Economics/Class Relations

Jobless rate soared to 14.7% in April as U.S. shed 20.5 million jobs amid coronavirus pandemic

The re-feudalization of the US economy and the re-proletarianization of the working class is now complete, which is what the power elite had in mind all along. The finally succeeded. I imagine many of them are behind closed doors saying, “This coronavirus thing is fucking awesome, man!”

By Heather Long

Washington Post

The U.S. unemployment rate jumped to 14.7 percent in April, the highest level since the Great Depression, as most businesses shut down or severely curtailed operations to fight the deadly coronavirus.

Over 20 million people lost their jobs in April, the Labor Department said Friday, wiping out a decade of job gains in a single month. The staggering losses are roughly double what the nation experienced during the 2007-09 crisis, which used to be described as the harshest economic situation most people ever confronted. Now that has been quickly dwarfed by the fallout from the global pandemic.

President Trump and numerous state and local leaders decided to put the economy in a deep freeze in an effort to minimize exposure to the virus. This led businesses to suddenly shed millions of workers at a rapid rate never seen before. Analysts warn it could take many years to return to the 3.5 percent unemployment rate the nation experienced in February.

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