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5% of the entire population of the United States -- not just labor force, the ENTIRE population -- has filed for unemployment in the past 3 weeks.
It& #39;s pretty, uh, revealing that the policy response -- such as it is -- to all of this is the Fed just injecting liquidity into the market.
Remember how orthodox economists have been flummoxed about why wages are stagnant when productivity has been increasing?
I predict we& #39;re going to see "We can& #39;t figure out why injecting liquidity didn& #39;t bring down the unemployment rate!" takes from Very Serious Economists soon.
I predict we& #39;re going to see "We can& #39;t figure out why injecting liquidity didn& #39;t bring down the unemployment rate!" takes from Very Serious Economists soon.
ADDENDUM: As a couple of people have pointed out in the replies, the 17 million figure is an undercount.
It doesn& #39;t include people who tried but were unable to file for unemployment because of overwhelmed systems.
It doesn& #39;t include people who tried but were unable to file for unemployment because of overwhelmed systems.
This is just an anecdote, but if generally true, hell, we& #39;re talking potentially another 6 million who are backlogged.
In addition to future layoffs! https://twitter.com/sarahljaffe/status/1248231796430573574">https://twitter.com/sarahljaf...
In addition to future layoffs! https://twitter.com/sarahljaffe/status/1248231796430573574">https://twitter.com/sarahljaf...
And this is just the beginning! All the liquidity injection in the world isn& #39;t going to stop companies from massive layoffs and other cost-cutting measures.
