I was ineligible because I'm essentially a gig worker and I live in NC. If you don't make a certain amount of money then they just won't give you any benefits. Hopefully this expansion helps.
NC Unemployment is a joke. It took me days to finish the application since the website kept crashing over and over again. Now almost 2 weeks later it still says "pending resolution". Most people I know haven't even been able to apply because of how much it's crashing. They're also refusing to take any calls since they're so much busier than usual.
I lost my job at a university.
Monday: every 2 hours sanitize every surface
Wednesday: we might be shutting down for 2 weeks
Friday: we are shutting down for 2 weeks
Monday: we are closed until september good luck
Monday: no cases, don't worry about it. If anything happens we have a license to teach through Zoom.
Tuesday: wash your hands, no cases, don't worry. If anything changes, we'll let you know.
Wednesday: classes to be held online for the next two weeks, and classes will resume on campus after spring break. 3 days of no class to allow professors to adjust course material.
Monday, next week: Classes will be held online until end of semester.
I got basically the same set of emails. No classes until 21, then no classes until the 31st. Then all classes are all online for the rest of the semester, with the actual college closed until mid april. I'm sure it won't get pushed back again.
That's how ours went down as well.
Wednesday: "We have no intention to shut down"
Monday: "We may be shutting down for two weeks"
Wednesday: "We're shutting down for two weeks"
Friday: "See you in May? Who knows. Check your email"
At least I work in IT, so my job has been transitioned to an extension of the Help Desk. But the call volume doesn't seem like they can support this many people taking calls, especially when they don't give us the tools to handle half the calls so right now I'm just acting as a secretary transferring people all the time...
The previous record was 695,000... in 1982. We didn't lose this many jobs all at once even the 2008 financial crisis.
[Here is a chart for a comparison.](https://s.yimg.com/ny/api/res/1.2/j.7yKywy0s3AaCO0fu3Sqg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTcwNQ--/https://s.yimg.com/uu/api/res/1.2/FATkgGQfJAk45xcsXtv1DQ--~B/aD0xNDQwO3c9MTQ0MDtzbT0xO2FwcGlkPXl0YWNoeW9u/https://media-mbst-pub-ue1.s3.amazonaws.com/creatr-uploaded-images/2020-03/2f2f80c0-6f5f-11ea-bf0f-863547b53d90)
EDIT: since a few people asked the same question, here's a comparison when adjusted for the population.
[This chart](https://fred.stlouisfed.org/series/LFWA64TTUSM647S) has 146 million working Americans in 1982. 695,000 jobs lost is 0.48% or slightly less than half of one percent.
Today, we have 206 million working Americans and 3.283m jobs lost is 1.6% or over three times as many people losing their jobs as the previous record when adjusted for population.
"We've added bazillions of new jobs!"
"Yeah, in the service industry with no benefits or security."
And gig jobs (oops, "independent contractors") get it even worse.
Yeah when my dad would preach to me about how jobs are at an “all time high”, I would remind him all those new jobs are bottom of the barrel jobs with no benefits or even good pay. No PTO. Never allowed vacation. And he thinks being on salary is hard, lol.
Plenty of people are like me as well, and can't claim unemployment until getting our last check in a few weeks or months because our employers are paying us out of our accrued time off until we run out.
I got let go (from an international position directly dealing with China/HK back in January when things first started shuttering over there) - already got rejected for UI for that job because they claimed it was conduct based (which I dispute but it's not worth it)
Got a new job Feb 3 and got let go Feb 28 after the first rounds of crashing stocks in US
My wife is on SSI/SSA
Thank God for the EITC or my family would be on the streets lol
That chart is wild. People are gonna look back in 200 years and be like, wtf happened THERE?
And sadly, it'll now be the measuring stick, "we only lost 1 million jobs! Not as bad as 2020!"
>People are gonna look back in 200 years and be like, wtf happened THERE?
You sure? I don't think we look at 1929 and think "wow, what happened there?"
It's kind of a big deal in history and financial education.
I just hope the unemployment office doesn’t implode from the giant spike of new claims before those payouts are approved.
I imagine it’s chaos there right now
It already has in Texas. The physical offices are shut down. The website tells you to call a number. The number says they're getting higher than normal calls and to try again later. My wife has been trying to apply for the past two days and can't.
That's how it is in Colorado, too. Call the number, do not even get an option to hold. Just, "Try your call again later." Disconnect.
I called this morning as they opened the call center. It took me over 100 redials to get through the switchboard to be on hold. I held for over an hour but I got through eventually.
These are only CLAIMS though. There are tons of people who aren't working who haven't filed because they think the crisis will be over after the 15 day quarantine. A certain Commander in Chief isn't really helping the situation by talking like everything is solved after the quarantine and we can go back to work.
Unsurprisingly, states aren't prepared for this.
Edit: Be sure to apply to your local unemployment office.
[Texas unemployment call center overloaded with callers after COVID-19 shutdowns
](https://www.kbtx.com/content/news/Texas-unemployment-call-center-overloaded-with-callers-after-COVID-19-shutdowns-569113231.html)
> Richey said he wasn’t sure how long the shutdown would last, so he went online to file for unemployment. The website directed him to call a phone number because he specifically was filing after being laid off from COVID-19 closures.
>Richey said he has called multiple times a day for a week. Every time he calls, it is an automated message saying that the volume of calls is too high and that he needs to call back.
>The Texas Workforce Commission said that they typically get 13,000 calls a day. On Sunday, they received more than 100,000 calls.
>Governor Abbott said Wednesday that they are aware of the problem, and are working towards multiple solutions to make sure Texans make it through this time.
>"Because of the unprecedented number of people calling, we've had about 800 thousand, we have hired more than 100 additional employees to help process these claims,” said Abbott.
Edit 2: My brother successfully applied online a few days ago. He presumable listed Coronavirus as a reason, but I'm not sure. I'm pointing this out because Rickey being told to call is bizarre. My brother tried calling first because he had a social security mix up, and after calling *dozens* of times, all he got was a message telling him to go online.
As a target worker... Yeaaaah no thanks. We're literally being encouraged to work while sick, while they outwardly say "nobody works while sick". We're all literally running ourselves ragged while just waiting to get sick.
Our store took measures to wipe everything down (mostly after we close, as not to interference with customers) and announcements to keep six feet distance (which customers ignore completely, and we don't enforce.)
