As the unemployment numbers continue to roll in, the facts are dire as AP News reports that one-sixth of the American workforce is unemployed in the highest numbers since the Great Depression.
Unemployment in the U.S. has swelled to levels last seen during the Great Depression of the 1930s, with 1 in 6 American workers thrown out of a job by the coronavirus.
More than 4.4 million laid-off workers applied for unemployment benefits last week, the government said Thursday. In all, roughly 26 million people — more than the population of the six biggest U.S. cities combined — have now filed for jobless aid in five weeks, an epic collapse that has raised the stakes in the debate over how and when to lift the state-ordered stay-at-home restrictions that have closed factories and other businesses from coast to coast.
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The high unemployment levels of the Great Depression lasted for a decade and peaked at around 25%. U.S. officials hope for a quicker recovery this time, although there may be more layoffs to come from many small businesses that tried in vain to receive loans from a federal aid program. (source)
This is just the beginning.
A lot more people are going to lose their jobs and the economy is going to get a lot worse because the current round of losses are just the industries which are immediately exposed to loss. This does not include those which are going to come as a result of systematic changes, such as professionals or industries related to processes that are indirectly affected, such as truck drivers (because of decreased freight volume).
It would not be a surprise if half of the country was out of work at some point.
Let us take this time to remember then to pray for all, and to help each other, because times are about to get much, much harder.
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