Sunday, April 19, 2020

Coronavirus and Unemployment

Filing for unemployment benefits? Read this first

Unemployment has become a rising issue in the United States due to the coronavirus pandemic. Within the past 4 weeks, over 20 million unemployment claims have been filed in the US. This has caused great damage to families and the economy, something that has not been seen since the Great Depression in the 1930's. People have been forced to leave work for a vast amount of different jobs including hotels, restaurants, mass retailers, manufacturers, law firms, etc. The increase in so much unemployment is creating tension and forcing pressure onto governors and other leaders to leave more businesses open. This pressure also gives governors the incentive to be lenient on the shelter in place order. But, this leniency is also putting some people at risk, making them more likely of catching this virus. Recently, President Trump told reporters that it is time to lift the harsh restrictions in places where the coronavirus is not an extreme issue. Though some governors and health experts mentioned that if our society goes back to normal too quickly, there could be another outbreak of the coronavirus, one even bigger than the one happening right now. On the bright side, chief economist at Deutsche Bank Securities believes the unemployment rate has just peaked, so things will calm down soon. It is hard to say what exactly will happen in the coming weeks, but hopefully people will be able to go back to work soon and the unemployment will go down again.

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