by Chris Menahan, Information Liberation:
At what point will people realize shutting down all small businesses with no regard for their individual circumstances was a bad decision?
Imagine everyone living in Houston applied for unemployment insurance benefits all at once. Last week, 2.43 million Americans filed initial claims for unemployment insurance benefits — a little more than the largest city in Texas — the U.S. Labor Department reported Thursday.
Amid the spread of Covid-19, 17.2% of Americans eligible for unemployment benefits are receiving them — about 25 million laid off workers.
The Department of Labor used covered employment of 145,671,710 in its calculation, defining that term as Americans who are “unemployed through no fault of their own,” while also meeting certain work and wage requirements.
On average 3.4 million Americans applied for benefits ever week over the last four weeks — cohorts roughly equal to the population of Connecticut.
Since mid-March, 38.6 million Americans applied for benefits. About 70% of that figure received them.
By Pew’s count, 17% of Americans lost their jobs and 23% received pay cuts from the pandemic. Some 43% of Americans report meanwhile that someone in their household lost a job or wages due to the pandemic.
Wealth inequality is also hitting all-time highs because small businesses were all shut down and deemed “unessential” while megacorporations like Amazon, Costco and Walmart were allowed to thrive.
BIG TECH GETS BIGGER: AMAZON, FACEBOOK STOCKS HIT ALL-TIME HIGH… https://t.co/PBB60IcUMW
— Drudge Report Feed (@drudgefeed) May 21, 2020
Bankster elites are now trying to front-run the backlash by positioning themselves as champions of the downtrodden (now that they’ve been bailed out with $6 trillion of our taxpayer dollars).