2nd Great Depression: One week away from getting to the highest unemployment rate ever in America

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Because some of you Coli dudes just use words, but have no actual clue what they mean. There is a major difference between a recession and a depression. A depression is a long term economic downturn and it usually happens in more than one economy. A recession is just a cyclical slowdown.

Keep in mind too that in 1930 the U.S. population was 123 million people. in 2020 the USA population is about 330 million people. So the number of people unemployed might be the same as in 1930, but it would not have the same impact. Finally, Trump is a fugging idiot so this might turn into a depression, because if there is a second wave of coronavirus then we are likely to have a prolonged economic downturn.

OP refers to percentages when comparing the two periods.

Who says you cannot call a depression in advance. Just like recessions are called in advance. They may or may not be right but if in their opinion prevailing indicators suggest that we entering one then as is common they can call it early.

We haven't seen two negative quarters n Germany yet ...

But some of the world's leading journals have already called a recession in Germany.

In fact "the world is already in recession" even though we have not passed the technical definition yet.

It is because in their opinion it is inevitable that the economy will shrink over the next few months / two quarters.

Similarly #coli-econonics as a world leading institute is leading the way by declaring this a depression.

 

[TL15]

Lmao breh where you at? Gaslamp ?

I don’t live downtown

 

[TL15]

You did hear about this virus passing through the air, right? Its not like people are passing up work out of sheer laziness.

I’m not saying you should spend all of your time tempting fate. But you also shouldn’t be cooped up for no reason.

I go on a walk every day, I’ve been to several stores several days, limped gas, etc. as long as you understand to keep your distance, sanitize, wash your hands, you don’t need to live like a shut in

 

[TheAnointedOne]

I just got home from work.​

No traffic.........​

what do you do for a living?

 

[Piff Perkins]

I'm not calling this a depression yet. It's technically not a recession yet either, as has been pointed out...but clearly we are in a recession because those numbers won't improve in the next two quarters.

Is this 2008? I'm not gonna go there. We will see. Could I imagine an economic rebound next year? Sure if Biden is president. I'm just not gonna throw around the depression word. It's clear what we have to do. Ramp up testing, give people monthly stimulus and save as many small businesses as possible. The problem is that large corporations and banks have access to unlimited quick money (the fed) whereas regular people and businesses can only rely on a broken legislative system that is too busy fighting to pass quick relief. The other problem is the president. Neither of these will be resolved until November...and even then the new people wouldn't be sworn in until January.

 

[Dafunkdoc_Unlimited]

what do you do for a living?

Energy Auditor....

​

 

[#1 pick]

This shyt is the WOAT.

 

[DatNkkaCutty]

That's rough. I got a side job I could go to if I want while I'm furloughed. Got enough saved to pay all my bills for 2 years (always put something on the side since I was out of work for a year one time).
Using the free time to do things I have been putting off for a long time. Learning to invest now too. Studying charts every day now. Glad I don't have kids , I wouldn't be able to do any of those things if I did. All you people that got families going through this, I hope it works out for you (hope at least 1 person in your household is able to work).

OP tryin to throw shade, then dress it up at the end....

 

[Rarely-Wrong Liggins]

Unless there's a vaccine that exists or a test that let's you know who has it and who don't people are not going back to the gym like that or eating out at restaurants or going anywhere with large crowds. Some countries are going to ban tourists from entering their country for at least a year til this boils over. You're really underestimating the psychological impact of the virus.

For weeks people have been on social media and messageboards complaining that people aren't following the social distancing guidelines because they don't take this virus seriously enough, but you're telling me that when people are able to go outside without some Reddit Recluse calling the police on them they will be too afraid to do so? This doesn't make sense.

If people aren't afraid to queue in a Wal-Mart then they will not be afraid of patronizing businesses that are (supposed to be) applying strict social distancing. Social distancing is counter intuitive to a number of soon to be reopened businesses and that will hurt those businesses and surrounding economies.

 

[Rarely-Wrong Liggins]

...breh

Our unemployment system was built, on purpose, to handle a few thousand claims a day. FL is the 3rd most populous state in the union at 21M. That 4% is probably accurate. My mom works for the state gov, and she said the problems have always been there. The GOP leadership (that these old cacs keep electing) knew about the claims process taking forever, but never upgraded the systems. Now it's being exposed.

Then we got Desantis (GOV) trying to open the state back up for tourism...

You don't see how that can be related to each other? Same goes for many other populous states with numerous job losses. Early on in this quagmire there was an articlel reporting that a number of states did not have the resources available to pay all of the claims received, and that was when the total claims were at about $10 million. I expected to see a follow up, because, pretty relevant in times like these but I never read anything else about it. Perhaps it's been resolved.

But if it hasn't....... I doubt the states want to find out will happen if they can't make good on those claims when people need this money the most. And that's just ONE pressing reason the prevailing mindset has gone from "easing any restrictions before June is optimistic at best" and lambasting Trump's "Beautiful Easter Opening" to "Yeah Trump's Easter Sunday idea was stupid, the best time to get the ball rolling is the week AFTER Easter."

Even the "responsible countries" like Germany are going to phase out some of the restrictions. The change in attitude was extremely abrupt, I will say that.

 

[The M.I.C.]

If the economies of the industrialized world are facing total collapse after 2 weeks of shutdown, then they are ponzi schemes.
The economy is an unsustainable pyramid scheme, warns Nobel Prize winner

The US is 24 Trillion in debt. Where did the money go?

This right here and @Lord Emperor Liggins common sense posts are all that matters in this thread.

This is going to be VERY DIFFICULT.. the cities and states are already panicking behind the scenes because there’s already projections tax receipts will fall WAY BELOW those during 2008-09. This is why you have some municipal authorities clamoring for money if another stimulus package goes through especially for unemployment monies. shyt NY is about to run out of money for unemployment in about two to three fukking weeks!

If police can’t get paid, they will be let go until the number matches what tax receipts allow. This is the same for water, the same for gas, the same for trash collection, roads, libraries, jails, etc..How will Los Angeles look with only 500 police officers and once a week trash pickups? Two blackouts a week? Libraries closed? These are interesting times indeed. Multiple dangers lurk.

 

[The M.I.C.]

...breh

Our unemployment system was built, on purpose, to handle a few thousand claims a day. FL is the 3rd most populous state in the union at 21M. That 4% is probably accurate. My mom works for the state gov, and she said the problems have always been there. The GOP leadership (that these old cacs keep electing) knew about the claims process taking forever, but never upgraded the systems. Now it's being exposed.

Then we got Desantis (GOV) trying to open the state back up for tourism...

The problem with unemployment funds is that there is finite resources.

The best prepared states such as mines in NC only have three months left in their reserves. THREE MONTHS..AT THE CURRENT LEVEL. If this goes up another 500k-1 million over the new two weeks, that three months turns abruptly into two months. Fortunately, we have a 3 billion dollar surplus in funds but it’ll be interesting to see what happens to it with the economic stressors affecting other departments.

But guess what happens if the Feds say we can’t afford to bail out the other states with unemployment, which is what I’m hearing already due to the $600 assistance that went out. Remaining claims get prioritized by need and more and more get left “PENDING”..May the Father be merciful if that happens.

This is a extremely precarious situation that can lead to some very extreme outcomes.

 

[The M.I.C.]

If nikkas owe money to Federal and state governments, they about to be on your ass heavy with the collections.

 

[Arris]

The problem with unemployment funds is that there is finite resources.

The best prepared states such as mines in NC only have three months left in their reserves. THREE MONTHS..AT THE CURRENT LEVEL. If this goes up another 500k-1 million over the new two weeks, that three months turns abruptly into two months. Fortunately, we have a 3 billion dollar surplus in funds but it’ll be interesting to see what happens to it with the economic stressors affecting other departments.

But guess what happens if the Feds say we can’t afford to bail out the other states with unemployment, which is what I’m hearing already due to the $600 assistance that went out. Remaining claims get prioritized by need and more and more get left “PENDING”..May the Father be merciful if that happens.

This is a extremely precarious situation that can lead to some very extreme outcomes.

Really hope a lot of people have been infected already.

Hotspots are bound to pop up after we reopen but if everyone is getting hit with it nationally throughout the summer...

Possible Reinfection and if it hits you just as hard the second time

 

[8====D]

Coronavirus has really opened A LOT of people's eyes!

Save your money for hard times and stop spending all your money on liquor, strip clubs, lifted/customized cars, etcetera.

No joke - I've seen women on my social medias damn near prostituting themselves because they're out of work and can't feed their kids. shyt is crazy.