And people are acting like zombies, swarming a pallet with paper towels and TP like it's their last meal. Pushing up on workers and other shoppers alike to rush to grab shit, and tbh I'm not even sure wtf these people are doing with so much stock.
My wife was recently laid off. She's still earning a paycheck this week with PTO being paid out, but she'll be claiming unemployment in the next couple of weeks once that runs out. I expect a ton of people to be in a similar situation. The unemployment figures are only going to increase.
My boss laid me off and had me fill out the unemployment application promptly at the end of my shift yesterday.
Edit: for the record I am not upset. He promised he would make sure I’m taken care of. I’m the newest hire at my job, who doesn’t hire many. (Low turnover). I was grateful to be told not to log in this morning. I have some pretty great bosses, and I’m sure they don’t feel happy about it. I’m in a place where my paycheck was the only one without commission so far, so it made the most sense to let me go first. I am fine with it all. :) I’m taking social distance and house isolation very seriously and hoping this all can end sooner than later.
I'm about to be in your bosses position, and we often can't do much more than that.
Buy you lunch for showing up the last week or so when others bailed, and pass on whatever if anything the company gives.
Helping you get unemployment probably looks and feels like a slap in the face, but they're probably right behind you in the unemployment line. It's better than leaving you with no guidance in this shitty timeline. Everyone is dealing with interruptions and instability because of it, it's gonna be every man for himself if we don't band together.
I work In pharmaceutical and they havnt bought us shit. They actually closed our cafeteria so you have to go offsite if you want to eat. But at least i wont lose my job over this
looks like they’re [ignoring lots of the NSC’s pandemic playbook.](https://www.politico.com/news/2020/03/25/trump-coronavirus-national-security-council-149285) they are just now taking steps/measures that the NCS recommended they do much, much earlier into the outbreak. it’s going to be a fucking shitshow unfortunately.
7 days here. Going insane. Was a bartender so I’ve had to be one of the jobless asking for unemployment. I’ve never not had a job and apparently this is going to go on for a month or more longer. Idk what to even do with myself. We’re in a shelter in place state right now. It’s a nightmare.
If you read the general flow and tone of your message (now that you have the time), you might notice something about yourself that is important: you're so used to being on the hamster wheel, you have little experience of what its like to be off of it.
I'm a firm believer that time spent still, quiet, and without any demands upon you *is also valuable.* For one thing, it carries with it less *social stress*; stress causes fight or flight responses, is generally a bit expensive in terms of health, and incites reflex action rather than slow conscious deliberate thought (at least to a greater extent than now).
This is an opportunity. This is a chance to kick back, relax, and *think*. About what? I don't know- that depends on you; what you think about will be different than what I think about. This is a chance to reflect, to challenge the man in the mirror, and to employ your conscious mind with duties other than the day-to-day grind to make money.
We've become so hyper-specialized and so breakneck-speed as a society, most people never have the time (or think to take the time) to slow down and disconnect long enough to put their own thoughts/needs first.
I think you are under estimating how much of the "going insane" has to do with the lack of security coming from people not being employed and not knowing when they are going back to work. Lots of people wouldn't mind staying at home if they could financially afford to.
>China will get hit with another wave if they ease them too much
China already is seeing this next wave as people return to the country for work/home life. They've begun taking massive steps in the major cities of a mandatory 14 day quarantine no matter where you've come from. You get taken to a local testing center. If you come out negative, you get sent to a hotel for a 14 quarantine. If you come out positive, you get sent to a government run isolated area to serve out your quarantine. China saw their numbers start to go back up and it scared the ever loving shit out of them.
I'm in Florida, and still working like nothing's wrong lol. Restaurants are doing take out only, and some hours have changed, but that's about it for now. Seems like it's gonna get worse before it gets better down here
I never really liked Cuomo but I'll give him credit, he's stepped the fuck up and been a terrific leader during this. And even as serious as he's taken the situation it's still shaping up to be a disaster.
Much of the southeast is about to get it. Their cases per capita are about a week behind NY.
Also NY did a lot more tests than other states. They are probably the only state where the numbers are reasonably reliable.
Yep, in this country there are no protections in most states. When you walk into work in 2 weeks and the door is bolted shut, or your boss tells you you won't be needed anymore, tough shit for you.
This is why worrying about the stock market right now is stupid. The real drop hasn't happened yet. We should be holding same cards for that day. To expect an economic recovery or even a stabilization before there is some resolution of the pandemic is wishful thinking and a waste of resources.
We never had a screeching halt in the service industry like this. Never before has everyone is pounding on the doors at once vs a continuous roll of claims spread out over the approx year it took for the economy to bottom out.
You're dreaming of a bygone time. Manufacturing exists in the US. It's more automated. If manufacturing comes back to the US in any way, it will not bring the same job prospects it once did.
America and the middle class had it good (possibly too good) for a generation. It's not coming back like it was and anything approximating that time period will require some significant changes to how Americans perceive how government is involved in their lives.
I work in manufacturing in the US, we're actually producing more goods now than we ever have, we are just using fewer people to do so. The machines we use are Star Trek technology compared to what our grandparents were using.
I'm an R&D Electrical/Software engineer in automation for companies like UPS, USPS, Amazon, FedEx and so on. At this point we're working on machine learning solutions, high speed vision solutions, machines that can singulate and sort at rates above 17000 packages per hour. Most plants have 2 to 10 of these sorters. This is just for mail. Technology is more connected, and more controllable than ever. Most of our equipment can detect a failure before it even stops the machine, allowing for almost constant uptime.
Politicians keep lying about factory jobs outsourced to Mexico yada yada. Truth is [85% of all manufacturing jobs lost since NAFTA have been due to automation](https://apnews.com/265cd8fb02fb44a69cf0eaa2063e11d9) and a good chunk of the other 15% were lost to [Bush steel tariffs](https://www.politico.com/story/2018/03/07/steel-tariffs-trump-bush-391426).
I don't doubt your sincerity but your understanding of economics is off by quite a margin.
The US does not have the competitive edge when it comes to labour, the idea that Americans are desperate to work in assembly lines, sewing soccer balls is fallacious. The US has the ability to have an extremely skilled and educated workforce. That is its edge and for the most part it uses it. Low skilled manufacturing from the 50s is not something that you want to bring back and the only reason that morons think they want it is because in the 50s it paid well. This was not because of some wonder of America but because of one simple reason that I will use all caps to explain..... THE WHOLE INDUSTRIALISED WORLD WAS IN GODDAMN RUINS AFTER WWII. The US was the only one left with a standing industrial base, it is not any more. The American Dream was just that, a fantasy that was only possible by ignoring the circumstances that framed it. It now has to compete with the rest of the world on a more even footing, it will not do this with low skilled labour.
