(PatrioticPost.Com)- The coronavirus is causing major damage to the United States economy. After three years of successes, and President Donald Trump and his administration bringing employment down to record lows, the necessary action taken to reduce the spread of the coronavirus has decimated the economy and increased unemployment by some pretty huge numbers.
Bloomberg reports that in just the last week, a record 6.65 million people have already filed for unemployment benefits.
A record 6.65 million people filed for unemployment benefits last week.
We spoke with an expert in millennial finances about how you can cut costs, manage debt and protect investments even as the coronavirus continues to impact the economy pic.twitter.com/hvVryyAfPW
— QuickTake by Bloomberg (@QuickTake) April 3, 2020
In March, the unemployment rate increased to 4.4% and the economy lost a total of 701,000 jobs.
The numbers come from the Department of Labor and end a record of a massive 113 months of hiring. It’s incredible what a virus can do to a national economy.
Jobs have been lost as a result of retail stores, restaurants, leisure and general hospitality businesses being forced to close in many places across the country. Employment in hospitality and leisure fell by more than 459,000. In restaurants and bars alone, some 417,000 people lost their jobs.
The numbers are so devastating that it completely wipes out the last two years of job gains, courtesy of the president’s massive tax cuts. It is the biggest number of new unemployment claims in American history, according to New York business correspondent Michell Fleury.
Fleury argues that what is so terrifying about the numbers is “not just the magnitude but also the speed with which American firms have shed workers.”
“Roughly 10 million Americans lost their jobs in the last two weeks. To put that in context, 9 million jobs were lost in the 2008 financial crisis.”
Already, the coronavirus poses a bigger risk to the United States economy than the economic crash of 2008.
So why, exactly, are the Democrats continuing to try and shoe-horn progressive policy into coronavirus relief legislation? And why are they still attacking the president as he tries to save the economy?
It makes you wonder…
