Tag Archives: Unemployment

‘Should Be Bigger News’: Analysis Finds Nearly One Third of Owed Unemployment Benefits Have Not Been Paid

Bloomberg found a $67 billion gap between the sum of benefits paid out by the Treasury Department and the amount that is owed to jobless Americans.

By Jake Johnson, staff writer for Common Dreams. Published 6-3-2020

Volunteers at the North Texas Food Bank. Photo: North Texas Food Bank/Twitter

A Bloomberg analysis released Tuesday estimates that nearly a third of the unemployment benefits owed to jobless Americans have not yet been paid out, a finding critics described as a “scandal” deserving of more media attention as millions of people struggle to afford basic expenses due to the Covid-19 pandemic.

“The Treasury disbursed $146 billion in unemployment benefits in the three months through May,” Bloomberg reported. “But even that historic figure falls short of a total bill that should have reached about $214 billion for the period, according to Bloomberg calculations based on weekly unemployment filings and the average size of those claims.” Continue reading

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‘How the Trump White House Sees You’: Top Economic Adviser Under Fire for Calling Workers ‘Human Capital Stock’

“They’ve always been indifferent to human life. And in the face of mass death, the masks are coming off.”

By Jake Johnson, staff writer for Common Dreams. Published 5-26-2020

White House economic adviser Kevin Hassett speaks to members of the press. Screenshot: C-SPAN

In a remark critics characterized as further evidence that the Trump administration views workers as nothing more than disposable tools of economic growth and corporate profit, White House economic adviser Kevin Hassett on Sunday nonchalantly referred to laid-off employees as “human capital stock” as he pushed people to return to their jobs amid the Covid-19 pandemic.

Voicing optimism about the potential for a speedy economic recovery even as U.S. unemployment surges to levels not seen since the Great Depression, Hassett told CNN Sunday that “our capital stock hasn’t been destroyed, our human capital stock is ready to get back to work, and so that there are lots of reasons to believe that we can get going way faster than we have in previous crises.” Continue reading

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Senate Bill Would Guarantee Paychecks to Laid-Off Workers for Rest of 2020 ‘To Avoid Another Great Depression’

“We cannot continue to allow tens of millions of Americans to lose their jobs, income, and health insurance during this horrific pandemic,” said Sen. Bernie Sanders, one of the bill’s lead sponsors.

By Jake Johnson, staff writer for Common Dreams. Published 5-21-2020

Unemployed men queued outside a depression soup kitchen opened in Chicago by Al Capone. Photo: Public domain

Sens. Bernie Sanders, Mark Warner, Doug Jones, and Richard Blumenthal on Thursday unveiled legislation aimed at stemming coronavirus-induced mass layoffs in the United States by guaranteeing paychecks and healthcare benefits to laid-off and furloughed workers for the rest of 2020.

The Paycheck Security Act—introduced with support from senators across the ideological spectrum of the Democratic caucus, and with the notable backing of Minority Leader Chuck Schumer (D-N.Y.)—would massively expand the existing Employee Retention Tax Credit to cover wages, salaries, and benefits for laid-off or furloughed workers up to $90,000 per year. Continue reading

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‘National Day of Mourning’ Protests This Week to Condemn GOP Failures Amid Mass Suffering Caused by Covid-19

“This should be political suicide. Let’s make sure it is.”

By Jake Johnson, staff writer for Common Dreams. Published 5-18-2020

Photo: Sarah Sophie Flicker/Twitter

With Republicans in Congress stonewalling the possibility of any additional coronavirus relief even as tens of millions of people across the U.S are newly out of workuninsuredhungry, and unable to afford rent, a coalition of progressive advocacy groups is planning nationwide protests this week to condemn GOP obstruction and demand the urgent passage of desperately needed aid for people and families.

On Wednesday, funeral-style actions in more than 20 states across the country will mourn the nearly 90,000 people who have died of Covid-19 and denounce President Donald Trump and the GOP for failing to take sufficiently urgent and bold action against the pandemic. The “National Day of Mourning” was organized by MoveOn, Indivisible, the Center for Popular Democracy, and other groups. Continue reading

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American Weapons Manufacturers Are Thriving Even as the US Economy Suffers

Washington has made it a priority to radically overhaul the military in double time, designating weapons manufacturers as “essential” services during the pandemic.

By Alan Macleod.  Published 5-13-2020 by MintPress News

Photo: U.S. Air Force/Brad Fallin)

The economy has crashed. A nationwide pandemic that has (officially) claimed some 84,000 Americans has also resulted in an estimated 36 million filing for unemployment insurance and millions frequenting food banks for the first time. Yet business is booming for one unlikely industry; weapons manufacturers are busier than ever and are even advertising for tens of thousands of more workers.

Northrop Grumman announced that it was planning to hire up to 10,000 more employees this year. Airlines are being hit particularly hard, as the number of people flying on commercial planes has cratered. Raytheon, who supplies parts to civilian aircraft manufacturers, has lost a great deal of business. Yet it is still advertising 2,000 new jobs in the military wing of its business. Boeing, who endured a torrid 2019, with multiple high-profile crashes of its 737 MAX-8 airliner, is preparing to lay off ten percent of its staff as airlines predict a long and sustained drop in air travel. Nevertheless, it is looking to add hundreds of new workers in its defense, intelligence, and cybersecurity departments. Continue reading

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‘The Next Crisis’: Up to 43 Million Americans Could Lose Health Insurance Due to Pandemic, Study Shows

“The American healthcare financing system was not built to withstand the combined impact of a pandemic and a recession.”

