👉Middle-Class Jobs Lost Forever, Unemployment Rate double that of the Great Recession

👉Middle-Class Jobs Lost Forever, Unemployment Rate double that of the Great Recession Middle-Class Jobs Lost Forever, Unemployment Rate double that of The Great Recession The number of Americans filing new claims for unemployment benefits unexpectedly increased last week. And they will continue to rise. The employers are about to eliminate more jobs as the economic pain starts to squeeze them. The Labor Department reported Thursday that initial jobless claims for the week ending Sept. 19 came in at 870,000. That's 870,000 more Americans who probably want to work, though they cannot find it. The news should be 30 million people receiving unemployment benefits as of July 18, with 870,000 claims added this week. That 30 million figure is state and federal unemployment claims combined and comes directly from the weekly DoL unemployment report. 13 million people are collecting PUA on top of the 17 million collecting state unemployment. The two figures are completely separate. In fact, the PUA is primarily for people who are ineligible for state unemployment benefits, like Uber drivers. The PUA is also reported separately from state unemployment, that's why it took some states months to properly start reporting their PUA claims. According to the Department of Labor ;30 million people are currently collecting unemployment benefits. Even if there's some overlap between State and PUA unemployment and a decent amount of fraud thrown in, we're still talking about at least 28 million unemployed Americans, which is mindbogglingly huge .Close to double the numbers from the Great Recession. We're also 20 weeks into this crisis, that number should be WAY lower than it is, but it actually went up this past week, not down. Seasonally adjusted means intentionally distorted. And if you want to count the people that were longterm unemployed before this crisis, then you're likely looking at more than 40 million total. Shadow Stats shows the US unemployment rate at a high of 28%. MEANING 45+ million are still unemployed; this is higher than during the Great Depression. There's some truth for ya! A quick search on any job site will show you the reality of the situation. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to click the like button. And as You know friends, I rely on your donations to keep this channel functional; as you know, it takes a crazy amount of research and time to bring you this content on a daily basis, so I hope you consider helping with whatever donation you can afford. Thank You. Economists polled by Dow Jones expected first-time claims to come in at 850,000, down slightly from the 860,000 claims reported for the previous week. This is still a multiple higher than anything seen from 1967 (when the data was first collected) through 2019. As more and more businesses collapse, there are fewer people actually working, so there will come a point where everyone is out of work. No job, no job openings, or job openings for jobs that pay minimum wage that are flooded by unskilled and desperate people. As we get closer to the bottom, of course, the number of people who file for unemployment benefits for the first time will slow down as well. I'd say that many of these newly unemployed will eventually become long-term unemployed. And then they will become discouraged workers, who will stop looking for work. So, they won't even be counted as unemployed anymore. Because for older workers, the loss of a job often leads to long-term unemployment due to age discrimination. Labor rules and laws protect currently employed workers from age discrimination because the employer needs to keep records and be able to prove that the dismissal of an older worker isn't age discrimination. But when an older worker is looking for a new job, then age discrimination is very easy for employers to hide. Because employers are allowed to use subjective criteria for hiring or rejecting applicants, they can just say that the older applicant didn't feel right. And this is good enough for rejecting the applicant. And who is to say if that feeling is right or wrong. People can feel any way they want, as long as they don't give discriminatory reasons for their feelings. I have been saying this for months now. Many of the struggling small businesses out there aren't going to survive the year with lower foot traffic, including bustling restaurants that are doing nothing but delivery and takeout but at much lower profit margins. We haven't even started to see the effects of state and local government layoffs, which are going to kill millions of middle-class jobs across the country. So glad that the Senate can rush to confirm a new Supreme Court Justice in record time, but can't get their act together to pass another much-needed stimulus bill. The possibility of mounting layoffs that could become permanent is high. There is not enough of a recovery to survive for a lot of businesses. A million here, a million there. Pretty soon, everybody will be unemployed! Eventually, there won't be anyone working at all. They will announce a second lockdown real soon to finish destroying the middle class. The layoffs will continue until everyone is unemployed. Many of the businesses laying off are closing their doors for good. Let the Hunger Games begin. So here we go, last week's claims were under-reported, again. This week's numbers are only slightly up - even though analysts predicted them to be down. Last week's initial jobless claims are at 870,000. This is the new claims filed. Interesting that new claims filed are not the same as new claims approved for payment. Keep in mind those figures exclude all the people collecting Federal unemployment as well. Many have also already exhausted their unemployment benefits. To put this number in perspective, the previous record highs for initial claims were 695,000 in 1982, and 665,000 in 2009 during the great recession. Initial claims have surpassed these previous highs for 27 straight weeks. And 866,000 is the lowest initial claims recorded during this past 27 weeks. Twenty straight weeks of over a million. Shouldn't they be wondering how many more can possibly file! Current continuing claims are at 12,580,000. The previous record high for continuing claims was 6,883,000 back in 2009 during the great recession. We surpassed this record high for 27 straight weeks. And with temporary job losses being replaced with permanent job losses, this number will remain high for quite some time. And once they decide to crash all of the world stock markets in 2021 or 2022 at the very latest, we will be finished. Everything is moving along