👋 Hi Friends. My name is Paul from Woodstock, Georgia. (USA) and the builder of RuggedSocial. I'm a Christian, a proud conservative and a lover of the founding principals of the United States Constitution. By day, I work for a software company in Atlanta as a Senior Cloud Consultant, by...
Virtually no idea is too ridiculous to be accepted, even by very intelligent and highly educated people, if it provides a way for them to feel special and important. Some confuse that feeling with idealism - Thomas Sowell
By Robert Gagnon: A record 3.28 million people filed for unemployment benefits last week, shattering "the previous record of 695,000 set in 1982 [when we had 29% fewer people] and well above ... the 2008 financial crisis" (the data dates back to 1967). If one adjusted the figure to 1982 population rates it would still be 2.3 million people filing, 3.3 times the previous record. In the space of a month we have gone from a 50-year unemployment low to a 53+-year unemployment high and the end of the free-fall is nowhere in sight. This record-breaking 3.28 million filing is nowhere close to what we can soon see. Is the cure worse than the disease? COVID-19 is a disaster, certainly. Yet it is worth considering whether the disaster to the economy of cascading record rates of unemployment, with its accompanying violent crime, suicides, homelessness, destruction of investments for the elderly, and general suffering making deep inroads into the ex-middle class will soon overshadow the threat of COVID-19. Arguably, it has already overshadowed it. Those who think that we will be able to dig ourselves out of the economic hole that we have created for ourselves relatively quickly are fooling themselves. If America doesn't go back to work soon, long before an effective vaccine can be developed and widely distributed (a minimum of a year-and-a-half), we will experience an economic whirlwind that could surpass the Great Depression of 1929 when we had 15 million people out of work and 25% unemployment. (Comparable unemployment numbers, adjusted for higher population, would be 39.6 million.) That economic crisis lasted over a decade and ended only when we mobilized for a World War.
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