May 14, 2020 Covidonomics

On May 14, 2020 NPR’s Jim Zarroli reported “36.5 Million Have Filed For Unemployment In 8 Weeks”. Over a million Americans are infected with Covid-19.  Over 80, 000 are dead, with thousands dying everyday. Over 36.5 million people are out of work, with a mind boggling unemployment rate of 14.7 percent compared to a February fifty-year low rate of 3.5%.

“Federal Reserve Chairman Jerome Powell painted a grim picture for the economy. “The scope and speed of this downturn are without modern precedent, significantly worse than any recession since World War II,” he said. A Fed survey found that nearly 40% of workers in households making less than $40,000 a year had lost a job in March, Powell noted.”

Copyright 2020 DJ Cline All rights reserved.