Drudge Retort: The Other Side of the News
Monday, March 23, 2020

The number of people filing for unemployment benefits in the United States jumped by 70,000 last week, a first sign of the economic repercussions of the coronavirus pandemic. Across the country, 281,000 people filed for unemployment benefits between March 8 and 14, according to numbers released by the Department of Labor on Thursday. But these numbers are lagging behind what's really happening.

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In addition to the economic impact of these layoffs, the potential exists that they further the healthcare crisis. Without swift, bold action from governments, many of these people and their families may be forced to move back home with parents/grandparents thus increase the risk of exposure for the older higher risk demographic.

#1 | Posted by johnny_hotsauce at 2020-03-23 12:08 PM | Reply

There are two problems with that graph. One the claims are lagging. Two the job losses is related to the area under the curve, not the peak. It does indicate the speed and size of job losses though.

#2 | Posted by bored at 2020-03-23 12:27 PM | Reply

This is only with about 1/3 of the population on voluntary lockdown.

Expect that to go to 90%+ over the next week or two.

#3 | Posted by snoofy at 2020-03-23 01:28 PM | Reply

Last week Michigan saw a 1500% increase in unemployment claims and it was limited to that because the rollout of not coming into the office function was a disaster. It was supposed to be web based - but that never got going. It turned into call based and people were waiting for hours to file over the phone.

#4 | Posted by GalaxiePete at 2020-03-23 02:47 PM | Reply | Newsworthy 1

Same week 500,000 file in Canada. I don't know how unemployment works in the US or Canada, but this implies that for a similar pause the US can expect 5 million to file for unemployment soon.

#5 | Posted by bored at 2020-03-23 02:59 PM | Reply

www.bloomberg.com

#6 | Posted by bored at 2020-03-23 02:59 PM | Reply

Unemployment benefits are earned. They need to be increased for the covired. Business bailouts are not earned and should be far less in total than people subsidies.

#7 | Posted by bored at 2020-03-23 03:01 PM | Reply

Well I hope none of these people are getting employer paid health insurance unless they negotiated for that benefit before taking the job. - Goatman

#8 | Posted by moder8 at 2020-03-23 03:04 PM | Reply

"Expect that to go to 90%+ over the next week or two."

If that happens, most of us will be dead. It might have been better that we caught the plague, or Ebola or something.

Otherwise, our last conversations on this site will be on how to spare our children the suffering of starvation and disease.

But at least society can go out knowing that it had a noble cause in trying to preserve the sickly and the old.

#9 | Posted by madbomber at 2020-03-23 04:16 PM | Reply

I'm being a bit dramatic. Eventually people will realize that a few deaths are better than a bunch of deaths. Sorry old and sickly people.

#10 | Posted by madbomber at 2020-03-23 04:17 PM | Reply | Newsworthy 1

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Trump firmly believes that any money given to businesses will trickle down.

I'm sure he gives all his hourly employees hefty bonuses in the hopes that it'll trickle up...

#11 | Posted by LostAngeles at 2020-03-23 04:24 PM | Reply

#10 You first. You want people to die. Put up.
With you gone some other ashhole can get your perks. See how that works? Nobody is indispensable but everyone is needed,even if only as a sponge for viri.

#12 | Posted by Effeteposer at 2020-03-23 09:02 PM | Reply

WTF does "ordinary" mean? Is that supposed to be a percentage of the population? It took three paragraphs until we finally understand it means one third of the workforce.

In essence 1/3 of the entire workforce will get no relief from the federal government. It's definitely time to revolt.

#13 | Posted by redlightrobot at 2020-03-23 11:58 PM | Reply

"You first. You want people to die. Put up."

I'm still going to work. And even if I caught the disease, there is a very good chance that I would never know. An equally good chance that I would display only mild, flu-like symptoms. A smaller chance that I might show serious symptoms. And virtually no chance that I would die.

Right now, they're saying that the mortality rate is hovering at round 4%, but consider the Diamond Princess. The ship basically provided a closed experiment to study the disease and it's impacts on a population with no possibility of imported or exported cases. It's also a representative cross-section of the global population. Of the 3711 people on board, 712 contracted the disease. Eight died. That's .02% of the overall population, and 1.1% of those who were infected.