as planned. We're now six months out from the beginning of the crisis, and in most states, unemployment only lasts six months. I expect we will continue to see massive dropoffs in those collecting unemployment (to coincide with the unprecedented rise in claims in March), but that doesn't mean these people found work. Things may very well be going from bad to worse very quickly over the next few weeks and months as these people get no support at all. Trump said yesterday that they created 10 million jobs so far. A reinstated job is NOW a job created. There is NO organic job creation; except for the 328,000 government census workers. So, we have 40 million to go, and that does not count the U-6 unemployment number, which is 90 million; Or the self-employed!! Complete economic disaster. Good job, Government! Never before in our history has there been such a draconian overreach. The supposed temporary shutdown has seen 59+ million Americans lose their jobs whilst shuttering millions of businesses. They inflated the bubbles already in place, gave corporations tax breaks and freedom to pillage even more while exploding the deficit. They were supposed to reduce the corporate tax to 15%, which would have made the US the second-lowest corporate tax in the world and created millions of jobs. Instead, they lowered it to 21%, making the US worse than average, amounting to a tax break for corporations only. THE GOVERNMENT IS TO BLAME for all of the financial woes, but we must be very cognizant that the IMMORAL THIEVES running our Central Banks, trying to salve over the very wounds that they created, is causal. The Central Banks are the arsonists and the supposed firefighters. That summed it up for us folks. The bar has been lowered so far; this will be seen as OK. People seem to be overlooking at least 60 million unemployed. The US is being turned into a welfare state where money has no value and can be fabricated out of thin air. We are being face sucked in the name of analytics and someday soon will have no value to those running this massive social experiment. By then, they aim to have us so hopelessly dependent on their system that we have no means by which to fight back. The time is now. A V-shaped euphoria brought to you by Larry Kudlow. The disconnect between the actual economy and the stock market is coming to an end. The Fed will try to prevent this by flooding the system with ever more artificially cheap money, but it will not work. The 10 Year Treasury is at 0.522%. The bond market does not believe, and neither should you. The Fed can only flood the market with artificially cheap money for so long. It's going to be very bad. Time to face the music, and music is about to stop. Find a chair. Twenty-seven weeks into this crisis and we still see weekly unemployment reports that are MUCH worse than the record unemployment reports from prior to the start of the crisis. Do people honestly care? We have conditioned Americans to think this is normal, and it's okay so long as the government steps in and ensures unemployed Americans can pay their way through this. Evictions across the US are already starting. Jobs aren't coming back. Look at the markets, barely phased by the fact that we are holding steady at around one million people EACH WEEK. Do people believe this is the total number of unemployed? This is a problem, and the markets shrug it off because stocks only go up. Has Anybody considered the possibility that States are over swamped by claims, that just maybe, they have processed all of the old cases? Thus the new claims are no more processing of 2 to 3-week old initial claims. If an individual has regular wages reported to UI by the employer, claims are processed automatically. On the other hand, claims by self-employed and gig workers must be hand massaged: wage records must be obtained from the IRS. This is terribly time-consuming. Especially hit by the backlog are the self-employed gig workers since that is all-new for getting Unemployment Compensation benefits. Things are objectively terrible; we're in the worst economic crisis since the Great Depression. No one knows how much worse it could get either, especially if there is a massive eviction crisis. Or if the virus explodes, this Fall is leading to yet another round of massive layoffs. Or if commercial real estate collapses in the face of the loss of hundreds of thousands of brick and mortar storefronts. There are many ways for things to go from bad to much much worse, not unlike other recessions. It's possible that we'll get lucky and avoid the worst potential consequences, but it seems silly to bank on that happening. The government is inefficient in using tax dollars. There is corruption and waste in government spending. We pay taxes for our government to add trillions to the debt and then finance it all by printing even more trillions of dollars here and around the globe. Such a productive use of our totally exhausted Federal tax dollars, which at this point in reality never catch up to paying just the interest on the debt alone. Our current system burdens businesses, especially small businesses, which is unbelievably expensive, and our health insurance industry represents some of the worst corporate parasites out there. It's insane that people spend thousands a dollars a year on insurance, but if they get injured and need to actually use it, they have no idea how much their care will cost, what the insurance companies will try to wiggle out of paying, and that even people with insurance still get hit by medical bankruptcies from longterm care visits. You'd think that a pandemic in which tens of millions of people have lost their jobs, and by extension, their healthcare coverage would be the perfect example of how insane it is to tie healthcare coverage to employees. People are recovering from months-long stays in emergency care right now only to face utter financial ruin and $1 million medical bills. Globalization, the bane of those who actually work for a living, means that as long as these corporations can sell their products and services in other countries, they don't care at all about what happens here in the US. The stock market reflects this fact as well. We could have 85 percent unemployment in the US, but as long as international sales are strong, these corporations won't show any issue. In the Great Depression, traders were jumping out windows. In this pandemic depression, traders are euphoric. What am I missing? This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels; I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have already donated. Stay safe and healthy friends! Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics