Social distancing and business shutdowns across the U.S. intended to "flatten the curve" of infection have already led to record unemployment claims. And it's just the beginning. Last week, 3.28 million Americans filed for unemployment benefits. The previous record back in 1982 was less than one quarter of that. Millions more job losses are expected in the coming weeks as cities and states order more businesses to close. The $2 trillion national rescue package working its way through Congress aims to soften the coronavirus blow to Americans and companies. The bipartisan legislation contains provisions to expand unemployment benefits in three ways: raising the cap on payments, extending the maximum duration of checks to four months from three, and for the first time allowing self-employed and gig workers to receive benefits.
Still, society's bigger debate remains: When to restart the economy by going back to work, considering that medical experts warn that doing so too early will cost thousands of more lives. —Philip Gray Did you see this? As the pandemic spreads across the country, it's dividing Americans by race, class and age. U.S. schools are switching to remote classrooms. But in doing so, they are leaving behind students who don't have access to a computer or the internet. Government and nonprofits are racing to connect them, but bandwidth infrastructure is a hurdle. The rich and powerful are jumping in front of average Americans for Covid-19 tests: "Coronavirus loves the inequitable health-care system." As hospitals from New York City to Madrid transform into Covid-19 triage centers, pregnant women face the prospect of giving birth alone. Poor and minority workers are the least likely to be able to work remotely, putting them at greater risk. Your 401(k) is probably imploding. For retirees and those approaching retirement, it means having to revise their golden year dreams. We love chartsGlobal supply chains have taken a huge and sudden hit. A World Trade Organization official told Bloomberg that in terms of trade, the pandemic is like a war without the bombs. This shortage is actually good news Millions of New Yorkers are staying home from school and work. They're not dining at restaurants or shopping for clothes. Not going to the gym or the barber. What are they doing all day? Playing with the dog and napping with the cat. So many people have sought pets in recent weeks that animal shelters in New York have run out of furry ones. |
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