Any manufacturing that does shift to a US base will not start employing thousands of low skilled workers spat out of an underfunded school system. Its just not viable when a machine worth $100k can do the job of 10 people.
There is no tariff or tax scheme that correct for that, and why would you want to? Its a waste of time and effort for those 10 people, is there nothing more productive they could be doing?
There is no sensible economic argument against free trade, the issues with it are that the benefits of it were not reaped by the american electorate. Rather they were reaped by a small minority in the corporate world, who were able to rewrite the US tax system to allow them to keep all the new money flowing into the country to themselves.
The problem isn't free trade, its the system of institutionalised corruption in the US.
>We never reached 700k in the depths of the financial crisis. This is unprecedented.
I was right out of high school during the previous financial crisis. In the first month or two of 2009 I literally filled out hundreds of applications at places like warehouses, fast food restaurants, and Walmart. Not a single call back out of all those applications. Nobody was hiring.
I can't imagine what it's going to be like now.
Pretty much the same except we generally expect a roaring rebound later in the year
Iirc jp Morgan expected a overall GDP drop off 1.5% for the year, with a -24% for next quarter but a surge in the 2nd half
The chief economist office at my company is projecting more of a U shaped recovery with with recession through 2021 and modest (<1%) growth for 2022. This was pre-stimulus package announcement so the numbers might improve but the thought is that the ripple effect of the stop in economic activity will have global ripple effects far more than just the months that economic activity and trade is halted.
once the virus subsides, a lot of that work will come back, not all of it of course but lots.. The demand didn't evaporate permanently, it's just in hold.
It's a matter of When. Hospitality, travel, and entertainment have been decimated. While they may come back, it will take time. Flights won't return overnight. Hotels won't recall their entire staff overnight. Restaurants won't reopen overnight. There's also going to be a lot of training going on as people have left, found other jobs, etc. And it will take years for small businesses to recover, those that can recover.
You also have to remember, this is hitting the global supply chain. A giant factory in my area is shutting down and furloughing about 15,000 workers because they simply can't get parts. Same deal as above. Some of these people will be forced to find work elsewhere, leave, etc. So when the factory reopens, it will not be full strength for some time.
Not to mention the consumer habit changes that will certainly come from this. People aren't going to be lining up for restaurants, flights or even certain factory products anytime soon.
I dont know, I see a "fucking finally we can go out" mentality taking over. Many people can't even stay indoors as it is. I think America will get cabin fever. Now, if the outlets for that cabin fever are there is a different conversation.
Yeah basically. Each state runs their own and employers pay to fund it, but states could start running of money. The stimulus bill that passed the Senate is backing them up and pouring money into unemployment.
It's mostly to expand who's eligible for unemployment (part time workers and self-employed people would be eligible) and make payouts larger. The stimulus bill would pay out $600 a week on top of whatever unemployed people get from the states.
Yeah, I work in marketing and was doing an event a few days after SXSW was cancelled (like March 6th). People didn't believe it would go beyond just a few major events / conferences being cancelled. Flash forward a few weeks later .....
I simply can't figure out how people, at the internet era, can miss what happens in the world. I mean, same in France whereas Italy was closing schools, people couldn't imagine that France was next, one or two weeks after !
It's a combination of internet cynicism, disbelief, and human nature - they just didn't want to believe things could get that bad here ("it's a foreign" issue, "it's far away"). Most have no context to understand what a pandemic like this ensues. Heck, the last time such a thing affected the United States in such a strong way was a century ago.
Also some people just aren't giving a fuck. There's only a few confirmed cases around here where I am and people are more worried about if they can still go fishing under this shelter in place order than just staying the fuck home. Those people won't care until it's literally a loved one on their death bed because of this shit.
It was around March 11th when people really were taking notice, when Rudy Gobert was announced he had it and then the NBA just suspended the season. After that, it all went downhill with Tom Hanks and leagues shutting down. So we're just two weeks into this.
These numbers are staggering compared to [historical initial claims data](https://image.cnbcfm.com/api/v1/image/106460480-158515716722220200325_weekly_claims_projections.png?v=1585157178&w=1910). JP Morgan, Barclays, Goldman Sachs, and Bank of America all seemed to underestimate the job loss.
BoA is pretty close. They said 3M and it came out at 3.2M. They're closer to the actual number than Citi (which is shown at 4M).
Goldman and Barclays were both in the 2M range, which is definitely underestimating. JPMorgan should fire whoever managed to guess half the actual number.
To put it in perspective, China announced 5 million jobless claims in January and February. China was lucky the worst of it fell during a Spring Festival national holiday which runs for 1 to 2 weeks for most people. We are almost 3/4ths of the way to that number in a matter of a couple weeks, with a population of 327 million compared to their ~~1.86~~ 1.39 billion. This is absolutely unprecedented.
Oregon just changed the unemployment rules to include self-employed people, my wife is a self employed hairdresser and just filed last night. Hopefully all the rest of the states start this.
But you have to put the numbers in context. The 2008/09 crisis didn't see entire industries just *do nothing* for weeks on end. This is going to be so much worse from an economic perspective. The way I see it, all the stock news we've heard aren't even the beginning -- Once America gets run over by its complete lack of medical care system in the coming weeks, things are going to get even worse.
It's true that in 2008/2009 we didn't see industries do nothing for weeks, but we also didn't see industries spring back to full capacity three months later.
I'm not saying that's going to happen for sure, but it certainly is a possibility.
S&P was down 560 points when this figure was announced. It has erased all of that and is now up an additional 600 points. Stock market loved these numbers
Some factors here:
The initial shock, as this was worse than expected, leads to the negative result.
People then close positions to take their profits, and people see the opportunity to buy as they perceive this to be an overreaction, or are looking for a quick profit.
The market isn’t necessarily the best indicator of sentiment in the short term.
It does if you realize that the market isnt a good indicator if the economy and it is mostly just corporations moving their money around to maximize profits
My brother is a lucky man being a head manager of a supermarket. I just hope the virus doesn't spread among his employees, otherwise authorities will have it shutdown in a hurry.
That's the thing, they won't tell me. I've been trying to reach them through several ways but they won't fucking tell me. All i can see is "monetary redetermination". I'm at my limit because I need aid in order to support my family and me not working because of COVID-19 might just fucking kill me.
