The Daily A Historic Unemployment Crisis
Apr 6, 2020
In this discussion, Jim Tankersley, a New York Times economic and tax policy reporter, dives into the unprecedented unemployment crisis triggered by the pandemic. He reveals that nearly 10 million Americans filed for unemployment benefits in just two weeks. The conversation highlights the swift job losses across various sectors and the emotional struggles faced by families navigating the application process. Tankersley also touches on the essential role of the CARES Act in supporting economic recovery and the need for unity in overcoming both health and economic challenges.
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1982 Unemployment Crisis
- In 1982, almost 700,000 people lost their jobs in one week, setting a record high.
- This number remained the highest until March 2020.
March 2020 Unemployment Spike
- The third week of March 2020 saw 3.3 million unemployment claims, breaking the 1982 record.
- The following week, claims doubled to 6.6 million, totaling almost 10 million in two weeks.
Initial Downplaying of Economic Threat
- Initially, the White House downplayed the economic threat of the virus, focusing on the stock market.
- This lack of concern persisted for nearly a month despite warnings about supply chain disruptions.