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Ladybbird · 11-05-20, 07:27

US Job Losses Have Reached Great Depression Levels.

In two, terrible, months the coronavirus pandemic has driven unemployment in the US to levels unseen since the 1930s Great Depression.

BBC NEWS, 11 MAY 2020

The US and Europe have taken different approaches to tackling pandemic-induced unemployment but which is best long term?

US; More File for Jobless Benefits, Figures are High > The number of unemployed in the US is rising under the impact of the pandemic.

People wait in a block-long line to pick up food at the Masbia of Flatbush food pantry in Brooklyn, New York, on 30 April 2020. Photograph: Justin Lane/EPA

In two, terrible, months the coronavirus pandemic has driven unemployment in the US to levels unseen since the 1930s Great Depression.

Did it have to be this way?

Covid-19 has cost more than 33 million Americans their jobs in the last seven weeks – 10% of the entire US population. The official unemployment rate had shot up from 4.4% to 14.7% on Friday – a figure that probably wildly underestimates the true scale of job losses.

Across the Atlantic in Europe unemployment rates, while rising sharply, have yet to match the devastating rises experienced in the US. The UK is facing 9%-plus unemployment. In Germany the International Monetary Fund is predicting an unemployment rate of just 3.9% for 2020, up from 3.2% last year.

The stark differences can in part be explained by a German word: “Kurzarbeit.” And two – largely – opposing views on the best way to recover from this unprecedented lockdown and the tsunami of job losses that have followed.

Kurzarbeit – literally “short work” – allows businesses facing a temporary emergency to apply for government subsidies to keep paying workers’ salaries until the crisis passes.

“Keeping people connected to their employers is a good idea,” said Simon Johnson, professor of entrepreneurship at the MIT Sloan School of Management and a senior fellow at the Peterson Institute for International Economics. Retaining skilled workers and maintaining households in crisis, in principle, should allow people, companies and countries to bounce back faster once the crisis passes, he said.

Many European counties, including the UK, Italy and the Netherlands, have adapted versions of the model for the current crisis after witnessing Germany’s speedy recovery from the last recession. “The people who are closest to Germany actually seem to have got this, those that are further have struggled to understand it,” he said.

The US, instead, is largely relying on its unemployment insurance program to deal with the crisis. After much political infighting Congress agreed to boost state benefits by $600 a week until the summer. The money more than doubles the weekly maximum unemployment benefits in most states.

The philosophical split is not pure. Kurzarbeit’s shadow can be seen in the US’s $669bn paycheck protection program (PPP). PPP was meant to help small businesses keep staff on the payroll during the crisis in return for forgivable loans. But that hastily assembled program has proved complicated to apply for and administer. Large sums initially went to big companies, including the LA Lakers basketball team and the Shake Shack burger chain. Many small businesses have complained they were squeezed out of the system or frightened off by the uncertainty over whether or not they will have to repay the money.

Nor has the US’s unemployment program been without problems. Many state systems have collapsed under the weight of applications – a situation that has left hundreds of thousand, if not millions, of Americans facing uncertain futures.

Up to 43m Americans could lose health insurance amid pandemicPrior to pandemic, 160 million got insurance through their job – but up to 7 million are unlikely to find new plans, say researchers

US to Borrow Record $3tn as Spending Soars -
Total US Government Debt is Now Near $25tn.

The US has said it wants to borrow a record $3tn (£2.4tn) in the second quarter, as coronavirus-related rescue packages blow up the budget.

The sum is more than five times the previous quarterly record, set at the height of the 2008 financial crisis.

In all of 2019, the country borrowed $1.28tn. The US has approved about $3tn in virus-related relief, including health funding and direct payouts.

Total US government debt is now near $25tn.

The latest spending packages are estimated to be worth about 14% of the country's economy. The government has also extended the annual 15 April deadline for tax payments, adding to the cash crunch.

The new borrowing estimate is more than $3tn above the government's previous estimate, a sign of the impact of the new programmes.

Discussions are under way over further assistance, though some Republicans have expressed concerns about the impact of more spending on the country's skyrocketing national debt.

The US borrows by selling government bonds. It has historically enjoyed relatively low interest rates since its debt is viewed as relatively low-risk by investors around the world.

But even before the coronavirus, the country's debt load had been climbing toward levels many economists consider risky for long-term growth, as the country spent more than it took in.

