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Fed Economists Warn US Unemployment Rate Could Soon Reach 32%—During Depression It Peaked at 25%

Originally published at http://www.commondreams.org/news/2020/03/31/fed-economists-warn-us-unemployment-rate-could-soon-reach-32-during-depression-it

“32.1% by the end of June”

Three months until utter chaos.

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In a Capitalist economy , access to food and shelter, health care and education and virtually everything one can care to name is tied to ones employment and ability to work. If unemployment reaches the numbers indicated the impact on the economy will be higher than the peak of the great depression. A major reason for this is that in 1933 1/4 of the US Population just as example lived on farms. While many were bankrupted and forced to leave those farms those that remained were still able to grow their own food which they used to barter with others for necessities.

Today the percent of people that live on farms is 1 percent. There is going to be a whole lot of people going hungry especially since so many of those “factory farms” are owned by Corporations which unlike people do not believe in the concept of sharing.

In the great depression there was food riots in the USA. Expect more of the same if the powers that be suggest “The Free Market” will address this.

In order to ensure Socialism did not gain a foothold in the USA in the Great Depression, FDR adopted many social spending programs so as to protect Capitalism. The Capitalists and the 1 percent can not and will not help here. They are going to try and grab as much as they can and will lobby the Politicians to ensure that happens. The powers that be in the DNC and mainstream media did not want Sanders as a candidate. In the US he was the only solution.

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We now know where bullard got his 30%.
However, the great depression #1 in the 1930’s deserves some explaination.
For example. All the steel mills in Youngstown Ohio were closed completely for three years.
Another city to the west, another mill was at 12% capacity.
They provided one days work to each employee.
They hired stranded Mexican farm workers who could not go home due to lack of money. They were also hired to vote against the union.
None of these counted as unemployed back then.

The families still struggled every day. Potatoes - potatoes - potatoes!!
Fried, mashed, sliced, diced, baked, boiled.

We finally get nearer to the end of great depression #2 in 2019 and we get this dangerous lung effecting virus that needs people to not sneeze on each other.
I’ve been through many work downturns for too many different reasons and am not willing to predict a quick return for families incomes. I do hope and pray that we do get out of this epidemic by mid May and return to work June 1, 2020.

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One response would be a mammoth federal jobs program like WPA.

ttps://twitter.com/krystalball/status/1245010757781270528

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(h)ttps://www.theguardian.com/commentisfree/2020/mar/31/the-coronavirus-crisis-has-exposed-the-ugly-truth-about-celebrity-culture-and-capitalism

“Celebrity culture and capitalism are inextricably entwined. Both elevate the individual over the collective good. They rely on the lie of “meritocracy”: work hard and you can achieve whatever you want. But it has become uncomfortably clear how little we value our hardest workers – the healthcare professionals, supermarket staff, bus drivers and delivery drivers who are keeping the world running while the rich run to their second homes. And it has never been so clear how little the people who earn the most contribute to society. “We’re all in this together,” the rich and famous keep telling us. Sorry, but it is obvious that we are not.”

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Jimmy Dore slams the “progressives” who did not stand up against this stimulus bill. He not too happy with that “progressive” wing.

~https://www.youtube.com/watch?v=yQmn9o6NZVo

He suggests that since the “progressive” Democrats abandoned the working class that there be a general strike and rent strike.

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And it is also obvious that they gotta GO.

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Don’t we have to be patient and see when the virus is under control, and then, what jobs and how many return to full time?
Maybe since trump is looking for votes, the checks may keep coming.

uum…yeah. That’s what happens when you insist on shutting down the economy and do social distancing. What did you expect would happen?

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There is not going to be a v-shaped recovery of the economy in any event. Certainly not for months, perhaps many months. Also, checks are not going to the millions of undocumented workers in our society. Millions. A jobs program would give them an out and stimulate demand, which is disastrous.

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You’re right about that. The printing presses at the national mint will be running day and night for the next six months, all in a futile effort to keep pumping money into the system. Trumps only hope to keep himself and his family out of jail at this point is to win re election. The problem of course is that he may have to destroy America to save himself.
Just as I predicted three years ago. By 2021 we will either be a broken fascist nation who’s money is worthless, or we will be gone.

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None of that changes the fact that this bill was a handout to the Corporations and did little to nothing for Americans. Those who voted for it knew that just as you know it.

This was a wealth transfer. No one was forced to vote for it. The progressives could have come up with a genuine bill to help the working class rather then jump on board with this disaster. I think Jimmy is 100 percent right.

Suggesting that voting FOR the bill was so that they would not be pilloried by the right for failing to support the working class is very much like the excuses used by people who voted for the AUMF. If you do not like whats in a bill then do not vote for it.

Barbara Lee was the only person to vote against the AUMF. Everyone else was too worried that if they did vote against it they would be seen as “soft on terror”. We know how that all turned out and we know Ms Lee was correct.

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I don’t know Jimmy Dore from the patio door, having no cable to unplug in my isolated hovel – but if this Jimmy person happened to notice the wealth-transfer which just went down with the lousy excuse “they forced us” (as if we never heard that one before), then I’m grateful to him. It wasn’t terribly hard to see, but most are wearng blinders (instead of face-masks), evidently.

Then the Dims continually rub our nose in it with paleface ByeDone implacably rejecting M4A every damn day no matter how implacably reality pulls the other way. Mind-numbing pigheadedness is the “lesser evil” we’re conditioned to tolerate.

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You’re right. Instead we are focused in bailing out the airline industries, which will contract anyway in the new reality. And the climate will be better off for it. But squandering our money on corporate giveaways for the false narrative of good jobs, necessary jobs, will make things so much worse. We need a paradigm shift, earthquake size. We can get it right, but we are on the verge of doing it so wrong.

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I did not repeat anything you said. I disagree with you entirely. The progressives should not have voted for this bill. You stated they were forced to so how on earth can that be construed as “repeating the same things you said”.

The “win” for progressives was not to vote for it. You do not vote for things you do not agree with.

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What kind of a payoff to the economy and the earth in the medium and long term would we have if we invested in creating millions of jobs just to put in solar panels and do weatherproofing?

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I have also seen Politicians claim they were against the war in Iraq after voting for it. Ms AOC should not have put her name to this bill. She should have fought against it from the start as she knew it a handout to the Corporations.

In the Jimmy Dore piece there a wee segment where one of the co hosts describes a “Mortgage Holiday” that goes on in California. They make it seem like a big deal in that the person making Mortgage payments does not have to pay for three months and will not get evicted. At the end of that three months however they have to pay the entire sum owed or get evicted. If they can not come up with 3000 Dollars to make a payment how will they come up with 9000?

This is the very definition of “band aid” solutions that are not real long term solutions. They just kick the can down the road.

A genuine progressive bill would not have given trillions to the Corporations and a one time cheque to the worker. A one time cheque to the worker is exactly what Mr Dore describes it as. A bit of cheese left for the mouse so you can catch him in your trap. The Republicans deliberately put that in this Bill as a trap to get all those trillions to the Corporations.

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maybe capitalism isn’t as robust and resilient as its proponents make it out to be.

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also worth noting is that our employment statistics are measured in ways different than was done in the first great depression.

previously (in the first great depression) we would count those people whom stopped looking for work due to lack of available work as being unemployed as well…

during the 80’s this was changed because we have around 25% of the populace already unemployed by that metric… so we stopped counting those people who gave up looking… meaning that our true unemployment number is significantly higher than it would seem to be just by going by the numbers we are presented with… before accounting for all those people whom are simply uncounted now.

end stage capitalism… with more horrors to come for certain.

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