is not necessarily that workers are "looking forward to the opportunity to sit home; lazy; and collect the generous outpouring of unemployment benefits." Rather than being demeaning. I think it reflects some simple realities.
For example, a compassionate business owner trying hard to not fire people or cut their hours may be more willing to let those people go once s/he sees a stronger safety net being provided for them. A worker who is at higher risk (older, health conditions) may be more willing to stay home and safe rather than work, once s/he knows there will be enough money coming in to make that option more viable.
IOW, it is simply logical that the availability of better unemployment support will factor into people's decisions about employment. I don't think this implies laziness on anyone's part.
Celerity
(43,356 posts)https://www.cnbc.com/2019/12/31/goldman-sachs-is-saying-the-economy-is-nearly-recession-proof.html
Dirty Socialist
(3,252 posts)About its fucking money!
Blecht
(3,803 posts)David Fucking Mericle
Add him to the list of people that I hope I never run into -- I really don't want to commit a violent crime.
lame54
(35,290 posts)But people want to work
The longer this goes on the more they will want to get back to it