Another 4.4 million are out of work this week

Are you enraged yet? Another 4.4 million applied for unemployment benefits this week, bringing the total of new unemployed since the Wuhan flu panic began in March to about 26 million, and raising the unemployment rate to about 16%.

Meanwhile, evidence continues to mount that the Wuhan flu is probably no more dangerous that the flu, thus making this entire government-imposed shutdown and resulting Great Wuhan Depression entirely uncalled for.

Worse, that any governor in any state is still refusing to end their lock downs at this point tells us that they goal was never to fight the epidemic, but to acquire unjustified power to rule us like dictators. If the voters don’t fire these people wholesale come November than the voters deserve the hell they are about to get.

Five million more applied for unemployment benefits last week

The beatings will continue until morale improves: More than five million people applied for unemployment benefits last week, a jump caused almost entirely by the government shutdown nationwide.

That brings total claims over the four weeks ended April 11 to nearly 22 million workers, erasing the entirety of labor market gains since the 2008 financial crisis, a stunning sign of the colossal economic damage inflicted by the virus outbreak. Before the pandemic, the largest number of Americans to seek jobless aid in a four-week stretch was 2.7 million in the fall of 1982.

With a labor force that totals about 162 million people, that brings the unemployment rate close to 13 percent.

That exceeds the 10 percent peak during the worst of the Great Recession more than a decade ago and tops the previous post-World War II high of 10.8 percent in 1982, bringing the U.S. closer to Depression-era levels of unemployment. A growing number of economists have warned the so-called “Great Lockdown” will push the global economy into the worst recession since the Great Depression.

This by the way is only the beginning. If businesses are not allowed to open in the next week or so, the cascade of new job loses will make these numbers seem tiny.

But hey, we have to prevent even one death from COVID-19, no matter what the cost, even though its overall impact remains comparable to the annual flu.

Another dismal jobs report.

Another dismal jobs report.

Job growth amounted to a disappointing 80,000, below analyst expectations of 90-100K, while the jobless rate remained the same at 8.2%:

Read the whole article. There’s a lot more, all of its depressing and trending downward.

While no President should be blamed entirely for the unemployment numbers, the policies of any President do have a direct influence on those numbers, and should bear some responsibility, especially in this era where we have ceded so much power to the federal government. Consider this graph (below the fold), which shows the “total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.” The steep upward swing, beginning in 2008, sadly corresponds too closely with the beginnings of the Obama administration. And it is with this administration that we have seen the worst deficits, the most regulation, and the biggest increase in the power of government in our lifetimes. It is thus no surprise the economy has crumbled.
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New York City business owners sick over ObamaCare

New York City business owners are sick over Obamacare.

Small to mid-size businesses, which generate close to 70 percent of US jobs, fear ObamaCare could bury them in colossal bills and future paperwork, and are now paying the price as premiums have soared in anticipation of the new regulation. “ObamaCare has been very negative for our business,” Moishe Heimowitz, principal at First Medcare, a 50-employee medical practice based in Canarsie, told The Post. “The high costs of ObamaCare and our present health-care costs have impeded our efforts to hire more people.” [emphasis mine]

Obamacare has done nothing it promised. Why don’t we just bite the bullet, show some courage, and repeal the damn thing before it does more harm?