"On Thursday, we learned that initial filings for unemployment insurance totaled a record 6.648 million for the week ending March 28, more than doubling the prior week’s reported total of 3.238 million that had also marked a record high. Distressingly, last week’s data was also revised higher on Thursday to 3.307 million. And while the labor market fallout from the coronavirus-related economic hard-stop we’re experiencing has been the most abrupt and severe so far, economists at Bank of America Global Research believe the broader economic downturn we’re entering will result in the worst recession in modern U.S. history." Do they avoid the word "depression" on purpose? The seriousness of the situation is "Man-Made", however. I cannot recall a time when folks were ORDERED to not work. Thus, mandated Depression, seemingly justified by the known facts. "Bank of America expects that up to 20 million people will lose their jobs through the third quarter with the unemployment rate potentially peaking north of 15%." As I recall, unemployment numbers were officially during the early 1930s were said to be about 10-12%. Great Depression affected countries globally, just as does the virus. How does this all affect us Seniors, who cannot/need not, hold down jobs? Will we gradually be "overlooked", as in Nazi Germany, or Stalinist Russia? Scary. Frank
I think a depression is a recession that lasts a long time, not just a couple of quarters. I doubt this recession will last long, after we whip this virus. Of course if we don't whip it, or it comes back in the fall, then it might be different.
But, it will affect some Seniors, like my wife, who would love to got back to work when this is all over. She thought it was tough before, looking for a job where so many Millennials and Gen X/Y young folks live, but now?
It will affect everyone, not so much the virus, but the deliberate crashing of our economy. I don't know how we recover.
One of the first things you must do is to drop out of Social Media! A psychologist says that these sites are fertile ground to those who have emotional issues or are prone to anxiety attacks. You don't need to be a party to this nonsense! Hal
I find it difficult to see how capitalism can survive this crisis. large numbers of people are in huge debt, encouraged by various governments who themselves have taken on impossible borrowing. In Briton it is not long ago that we paid off America for WW2. Already swathes of companies are closing, All this and our living standards are so high. Will we wear the hair shirt or mindlessly riot?
I think this pandemic is just one big hiccup in the economy, but it will come back since the demand for goods and services will still be there with companies ready to fulfill them. Demand should even be bigger since there is probably a backlog in the supply chain.
The situation is surreal here in Briton. Streets are empty. On the whole people are obeying the rules mainly because the virus has such varied effects. It can be mild or a slow miserable death and it respects nobody, even our prime minister is in intensive care. Some greedy people are emptying the supermarkets daily and the retail world is becoming immeasurably rich. From a personal point of view, if I got it that would be the end but that is as it should be when young nurses sacrifice themselves daily. As you say, life will return but I think it will be different, hopefully society will return more caring before the time that Mrs Thatcher declared personal endeavour was more beneficial to everybody.
Unemployment in the US during the worst years of the 1930's Great Depression was 25%. I have film documentation to back this up. Hal
The 25% unemployment in the 1930s lasted for years though. A few months unemployment at todays rate won't matter so much, since most are getting paid anyway.