September 18, 2020 03:12 AM RSS

Poor Decisions Will Likely Cause 4 million More Job Losses

  • Wall Street Rebel | James DiGeorgia
  • 08/12/2020 4:23 PM
Poor Decisions Will Likely Cause 4 million More Job Losses


Keep in mind the 4 million job losses will have a multiplier effect. The total number of job losses because of these cuts could be as much as 12 million total job losses – even before the November 3, 2020, general election.

 

 

United States COVID-19 Statistics

August 12, 2020


https://www.worldometers.info



Coronavirus Cases:

5,340,066

Active Cases:

2,385,769

Closed Cases:

2,954,298

Deaths:

168,617



New Cases Yesterday: Aug. 11, 2020

California

11,945

Texas

7,976

Florida

5,831

Georgia

3,563

Illinois

1,549

North Carolina

1,430

Arizona

1,214

Louisiana

1,164

Ohio

1,093

Missouri

1,031

Tennessee

1,001

Virginia

996

South Carolina

971

Michigan

907

Indiana

870

Alabama

831

Pennsylvania

792

Oklahoma

765

Wisconsin

724

New York

711

Veteran Affairs

666

Mississippi

644

Maryland

585

Puerto Rico

582

Nevada

548

Kentucky

539

Idaho

495

Washington

487

 

 

By tomorrow total Coronavirus infections could reach 5.5 million, and the death toll could surpass 170,000, which means we are on track for 10 million infections and 250,000 deaths by November 3, 2020, Election Day.

 

This, of course doesn’t include the misery and suffering that will no doubt add dramatically to these horrifying numbers. So, when President Trump responds to the tragedy underway with, “It is what it is.” Most people who believe he’s incapable of empathy are correct.

 

At the same time, Senate Majority leader Mitch McConnell (R-KY) has repeatedly stressed he has no interest in “bailing out” blue states that have been suffering budgetary problems because of the coronavirus pandemic, reducing tax revenues in some cases by over 50%.

 

The irony of his targeting Democrat-dominated states is they are hardly the only ones suffering: according to analysis from Moody’s Analytics. The U.S. economy could contract by 3% if Congress does not give states the help that they need, and Moody’s told the Wall Street Journal that more than 4 million jobs could be lost.

 

Moody’s numbers do not include the multiplier effect. The real number of job losses of police, fire, emergency frontline workers, and yes, every other kind of state, city, and local employee and the businesses they patronage is closer to 12 million lost jobs than the 4 million number.

 

This kind of job loss should be dreaded as a second employment shock that could hit just as a second wave, along with the second wave of coronavirus that will not only guarantee a prolonged nasty recession by a disastrous economic depression worse than that experienced during the 1930s.

 

Trump’s stupidity is not recognizing this isn’t a red state, blue state reality. Trump even lies about wanting to meet with Democratic negotiators. The Tweet below is an outright lie.

 

Alt: (Tweet Bailout Money)

 

The Wall Street Journal noted that even in deep-red Louisiana, it had suffered a 46% decline in tax revenue. And Republican Sen. Bill Cassidy of Louisiana has asked for $500 billion in relief for state and local governments, which is $415 billion less than House Democrats asked for on May 15, but $350 billion more than the Trump Administration’s $150 billion offer.

 

                      How Blue States Help Red States | Robert Reich




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