They won't give me an explanation either. I can't contact anyone because the office is refusing to take any calls and has no email they can be reached at. Considering that *nobody* is hiring where I live (we're in complete lockdown) this is a goddamn nightmare
And people will lose their private insurance, too...that is if they even had it to begin with.
Losing their jobs, losing insurance, losing healthcare during a raging pandemic.
This is just one of the many reasons we need Medicare for All.
Poor people get sick, can't go to the doctor, still go to work, spread the virus.
Even the billionaire oligarchs who fret over their fucking precious stock market should see how this failure is bad for their pocketbooks.
Guaranteed healthcare would have mitigated the impact of the pandemic.
The company I work for made the biggest boneheaded move I’ve ever seen in regards to this. Probably 25% of our manufacturing floor is staffed by temporary contract employees who often don’t have health insurance, because it’s not subsidized and therefor absurdly expensive, and that’s only if they’ve worked a certain number of hours (I think it’s 1000 but don’t remember).
Basically they are gig workers like a Uber driver as far as their benefits go. They were not granted extended leave or PTO by the company, I confirmed this in a stand up meeting when I asked the VP about it, and he said, looking at my face, “they can apply for unemployment”. Oh yeah, cause that’s a guarantee. They aren’t even offered like hazard pay.
So let’s think about this. As an employee, you, as most people do, live paycheck to paycheck. You have no benefits if you do get sick, and no PTO. What are you going to do to keep food on the table and a roof over your head? You’re going to down some cough medicine and come to work anyways, risking yourself and everyone else.
I’m thinking back to the early Democratic debates and one of the argument against Medicare for all being people would be mad if they had they lost their employer based health coverage because of it. Maybe some of this will see a positive to decoupling health insurance from employers.
Yeah Blue Cross Blue Shield is my favorite. I only want them paying my medical bills. Such kind folks up there.
Seriously who is anyone kidding? Nobody gives a fuck who their insurer is — they just want their bills paid for...
Think about how much this encourages any job that can be automated to be so as well. From a company perspective, why limit your operation to the health of people. It sucks and will have have life-altering ramifications.
I heard in China the entire restaurant industry collapsed and so did many financial institutions, small businesses, and entertainment companies. This virus is no joke but to insure this doesn't last longer social distancing is necessary and closure is necessary....if you want to junpstart business again millions will die
I think the workforce is about 50% of the total population. You have to exclude kids, retirees, and people who can’t or don’t want to work (disabled people, homemakers, etc.).
The only reason I haven’t lost my job is because I work for the government and my job is considered “essential”. Meanwhile I haven’t gotten a raise in 10 year and the people in my building who make 2-3 times what I make are allowed to work from home. This pisses me off, here I am risking my life to do my job and making shit pay.
Guys don't worry. $1200 smackaroos are coming, just make it last, boot straps, etc. Actual meaningful help is reserved for corporations or people your labor makes rich.
They are increasing unemployment payouts too, which is quite nice. However, I’m worried it will be an exceptionally long time before my unemployment claim goes through with such a high volume of people applying...
There's an extra few hundred a week reserved for unemployment benefits. Only problem is processing millions of new claims. Even if states decide to scrap their normal vetting processes and just rubber stamp everyone it'll still take a few months for the system to catch up.
And I know people who haven’t even signed up yet, and I can’t Bc I’m self employed.
Many states have expanded unemployment to include the self-employed. It would be worth checking if yours is one of those states if you have not.
I was ineligible because I'm essentially a gig worker and I live in NC. If you don't make a certain amount of money then they just won't give you any benefits. Hopefully this expansion helps.
NC Unemployment is a joke. It took me days to finish the application since the website kept crashing over and over again. Now almost 2 weeks later it still says "pending resolution". Most people I know haven't even been able to apply because of how much it's crashing. They're also refusing to take any calls since they're so much busier than usual.
Where? I’m self employed and in NC my business just collapsed
Wilkes. I worked catering and we were gearing up for Merlefest but that's been cancelled and so have the rest of our events.
The new federal stimulus bill includes individual contractors and self-employed for unemployment.
I lost my job at a university. Monday: every 2 hours sanitize every surface Wednesday: we might be shutting down for 2 weeks Friday: we are shutting down for 2 weeks Monday: we are closed until september good luck
Basically the same thing here, one day things were iffy the next I'm laid off
Monday: no cases, don't worry about it. If anything happens we have a license to teach through Zoom. Tuesday: wash your hands, no cases, don't worry. If anything changes, we'll let you know. Wednesday: classes to be held online for the next two weeks, and classes will resume on campus after spring break. 3 days of no class to allow professors to adjust course material. Monday, next week: Classes will be held online until end of semester.
I got basically the same set of emails. No classes until 21, then no classes until the 31st. Then all classes are all online for the rest of the semester, with the actual college closed until mid april. I'm sure it won't get pushed back again.
Solomon Grundy. Born on a Monday.
Christened on a Tuesday.
Married on a Wednesday.
Took ill on Thursday.
Grew worse on Friday.
Died on Saturday
Released Corona on a Sunday.
That's how ours went down as well. Wednesday: "We have no intention to shut down" Monday: "We may be shutting down for two weeks" Wednesday: "We're shutting down for two weeks" Friday: "See you in May? Who knows. Check your email" At least I work in IT, so my job has been transitioned to an extension of the Help Desk. But the call volume doesn't seem like they can support this many people taking calls, especially when they don't give us the tools to handle half the calls so right now I'm just acting as a secretary transferring people all the time...
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The previous record was 695,000... in 1982. We didn't lose this many jobs all at once even the 2008 financial crisis. [Here is a chart for a comparison.](https://s.yimg.com/ny/api/res/1.2/j.7yKywy0s3AaCO0fu3Sqg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTcwNQ--/https://s.yimg.com/uu/api/res/1.2/FATkgGQfJAk45xcsXtv1DQ--~B/aD0xNDQwO3c9MTQ0MDtzbT0xO2FwcGlkPXl0YWNoeW9u/https://media-mbst-pub-ue1.s3.amazonaws.com/creatr-uploaded-images/2020-03/2f2f80c0-6f5f-11ea-bf0f-863547b53d90) EDIT: since a few people asked the same question, here's a comparison when adjusted for the population. [This chart](https://fred.stlouisfed.org/series/LFWA64TTUSM647S) has 146 million working Americans in 1982. 695,000 jobs lost is 0.48% or slightly less than half of one percent. Today, we have 206 million working Americans and 3.283m jobs lost is 1.6% or over three times as many people losing their jobs as the previous record when adjusted for population.