As part of its own relief efforts, the Federal Reserve has bought more than $1tn in treasuries in recent weeks.

Investors from foreign countries are also historically significant holders of US debt, with Japan, China and the UK at the top of the pack as of February.

Increased tensions between the US and China in recent years because of Trump, have renewed scrutiny of America's debt position. According to the Washington Post last week, Trump administration officials had discussed cancelling debt obligations to China, but US President Donald Trump reportedly played down the idea, saying "you start playing those games and it's tough".

For now, continued low rates suggest investor appetite for US debt remains, allowing for a borrowing increase, Alan Blinder, a professor of economics and public affairs at Princeton University, told the BBC last month.

"So far, the answer has been everything is fine, as to how much borrowing the United States government can do before investors start to feel satiated with US debt," he said.

"But there is a legitimate question."

Coronavirus Warning: UK Faces Worst Downturn for 300 Years - BBC News

The Bank of England has warned that the UK is heading for an unprecedented recession. It says the economy is on course for the sharpest annual contraction for 300 years, with the coronavirus pandemic dramatically reducing jobs and incomes.

The Governor of the Bank of England said the economy is expected to contract by 14%, twice as big a downturn as the great crash of 2008. Unemployment could double to 9% although the Bank of England is forecasting that the economy will bounce back next year.

The Prime Minister will make a public statement on Sunday setting out the next stages of lockdown and any plans to ease it. But Boris Johnson has said his government will "advance with maximum caution".

In Scotland First Minister Nicola Sturgeon has made clear that she will not be pressured into acting too early to ease the lockdown, saying getting it right is “a matter of life and death”.

Sophie Raworth presents BBC News at Ten reports from Economics Editor Faisal Islam and Political Editor Laura Kuenssberg.

