(Liberty Bell) – If you want to have a real-time indicator for the current health of our economy, look no further than jobless claims. A lot of information that comes out about the economic conditions of our country come out a month or more after the data is gathered and analyzed, so they aren’t very good real-time indicators of what is happening at the time, especially when the economy experiences a sudden shock.
And right now, America is experiencing one of the worst ever jumps in the jobless claims numbers thanks to the economic trauma from the coronavirus pandemic. Much of this is the result of lockdown orders that have shutdown businesses.
Here’s more on this from Breitbart:
Jobless claims rose to 3,283,000 last week, reflecting only the first round of mass layoffs due to the coronavirus pandemic.
Jobless claims are considered the closest thing we have to a real-time indicator of economic conditions, reflecting claims from the prior week. Many pieces of economic data come out with lags of a month or more, which makes it had to rely upon them when the economy experiences a sudden shock.
The three million claims surge easily tops the 1982 record of 695,000.
Claims jumped in all 50 states and the District of Columbia. Nine states reporting increases of at least 100,000 from the prior week.
The largest number of claims came from Pennsylvania, with 378,900.
While the coronavirus itself might not be quite as deadly as some are making it out to be, it’s lethal in other ways, including economically. So many folks are now out of work while they quarantine themselves at home in hopes of flattening the curve of this illness.
Things have become so bad that the government is looking at a massive stimulus package to try and keep things afloat while this pandemic rages on and on. Given the crappy conditions this whole situation has created, folks ought to be more diligent in doing the things we need to do to stop this pandemic so we don’t have to do it again.
It seems pretty obvious that our economy can’t take too many more hits like this before total collapse is imminent. If we really want to get things back to normal, if we want the world to go back to things as usual, then we must take the hits voluntarily, right now, and not mess around with this horrific sickness. It’s the way it has to be. If we don’t we risk making matters even worse. This should be a no-brainer, but you still see people completely disregarding everything medical experts are saying we should do. It’s insane, really.
Here’s to hoping Congress can pass a stimulus package that doesn’t end up bankrupting every future generation in America from today through eternity. Chances are, however, that a lot of pork projects are going to be included in the bill as people seek to politicize this event for the betterment of their movement instead of for the care of the folks they claim to serve.