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IPFS News Link • Economy - Recession-Depression

Not Your Grandfather's Recession

• https://www.lewrockwell.com, By David Stockman

There have now been an unprecedented, off-the charts 9.96 million new unemployment claims in the last two weeks.

For point of reference, it took fully 28 weeks to generate the same level of cumulative new claims after the beginning of the Great Recession. During that interval, the largest weekly number was 387,000 during the week of March 29, 2008.

Even when you scroll forward (not shown) to the worst week after the Lehman Bankruptcy meltdown commenced on September 15, the peak number was only 665,000 during the week of March 28, 2009. So today's new claims number was 10X higher!

So, yes, some politically incorrect pundit is likely to note that there are now:

47 jobless workers for every confirmed coronavirus case;

320 jobless for every hospitalization; and

2,112 jobless for every coronavirus death.


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