By Julia Conley, staff writer for Common Dreams. Published 5-10-2020

Analysts project that 43 million Americans could lose their insurance when the unemployment rate hits 20%. According to the Department of Labor, the current unemployment rate is 14.7%. (Photo: Elvert Barnes/Flickr/cc)

Medicare for All advocates on Sunday pointed to the latest study on the looming health insurance crisis already becoming apparent amid the coronavirus pandemic, which has led to job losses for more than 33 million people in the past two months.

Because health insurance is tied to employment for about half the country—160 million people—as many as 43 million are expected to lose their health insurance due to the pandemic, according to a new report by the Robert Wood Johnson Foundation (RWJF) and the Urban Institute. Continue reading

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Calling US Postal Service ‘A Joke,’ Trump Demands Four-Fold Price Hike for Customers Amid Covid-19 Pandemic

Such a move, say critics, “would be a disaster for millions of Americans who rely on USPS.”

By Jessica Corbett, staff writer for Common Dreams. Published 4-24-2020

Postal workers and critics of the Trump administration’s plans to privatize the United States Postal Service (USPS) carried signs at a Los Angeles protest on Oct. 8, 2018. (Photo: Chloe Osmer/Twitter)

President Donald Trump on Friday threatened to withhold all future Covid-19 relief funding from the U.S. Postal Service unless the federal agency dramatically raises its shipping prices—a demand that critics say is ludicrous given the economic calamity the American people and the post office are now facing.

After U.S. Secretary Steven Mnuchin fielded a question about relief funding for USPS from a reporter at the White House during a bill signing ceremony Friday, Trump declared that “the Postal Service is a joke, because they’re handing out packages for Amazon and other internet companies, and every time they bring a package they lose money on it.” Continue reading

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Fed Economists Warn US Unemployment Rate Could Soon Reach 32%—During Great Depression It Peaked at 25%

“These are very large numbers by historical standards, but this is a rather unique shock that is unlike any other experienced by the U.S. economy in the last 100 years.”

By Jake Johnson, staff writer for Common Dreams. Published 3-31-2020

 

Hundreds of cars waiting to receive food from the Greater Community Food Bank in Duquesne, Pennsylvania on March 30, 2020. Photo: The Mind Unleashed

Economists at the Federal Reserve Bank of St. Louis are warning that if the current rate of U.S. job losses continues, the country’s unemployment rate could reach a staggering 32.1% by the end of June as the coronavirus pandemic-induced downturn sparks mass layoffs across the nation.

Miguel Faria-e-Castro, an economist with the St. Louis Fed, wrote in an analysis last week that 47 million more workers could lose their jobs by the end of the second quarter of 2020, bringing the total number of unemployed people in the U.S. to 52.8 million. As CNBC noted, that number would be “more than three times worse than the peak of the Great Recession.” Continue reading

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UN Expert Touts Universal Basic Income as “Bold and Imaginative Solution’ to Poverty

“In today’s world of severe economic insecurity, creativity in social policy is necessary.”

By Andrea Germanos, staff writer for Common Dreams. Published 6-23-2017

U.N. special rapportuer Philip Alston says a “basic income offers a bold and imaginative solution to pressing problems that are about to become far more intractable as a result of the directions in which the global economy appears inexorably to be heading.” (Photo: Generation Grundeinkommen/flickr/cc)

Amplifying the call for a universal basic income, a United Nations expert has presented a report describing the idea as “a bold and imaginative solution” at a time of growing economic insecurity.

“People feel exposed, vulnerable, overwhelmed, and helpless and some are being systematically marginalized both economically and socially,” Philip Alston, U.N. Special Rapporteur on extreme poverty and human rights, told the Human Rights Council. “But the human rights community has barely engaged with this resulting phenomenon of deep economic insecurity,” he said. Continue reading

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The Expo is a dark window into Italy’s future

Mafia, McDonalds and youth exploitation: The Milan World Expo, opening on May Day, prepares a new generation for the years to come.

Written by Jamie Mackay, a writer and journalist based in the UK and Italy. He is a contributing editor to openDemocracy. Published May 1, 2015.

Milan World Expo 2015. Image via Flickr.

Milan World Expo 2015. Image via Flickr.

Today sees the launch of the Milan Expo, an international exposition of food and agriculture which will take place in Italy’s financial capital over the next six-months. This year’s theme, ‘Feeding the Planet, Energy for Life’ will see farmers, artisans and entrepreneurs from around the world set-up stall to sell their wares alongside stage-shows, concerts and talks by a roster of esteemed futurologists. This is a real-world pop-up show of all the things that might normally be encountered in Wired magazine: avant-garde art, gourmet cooking and sci-fi tech, all on display in a gargantuan ‘agro-park’ which is expected to host 20 million visitors. Continue reading

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