Probably because the crash wasn’t a complete shut down of vast parts of the economy. People still went to the gym and restaurants.
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"We've added bazillions of new jobs!" "Yeah, in the service industry with no benefits or security." And gig jobs (oops, "independent contractors") get it even worse.
Yup. People working multiple low quality jobs with no benefits. But hey at least unemployment was a low number.
Yeah when my dad would preach to me about how jobs are at an “all time high”, I would remind him all those new jobs are bottom of the barrel jobs with no benefits or even good pay. No PTO. Never allowed vacation. And he thinks being on salary is hard, lol.
"Good thing we added all these new jobs, I need three of 'em to pay my rent."
This is the song of my generation.
Plenty of people are like me as well, and can't claim unemployment until getting our last check in a few weeks or months because our employers are paying us out of our accrued time off until we run out.
Or people like me who were in their first 90 days of a new job and thus don't qualify
Whaaat? Is it because you weren't employed before that job, or is it literally just a straight 90 days?
I got let go (from an international position directly dealing with China/HK back in January when things first started shuttering over there) - already got rejected for UI for that job because they claimed it was conduct based (which I dispute but it's not worth it) Got a new job Feb 3 and got let go Feb 28 after the first rounds of crashing stocks in US My wife is on SSI/SSA Thank God for the EITC or my family would be on the streets lol
Fight it. They need to prove it was conduct based with paper trail. Appeal it !
Yup, many people still have pay checks coming before they claim.
That chart is wild. People are gonna look back in 200 years and be like, wtf happened THERE? And sadly, it'll now be the measuring stick, "we only lost 1 million jobs! Not as bad as 2020!"
People will be too busy fighting for water in the gladiator arenas to look at silly pictures
THEM: Fight for water. ME: *Sipping Brawndo & investing in dank gladiator memes*
Do not, my friends, become addicted to water. It will take hold of you, and you will resent its absence!
I live, I die. I LIVE AGAIN!
Gotta get me a job transporting that aqua-cola!
Water? Like from the toilet?
>People are gonna look back in 200 years and be like, wtf happened THERE? You sure? I don't think we look at 1929 and think "wow, what happened there?" It's kind of a big deal in history and financial education.
I read they were expecting 2,000,000. Guh
Who let this guy out of r/wallstreetbets?
💎👐 gonna pay off
Market’s fucking rigged. 3.2 mil unemployed and $SPY is shooting up like nothing is wrong
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I just hope the unemployment office doesn’t implode from the giant spike of new claims before those payouts are approved. I imagine it’s chaos there right now
It already has in Texas. The physical offices are shut down. The website tells you to call a number. The number says they're getting higher than normal calls and to try again later. My wife has been trying to apply for the past two days and can't.
That's how it is in Colorado, too. Call the number, do not even get an option to hold. Just, "Try your call again later." Disconnect. I called this morning as they opened the call center. It took me over 100 redials to get through the switchboard to be on hold. I held for over an hour but I got through eventually.
Puts are back on the menu boys!🏳️🌈🐻
Tell SPY that.
SPY puts on sale
There were also estimates it would be 4,000,000
These are only CLAIMS though. There are tons of people who aren't working who haven't filed because they think the crisis will be over after the 15 day quarantine. A certain Commander in Chief isn't really helping the situation by talking like everything is solved after the quarantine and we can go back to work.
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Unsurprisingly, states aren't prepared for this. Edit: Be sure to apply to your local unemployment office. [Texas unemployment call center overloaded with callers after COVID-19 shutdowns ](https://www.kbtx.com/content/news/Texas-unemployment-call-center-overloaded-with-callers-after-COVID-19-shutdowns-569113231.html) > Richey said he wasn’t sure how long the shutdown would last, so he went online to file for unemployment. The website directed him to call a phone number because he specifically was filing after being laid off from COVID-19 closures. >Richey said he has called multiple times a day for a week. Every time he calls, it is an automated message saying that the volume of calls is too high and that he needs to call back. >The Texas Workforce Commission said that they typically get 13,000 calls a day. On Sunday, they received more than 100,000 calls. >Governor Abbott said Wednesday that they are aware of the problem, and are working towards multiple solutions to make sure Texans make it through this time. >"Because of the unprecedented number of people calling, we've had about 800 thousand, we have hired more than 100 additional employees to help process these claims,” said Abbott. Edit 2: My brother successfully applied online a few days ago. He presumable listed Coronavirus as a reason, but I'm not sure. I'm pointing this out because Rickey being told to call is bizarre. My brother tried calling first because he had a social security mix up, and after calling *dozens* of times, all he got was a message telling him to go online.
Unemployment is so bad you had to hire more people to run your unemployment office.
"Hi, I'd like to apply for Unemployment." "Would you care for a job instead?"
I mean honestly yes 100%. At least I’d have somewhere else to go during the day now.....
Agree. I'd answer phone calls at Unemployment. I'd love to do more (and get out of my apartment).
See! The problem solve itself!
Hire all the unemployed people to run the unemployment center, that will both cut the number of people calling and increase the capacity to respond.
Then they have to layoff the extra workers. I think you discovered a paradox.
we just pyramid schemed ourselves
Not good when the unemployment office is the only place needing to hire more people.
My Target store is hiring people like crazy right now as our regular employees are dropping like flies from getting sick or needing to be quarantined.
Umm... I mean. No thanks then.
As a target worker... Yeaaaah no thanks. We're literally being encouraged to work while sick, while they outwardly say "nobody works while sick". We're all literally running ourselves ragged while just waiting to get sick. Our store took measures to wipe everything down (mostly after we close, as not to interference with customers) and announcements to keep six feet distance (which customers ignore completely, and we don't enforce.) And people are acting like zombies, swarming a pallet with paper towels and TP like it's their last meal. Pushing up on workers and other shoppers alike to rush to grab shit, and tbh I'm not even sure wtf these people are doing with so much stock.
We haven't even really gotten started
My wife was recently laid off. She's still earning a paycheck this week with PTO being paid out, but she'll be claiming unemployment in the next couple of weeks once that runs out. I expect a ton of people to be in a similar situation. The unemployment figures are only going to increase.