11-05-20, 07:27	#1
Ladybbird Join Date: Feb 2011 Posts: 47,555 Thanks: 27,622 Thanked 14,458 Times in 10,262 Posts Awards Showcase Total Awards: 8	US 2nd Great Depression-Needs $3TRIL /UK Worst Crisis in 300 yrs US Job Losses Have Reached Great Depression Levels. In two, terrible, months the coronavirus pandemic has driven unemployment in the US to levels unseen since the 1930s Great Depression. BBC NEWS, 11 MAY 2020 The US and Europe have taken different approaches to tackling pandemic-induced unemployment but which is best long term? US; More File for Jobless Benefits, Figures are High > The number of unemployed in the US is rising under the impact of the pandemic. People wait in a block-long line to pick up food at the Masbia of Flatbush food pantry in Brooklyn, New York, on 30 April 2020. Photograph: Justin Lane/EPA In two, terrible, months the coronavirus pandemic has driven unemployment in the US to levels unseen since the 1930s Great Depression. Did it have to be this way? Covid-19 has cost more than 33 million Americans their jobs in the last seven weeks – 10% of the entire US population. The official unemployment rate had shot up from 4.4% to 14.7% on Friday – a figure that probably wildly underestimates the true scale of job losses. Across the Atlantic in Europe unemployment rates, while rising sharply, have yet to match the devastating rises experienced in the US. The UK is facing 9%-plus unemployment. In Germany the International Monetary Fund is predicting an unemployment rate of just 3.9% for 2020, up from 3.2% last year. The stark differences can in part be explained by a German word: “Kurzarbeit.” And two – largely – opposing views on the best way to recover from this unprecedented lockdown and the tsunami of job losses that have followed. Kurzarbeit – literally “short work” – allows businesses facing a temporary emergency to apply for government subsidies to keep paying workers’ salaries until the crisis passes. “Keeping people connected to their employers is a good idea,” said Simon Johnson, professor of entrepreneurship at the MIT Sloan School of Management and a senior fellow at the Peterson Institute for International Economics. Retaining skilled workers and maintaining households in crisis, in principle, should allow people, companies and countries to bounce back faster once the crisis passes, he said. Many European counties, including the UK, Italy and the Netherlands, have adapted versions of the model for the current crisis after witnessing Germany’s speedy recovery from the last recession. “The people who are closest to Germany actually seem to have got this, those that are further have struggled to understand it,” he said. The US, instead, is largely relying on its unemployment insurance program to deal with the crisis. After much political infighting Congress agreed to boost state benefits by $600 a week until the summer. The money more than doubles the weekly maximum unemployment benefits in most states. The philosophical split is not pure. Kurzarbeit’s shadow can be seen in the US’s $669bn paycheck protection program (PPP). PPP was meant to help small businesses keep staff on the payroll during the crisis in return for forgivable loans. But that hastily assembled program has proved complicated to apply for and administer. Large sums initially went to big companies, including the LA Lakers basketball team and the Shake Shack burger chain. Many small businesses have complained they were squeezed out of the system or frightened off by the uncertainty over whether or not they will have to repay the money. Nor has the US’s unemployment program been without problems. Many state systems have collapsed under the weight of applications – a situation that has left hundreds of thousand, if not millions, of Americans facing uncertain futures. Up to 43m Americans could lose health insurance amid pandemicPrior to pandemic, 160 million got insurance through their job – but up to 7 million are unlikely to find new plans, say researchers US to Borrow Record $3tn as Spending Soars - Total US Government Debt is Now Near $25tn. The US has said it wants to borrow a record $3tn (£2.4tn) in the second quarter, as coronavirus-related rescue packages blow up the budget. The sum is more than five times the previous quarterly record, set at the height of the 2008 financial crisis. In all of 2019, the country borrowed $1.28tn. The US has approved about $3tn in virus-related relief, including health funding and direct payouts. Total US government debt is now near $25tn. The latest spending packages are estimated to be worth about 14% of the country's economy. The government has also extended the annual 15 April deadline for tax payments, adding to the cash crunch. The new borrowing estimate is more than $3tn above the government's previous estimate, a sign of the impact of the new programmes. Discussions are under way over further assistance, though some Republicans have expressed concerns about the impact of more spending on the country's skyrocketing national debt. The US borrows by selling government bonds. It has historically enjoyed relatively low interest rates since its debt is viewed as relatively low-risk by investors around the world. But even before the coronavirus, the country's debt load had been climbing toward levels many economists consider risky for long-term growth, as the country spent more than it took in. As part of its own relief efforts, the Federal Reserve has bought more than $1tn in treasuries in recent weeks. Investors from foreign countries are also historically significant holders of US debt, with Japan, China and the UK at the top of the pack as of February. Increased tensions between the US and China in recent years because of Trump, have renewed scrutiny of America's debt position. According to the Washington Post last week, Trump administration officials had discussed cancelling debt obligations to China, but US President Donald Trump reportedly played down the idea, saying "you start playing those games and it's tough". For now, continued low rates suggest investor appetite for US debt remains, allowing for a borrowing increase, Alan Blinder, a professor of economics and public affairs at Princeton University, told the BBC last month. "So far, the answer has been everything is fine, as to how much borrowing the United States government can do before investors start to feel satiated with US debt," he said. *"But there is a legitimate question."* Coronavirus Warning: UK Faces Worst Downturn for 300 Years - BBC News The Bank of England has warned that the UK is heading for an unprecedented recession. It says the economy is on course for the sharpest annual contraction for 300 years, with the coronavirus pandemic dramatically reducing jobs and incomes. The Governor of the Bank of England said the economy is expected to contract by 14%, twice as big a downturn as the great crash of 2008. Unemployment could double to 9% although the Bank of England is forecasting that the economy will bounce back next year. The Prime Minister will make a public statement on Sunday setting out the next stages of lockdown and any plans to ease it. But Boris Johnson has said his government will "advance with maximum caution". In Scotland First Minister Nicola Sturgeon has made clear that she will not be pressured into acting too early to ease the lockdown, saying getting it right is “a matter of life and death”. Sophie Raworth presents BBC News at Ten reports from Economics Editor Faisal Islam and Political Editor Laura Kuenssberg. __________________ PUTIN TRUMP & Netanyahu Will Meet in HELL ..................*SHARKS are Closing in on TRUMP*.......................... *TRUMP WARNS; 'There'll Be a Bloodbath* If I Don't Get Elected'..MAGA - MyAssGotArrested...IT's COMING** PLEASE HELP THIS SITE..Click DONATE & Thanks to ALL Members of ... 1.. THIS SITE IS MORE THAN JUST WAREZ...& TO STOP SPAM-IF YOU WANT TO POST, YOUR FIRST POST MUST BE IN WELCOMES

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