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Biden And The Myth Of Normalcy

Will the US economy ever return to normal? No. Not even with Joe Biden. John Iadarola and Nando Vila break it down on The Damage Report. Follow The Damage Report on Facebook: https://www.facebook.com/TheDamageReportTYT/

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Read more here: https://www.theguardian.com/business/2020/may/07/us-unemployment-jobless-coronavirus-economy

"Another three million Americans filed for unemployment benefits last week as the coronavirus pandemic continued to exact its terrible toll on the US jobs market.
More than 33 million jobless Americans have now made claims in the past seven weeks.

The latest figures from the US labor department come ahead of the first official monthly report on the American jobs market since the pandemic triggered lockdowns across the country. In March, the official unemployment rate in the US was 4.4%, close to a 50-year low, but economists predict it could now be as high as 20%, a level unseen since the 1930s Great Depression.

The pace of layoffs has overwhelmed state unemployment systems across the country. Over a million people in North Carolina have now made unemployment insurance benefit claims, equivalent to 20% of the state’s workforce. Some 4 million have applied in California and the state’s jobless benefits fund is “very close” to running out, Governor Gavin Newsom said this week."

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