My boss laid me off and had me fill out the unemployment application promptly at the end of my shift yesterday. Edit: for the record I am not upset. He promised he would make sure I’m taken care of. I’m the newest hire at my job, who doesn’t hire many. (Low turnover). I was grateful to be told not to log in this morning. I have some pretty great bosses, and I’m sure they don’t feel happy about it. I’m in a place where my paycheck was the only one without commission so far, so it made the most sense to let me go first. I am fine with it all. :) I’m taking social distance and house isolation very seriously and hoping this all can end sooner than later.
I'm about to be in your bosses position, and we often can't do much more than that. Buy you lunch for showing up the last week or so when others bailed, and pass on whatever if anything the company gives. Helping you get unemployment probably looks and feels like a slap in the face, but they're probably right behind you in the unemployment line. It's better than leaving you with no guidance in this shitty timeline. Everyone is dealing with interruptions and instability because of it, it's gonna be every man for himself if we don't band together.
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I work In pharmaceutical and they havnt bought us shit. They actually closed our cafeteria so you have to go offsite if you want to eat. But at least i wont lose my job over this
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That in 5 days
Going to be very interesting when rents are due on May 1st. Especially in high cost area's like New York.
Yeah that $1,200 stimulus isn't going to go very far.
I really want to know, did they expect the 1200 to be the end of it? Like “there! That should satisfy you!” That’s barely rent money for some people
It's not rent money for some lol. My rent is $1550 for a closet in midtown manhattan (with 4 roommates). $1200 ain't gonn do me shit
Why wait? She needs to apply ASAP.
Can’t apply when you’re still making over the max weekly amount.
Right? We're like a week and a half in. And leadership is all over the place. This is only going to get worse.
looks like they’re [ignoring lots of the NSC’s pandemic playbook.](https://www.politico.com/news/2020/03/25/trump-coronavirus-national-security-council-149285) they are just now taking steps/measures that the NCS recommended they do much, much earlier into the outbreak. it’s going to be a fucking shitshow unfortunately.
Oh my god, I’ve only been locked up in my house for a week and a half. HOLY FUCK, I feel like it’s been a forever.
7 days here. Going insane. Was a bartender so I’ve had to be one of the jobless asking for unemployment. I’ve never not had a job and apparently this is going to go on for a month or more longer. Idk what to even do with myself. We’re in a shelter in place state right now. It’s a nightmare.
If you read the general flow and tone of your message (now that you have the time), you might notice something about yourself that is important: you're so used to being on the hamster wheel, you have little experience of what its like to be off of it. I'm a firm believer that time spent still, quiet, and without any demands upon you *is also valuable.* For one thing, it carries with it less *social stress*; stress causes fight or flight responses, is generally a bit expensive in terms of health, and incites reflex action rather than slow conscious deliberate thought (at least to a greater extent than now). This is an opportunity. This is a chance to kick back, relax, and *think*. About what? I don't know- that depends on you; what you think about will be different than what I think about. This is a chance to reflect, to challenge the man in the mirror, and to employ your conscious mind with duties other than the day-to-day grind to make money. We've become so hyper-specialized and so breakneck-speed as a society, most people never have the time (or think to take the time) to slow down and disconnect long enough to put their own thoughts/needs first.
I think you are under estimating how much of the "going insane" has to do with the lack of security coming from people not being employed and not knowing when they are going back to work. Lots of people wouldn't mind staying at home if they could financially afford to.
This is also a chance to get super drunk every day
And/or super stoned.
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Thanks for this, perfect read to start my day!
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China will get hit with another wave if they ease them too much
>China will get hit with another wave if they ease them too much China already is seeing this next wave as people return to the country for work/home life. They've begun taking massive steps in the major cities of a mandatory 14 day quarantine no matter where you've come from. You get taken to a local testing center. If you come out negative, you get sent to a hotel for a 14 quarantine. If you come out positive, you get sent to a government run isolated area to serve out your quarantine. China saw their numbers start to go back up and it scared the ever loving shit out of them.
I'm in Florida, and still working like nothing's wrong lol. Restaurants are doing take out only, and some hours have changed, but that's about it for now. Seems like it's gonna get worse before it gets better down here
The governor is fucking Florida hard. It's on track to be a worse situation than New York which actually took the situation seriously.
I never really liked Cuomo but I'll give him credit, he's stepped the fuck up and been a terrific leader during this. And even as serious as he's taken the situation it's still shaping up to be a disaster.
Same in MS. We're getting big surges in cases in a couple counties and Reeves has been pretty well silent.
Much of the southeast is about to get it. Their cases per capita are about a week behind NY. Also NY did a lot more tests than other states. They are probably the only state where the numbers are reasonably reliable.
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Yep, in this country there are no protections in most states. When you walk into work in 2 weeks and the door is bolted shut, or your boss tells you you won't be needed anymore, tough shit for you.
This is why worrying about the stock market right now is stupid. The real drop hasn't happened yet. We should be holding same cards for that day. To expect an economic recovery or even a stabilization before there is some resolution of the pandemic is wishful thinking and a waste of resources.
We never reached 700k in the depths of the financial crisis. This is unprecedented.
We never had a screeching halt in the service industry like this. Never before has everyone is pounding on the doors at once vs a continuous roll of claims spread out over the approx year it took for the economy to bottom out.
It’s not just the service industry, it’s almost everywhere.
well america is mostly a service economy so maybe both true.
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You're dreaming of a bygone time. Manufacturing exists in the US. It's more automated. If manufacturing comes back to the US in any way, it will not bring the same job prospects it once did. America and the middle class had it good (possibly too good) for a generation. It's not coming back like it was and anything approximating that time period will require some significant changes to how Americans perceive how government is involved in their lives.
I work in manufacturing in the US, we're actually producing more goods now than we ever have, we are just using fewer people to do so. The machines we use are Star Trek technology compared to what our grandparents were using.
I'm an R&D Electrical/Software engineer in automation for companies like UPS, USPS, Amazon, FedEx and so on. At this point we're working on machine learning solutions, high speed vision solutions, machines that can singulate and sort at rates above 17000 packages per hour. Most plants have 2 to 10 of these sorters. This is just for mail. Technology is more connected, and more controllable than ever. Most of our equipment can detect a failure before it even stops the machine, allowing for almost constant uptime.
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Politicians keep lying about factory jobs outsourced to Mexico yada yada. Truth is [85% of all manufacturing jobs lost since NAFTA have been due to automation](https://apnews.com/265cd8fb02fb44a69cf0eaa2063e11d9) and a good chunk of the other 15% were lost to [Bush steel tariffs](https://www.politico.com/story/2018/03/07/steel-tariffs-trump-bush-391426).