The problem with making estimations on morality rates in open populations is that it is impossible to know how many people actually had it, given the high number of asymptomatic carriers. In India, a test showed that out of 300 people tested, 90% were asymptomatic. If you extrapolate these numbers across a population, the mortality rate declines. So the question becomes, at what point does the world re-open?

#14 | Posted by madbomber at 2020-03-24 05:50 AM | Reply

"Business bailouts are not earned and should be far less in total than people subsidies."

With the exception of some rare possible circumstances, businesses should be offered loans...not just given handouts. Handouts reduce the moral hazard associated with making business decisions. It's easy to throw cash around when it's given freely.

Although some have said that handouts may be better for a business if it goes to keeping employees on the payroll, which might not be the best decision under the current circumstances.

#15 | Posted by madbomber at 2020-03-24 05:54 AM | Reply

"In essence 1/3 of the entire workforce will get no relief from the federal government. It's definitely time to revolt."

Maybe that's because they don't need a handout at this time. And you're not allowed to revolt. It would be too many people in one place. Remember your social distancing guidelines.

#16 | Posted by madbomber at 2020-03-24 05:57 AM | Reply

Mad you are in Germany right now I believe.

From what we are seeing they are doing a good job of testing, containment and treatment. If that's not correct feel free to let me know. Right now they are hanging around .5% mortality.

So the US is doing a terrible job of testing and containment but say we nail the treatment part to get that .5% number. We can, at current, except 70% infection rate so with only .5% mortality we still could see 2 million deaths.

I'm not sure how many people would be ok with that to get back to business as usual quickly.

#17 | Posted by TaoWarrior at 2020-03-24 06:22 AM | Reply

#16 MADBOMBER

I'm uncertain how you calculate that when over half of the population doesn't have even $400 saved for an emergency. At what point should people consider selling organs? "God what I wouldn't give for a third --------!"

#18 | Posted by redlightrobot at 2020-03-24 06:27 AM | Reply

Sooooo...then we can officially state that the Dems screwed over the American people this time? Or are Dems still going to come up with a thousand excuses why they are allowed to screw over the American people today because Reps did it at some point in the past, which they feel exonerates them from any wrong-doing during this crisis?

#19 | Posted by humtake at 2020-03-24 09:50 AM | Reply

"From what we are seeing they are doing a good job of testing, containment and treatment. If that's not correct feel free to let me know."

I think the big difference seems to be that in the US, there is less direction from the federal government, and it's being left up to the states. In Germany, Merkel has banned public gatherings of more than two people not in the same household, but many stores are still open. In particular, the garden stores, as many people are using the time off to get ready for spring. It seems to me as if some places in the US are in a bit of trouble, while other states are not.

"We can, at current, except 70% infection rate so with only .5% mortality we still could see 2 million deaths."

That's true, but most of those are going to be people who have underlying health problems to start with. And that's my biggest problem with the whole thing, is that you're isolating huge populations of healthy workers at little to no risk, for a small population of at risk older people who generally don't work anyway. Wouldn't it just be more rational to isolate those who are already sickly? A huge number of people who contract the virus won't even know it, and will pass it to people who don't even know it.

#20 | Posted by madbomber at 2020-03-24 02:49 PM | Reply

"I'm uncertain how you calculate that when over half of the population doesn't have even $400 saved for an emergency."

And as I read it, that half of the population, plus an additional 16%, would be provided with some sort of benefit package. But there is no reason to give someone like me $1200. I don't need it.

Many households don't require any assistance...why should the government be writing them checks with taxpayer money.

#21 | Posted by madbomber at 2020-03-24 02:52 PM | Reply

I would characterize my demographic as solidly upper middle class. I have a lot of friends who are retired military who went to fly for the airlines. Most are making likely earning somewhere around $200k with retirement and airline pay. With the airlines suspending a lot of flights, that represents a substantial decrease in their monthly income. And when you're making $200k a year, a $1200 relief check is basically nothing. And with a median US household income of $61k, this is a much closer representation of the population than someone who would actually look at $1200 as a meaningful amount of money to cover costs.

#22 | Posted by madbomber at 2020-03-24 02:57 PM | Reply

All gas stations are closing in Italy, BTW.

I think that country is about to become Bartertown.

#23 | Posted by madbomber at 2020-03-24 03:01 PM | Reply

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