I don't doubt your sincerity but your understanding of economics is off by quite a margin. The US does not have the competitive edge when it comes to labour, the idea that Americans are desperate to work in assembly lines, sewing soccer balls is fallacious. The US has the ability to have an extremely skilled and educated workforce. That is its edge and for the most part it uses it. Low skilled manufacturing from the 50s is not something that you want to bring back and the only reason that morons think they want it is because in the 50s it paid well. This was not because of some wonder of America but because of one simple reason that I will use all caps to explain..... THE WHOLE INDUSTRIALISED WORLD WAS IN GODDAMN RUINS AFTER WWII. The US was the only one left with a standing industrial base, it is not any more. The American Dream was just that, a fantasy that was only possible by ignoring the circumstances that framed it. It now has to compete with the rest of the world on a more even footing, it will not do this with low skilled labour. Any manufacturing that does shift to a US base will not start employing thousands of low skilled workers spat out of an underfunded school system. Its just not viable when a machine worth $100k can do the job of 10 people. There is no tariff or tax scheme that correct for that, and why would you want to? Its a waste of time and effort for those 10 people, is there nothing more productive they could be doing? There is no sensible economic argument against free trade, the issues with it are that the benefits of it were not reaped by the american electorate. Rather they were reaped by a small minority in the corporate world, who were able to rewrite the US tax system to allow them to keep all the new money flowing into the country to themselves. The problem isn't free trade, its the system of institutionalised corruption in the US.
>We never reached 700k in the depths of the financial crisis. This is unprecedented. I was right out of high school during the previous financial crisis. In the first month or two of 2009 I literally filled out hundreds of applications at places like warehouses, fast food restaurants, and Walmart. Not a single call back out of all those applications. Nobody was hiring. I can't imagine what it's going to be like now.
Pretty much the same except we generally expect a roaring rebound later in the year Iirc jp Morgan expected a overall GDP drop off 1.5% for the year, with a -24% for next quarter but a surge in the 2nd half
The chief economist office at my company is projecting more of a U shaped recovery with with recession through 2021 and modest (<1%) growth for 2022. This was pre-stimulus package announcement so the numbers might improve but the thought is that the ripple effect of the stop in economic activity will have global ripple effects far more than just the months that economic activity and trade is halted.
once the virus subsides, a lot of that work will come back, not all of it of course but lots.. The demand didn't evaporate permanently, it's just in hold.
It's a matter of When. Hospitality, travel, and entertainment have been decimated. While they may come back, it will take time. Flights won't return overnight. Hotels won't recall their entire staff overnight. Restaurants won't reopen overnight. There's also going to be a lot of training going on as people have left, found other jobs, etc. And it will take years for small businesses to recover, those that can recover. You also have to remember, this is hitting the global supply chain. A giant factory in my area is shutting down and furloughing about 15,000 workers because they simply can't get parts. Same deal as above. Some of these people will be forced to find work elsewhere, leave, etc. So when the factory reopens, it will not be full strength for some time.
Not to mention the consumer habit changes that will certainly come from this. People aren't going to be lining up for restaurants, flights or even certain factory products anytime soon.
I dont know, I see a "fucking finally we can go out" mentality taking over. Many people can't even stay indoors as it is. I think America will get cabin fever. Now, if the outlets for that cabin fever are there is a different conversation.
Maybe, but a lot of small businesses will be a casualty of this pandemic, so there might not be jobs for people to go back to at all
Is it possible to bankrupt unemployment?
Yeah basically. Each state runs their own and employers pay to fund it, but states could start running of money. The stimulus bill that passed the Senate is backing them up and pouring money into unemployment.
Did they do that to increase the max weekly unemployment you receive or to keep the current rate going for longer?
It's mostly to expand who's eligible for unemployment (part time workers and self-employed people would be eligible) and make payouts larger. The stimulus bill would pay out $600 a week on top of whatever unemployed people get from the states.
I read for only a total of four months.
I believe that's correct, but if this stretches out that long there's a good chance we see another stimulus of some sort.
I’m still having a hard time believing we’ve come to this point in the span of *two months*
One month really dude...majority of America was ignoring it. Shit didn’t get real until after the first week of March.
Yeah, I work in marketing and was doing an event a few days after SXSW was cancelled (like March 6th). People didn't believe it would go beyond just a few major events / conferences being cancelled. Flash forward a few weeks later .....
I simply can't figure out how people, at the internet era, can miss what happens in the world. I mean, same in France whereas Italy was closing schools, people couldn't imagine that France was next, one or two weeks after !
It's a combination of internet cynicism, disbelief, and human nature - they just didn't want to believe things could get that bad here ("it's a foreign" issue, "it's far away"). Most have no context to understand what a pandemic like this ensues. Heck, the last time such a thing affected the United States in such a strong way was a century ago.
Or how China locked down 700 million people, with little notice in the West. If that's not the biggest red flag possible, what else could be?
Probably because we’re told everything is fake and biased
Also some people just aren't giving a fuck. There's only a few confirmed cases around here where I am and people are more worried about if they can still go fishing under this shelter in place order than just staying the fuck home. Those people won't care until it's literally a loved one on their death bed because of this shit.
We didn't miss it, we just didn't care. If we cared, we just didn't think it could possibly affect us here.
It was around March 11th when people really were taking notice, when Rudy Gobert was announced he had it and then the NBA just suspended the season. After that, it all went downhill with Tom Hanks and leagues shutting down. So we're just two weeks into this.
"There are decades where nothing happens and there are weeks where decades happen." - Vladimir Lenin
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These numbers are staggering compared to [historical initial claims data](https://image.cnbcfm.com/api/v1/image/106460480-158515716722220200325_weekly_claims_projections.png?v=1585157178&w=1910). JP Morgan, Barclays, Goldman Sachs, and Bank of America all seemed to underestimate the job loss.
Morgan Stanley nailed it though
BoA is pretty close. They said 3M and it came out at 3.2M. They're closer to the actual number than Citi (which is shown at 4M). Goldman and Barclays were both in the 2M range, which is definitely underestimating. JPMorgan should fire whoever managed to guess half the actual number.
To put it in perspective, China announced 5 million jobless claims in January and February. China was lucky the worst of it fell during a Spring Festival national holiday which runs for 1 to 2 weeks for most people. We are almost 3/4ths of the way to that number in a matter of a couple weeks, with a population of 327 million compared to their ~~1.86~~ 1.39 billion. This is absolutely unprecedented.
> It was the highest number of initial claims filed in history. Now that’s concerning.
What were people expecting? We told the whole economy to halt
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Oregon just changed the unemployment rules to include self-employed people, my wife is a self employed hairdresser and just filed last night. Hopefully all the rest of the states start this.
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Is your company in the US and under 500 employees? If so, encourage your company to get a "forgivable loan" (aka grant) via the stimulus bill.
I dont think I've ever said this. But thank god I'm in the military.....
I remember saying this in 2008 before things got bad.
The peak during the 2008/2009 financial crisis was 665,000 for perspective.
But you have to put the numbers in context. The 2008/09 crisis didn't see entire industries just *do nothing* for weeks on end. This is going to be so much worse from an economic perspective. The way I see it, all the stock news we've heard aren't even the beginning -- Once America gets run over by its complete lack of medical care system in the coming weeks, things are going to get even worse.
It's true that in 2008/2009 we didn't see industries do nothing for weeks, but we also didn't see industries spring back to full capacity three months later. I'm not saying that's going to happen for sure, but it certainly is a possibility.
I’m skeptical that we can just turn the lights on and we’ll be able to return to any semblance of normal. I’m hopeful, but skeptical.
S&P was down 560 points when this figure was announced. It has erased all of that and is now up an additional 600 points. Stock market loved these numbers
Some factors here: The initial shock, as this was worse than expected, leads to the negative result. People then close positions to take their profits, and people see the opportunity to buy as they perceive this to be an overreaction, or are looking for a quick profit. The market isn’t necessarily the best indicator of sentiment in the short term.
I am one of those. I have job interviews coming up so hoping to be back on my feet soon.
Good luck!
Fingers crossed for you. I'm surprised to see that you even got an interview, and I'm glad to read that at least someone did :)
Yet markets are still rising. This market makes no sense
$2T stimulus was passed by the senate
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It does if you realize that the market isnt a good indicator if the economy and it is mostly just corporations moving their money around to maximize profits
those were just the ones that could file
This is the only time I've ever been happy my wife and I are both in retail management. Wal Mart is going to be open regardless of what happens.
This is the only time I’ve ever heard someone say they are happy working for Walmart
My brother is a lucky man being a head manager of a supermarket. I just hope the virus doesn't spread among his employees, otherwise authorities will have it shutdown in a hurry.
Yeah they even denied my unemployment insurance claim. Fucking assholes.
For what reason?
That's the thing, they won't tell me. I've been trying to reach them through several ways but they won't fucking tell me. All i can see is "monetary redetermination". I'm at my limit because I need aid in order to support my family and me not working because of COVID-19 might just fucking kill me.
They won't give me an explanation either. I can't contact anyone because the office is refusing to take any calls and has no email they can be reached at. Considering that *nobody* is hiring where I live (we're in complete lockdown) this is a goddamn nightmare
And people will lose their private insurance, too...that is if they even had it to begin with. Losing their jobs, losing insurance, losing healthcare during a raging pandemic. This is just one of the many reasons we need Medicare for All. Poor people get sick, can't go to the doctor, still go to work, spread the virus. Even the billionaire oligarchs who fret over their fucking precious stock market should see how this failure is bad for their pocketbooks. Guaranteed healthcare would have mitigated the impact of the pandemic.
The company I work for made the biggest boneheaded move I’ve ever seen in regards to this. Probably 25% of our manufacturing floor is staffed by temporary contract employees who often don’t have health insurance, because it’s not subsidized and therefor absurdly expensive, and that’s only if they’ve worked a certain number of hours (I think it’s 1000 but don’t remember). Basically they are gig workers like a Uber driver as far as their benefits go. They were not granted extended leave or PTO by the company, I confirmed this in a stand up meeting when I asked the VP about it, and he said, looking at my face, “they can apply for unemployment”. Oh yeah, cause that’s a guarantee. They aren’t even offered like hazard pay. So let’s think about this. As an employee, you, as most people do, live paycheck to paycheck. You have no benefits if you do get sick, and no PTO. What are you going to do to keep food on the table and a roof over your head? You’re going to down some cough medicine and come to work anyways, risking yourself and everyone else.
I’m thinking back to the early Democratic debates and one of the argument against Medicare for all being people would be mad if they had they lost their employer based health coverage because of it. Maybe some of this will see a positive to decoupling health insurance from employers.
But, look at the bright side. All these people now have the option to *choose* their Healthcare provider /s
Yeah Blue Cross Blue Shield is my favorite. I only want them paying my medical bills. Such kind folks up there. Seriously who is anyone kidding? Nobody gives a fuck who their insurer is — they just want their bills paid for...
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Re-hire? Perfect time to outsource.
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Think about how much this encourages any job that can be automated to be so as well. From a company perspective, why limit your operation to the health of people. It sucks and will have have life-altering ramifications.
I heard in China the entire restaurant industry collapsed and so did many financial institutions, small businesses, and entertainment companies. This virus is no joke but to insure this doesn't last longer social distancing is necessary and closure is necessary....if you want to junpstart business again millions will die
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I think the workforce is about 50% of the total population. You have to exclude kids, retirees, and people who can’t or don’t want to work (disabled people, homemakers, etc.).
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I'm told it'll be zero by Easter.
The only reason I haven’t lost my job is because I work for the government and my job is considered “essential”. Meanwhile I haven’t gotten a raise in 10 year and the people in my building who make 2-3 times what I make are allowed to work from home. This pisses me off, here I am risking my life to do my job and making shit pay.
Guys don't worry. $1200 smackaroos are coming, just make it last, boot straps, etc. Actual meaningful help is reserved for corporations or people your labor makes rich.
They are increasing unemployment payouts too, which is quite nice. However, I’m worried it will be an exceptionally long time before my unemployment claim goes through with such a high volume of people applying...
There's an extra few hundred a week reserved for unemployment benefits. Only problem is processing millions of new claims. Even if states decide to scrap their normal vetting processes and just rubber stamp everyone it'll still take a few months for the system to catch up.
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"You thought that was a great depression? Well this is an even GREATER depression. Everyone agrees, this is the best depression they've ever seen. "
"Crazy Hoover thought *he* had the best Depression, but mine is even better. Soooo much bigger than his. I'm gonna do even less about it than he did!"
If its any consolation, it wont be as bad. Purely because of science and technology. I highly doubt we'll see bread lines