During the Great Recession, the number of unemployed Americans increased by 8.8 million from late 2007 through the beginning of 2010. In trying to fend off the coronavirus, countries that put up entry barriers to tourists have done so at a mounting cost to themselves and others.Big Tech continues to steamroll through the pandemic, and strong gains for some of the market’s most influential companies on Friday helped Wall Street close out its fourth straight winning month. He is the author of six books, including “Dealers of Lightning: Xerox PARC and the Dawn of the Computer Age” and “The New Deal: A Modern History.” Hiltzik and colleague Chuck Philips shared the 1999 Pulitzer Prize for articles exposing corruption in the entertainment industry.In reportedly preparing an order to force TikTok’s Chinese parent company to sell it off, the Trump administration chooses a peculiar cyberdefense beachhead in an emerging battle over information espionage.Newsom hopes the Omaha investor will support demolishing four hydroelectric dams owned by a Berkshire Hathaway subsidiary along the Oregon-California border to save dwindling salmon populations. But the increase is aimed at encouraging workers who have a choice to stay home to reduce the spread of the virus, as well as to ensure that they can feed their families and pay rent while their employers are shut down.That’s not to say that the U.S. is free of Depression-era economic thinking. Here’s what you need to know about finding a place to go when you’re on the go.How to politely turn down an invitation to socialize while there’s still a pandemic going on.Bill English, the unsung hero of the dawn of personal computing, has died at 91.A Florida teen will face 30 felony charges in a scam that involved hacking Twitter accounts of high-profile users and soliciting Bitcoin donations.Anaheim Ducks captain Ryan Getzlaf has listed his Coto de Caza mansion, which has a small ice rink, for sale at about $10.8 million.President Trump will reportedly order China’s ByteDance Ltd. to divest its ownership of the popular U.S.-based video app TikTok.Former Dodger Wes Parker is asking $7.195 million for his Pacific Palisades home he bought nearly five decades ago for $90,000.Echo of the Great Depression? WASHINGTON (AP) — The U.S. unemployment rate fell to 13.3% in May from 14.7%, and 2.5 million jobs were added — a surprisingly positive reading in the midst of a recession that has paralyzed the economy in the wake of the viral pandemic. “The state unemployment rate also fell significantly but remains well above pre-pandemic levels and is comparable with rates recorded during the Great Recession in 2009.” The coronavirus rescue program includes a $600 weekly unemployment stipend on top of the maximum benefits set by each state, to remain in place through July 31.
The sudden, devastating rise in U.S. joblessness during the coronavirus crisis has evoked images from the Great Depression — abject destitution leading to bread lines and apples sold on street corners, and so on.Comparisons of the surging unemployment rate to that of the 1930s have become commonplace: “Coronavirus could lead to the highest unemployment levels since the Great Depression,” Economist Miguel Faria-e-Castro of the Federal Reserve Bank of St. Louis raised eyebrows and blood pressures with what he called a “back of the envelope” projection of This kind of upending of the labor market in such a short time is unheard of.Faria-e-Castro’s paper came out on March 24, before the most recent statistics showing 10 million applications for unemployment in the last two weeks, and His estimate assumed that almost all furloughed workers would lose their jobs, and didn’t account for fiscal stimulus, including loans to small businesses to maintain employment or enhanced unemployment benefits, already enacted. It took U.S. markets more than three years to recover after the devastating stock market crash of I'm a breaking news reporter for Forbes focusing on capital markets and finance. Unemployment. That could open a major hole in finances for households suffering from COVID-19, the disease caused by the new coronavirus. Unemployment rates for the 1930s, for example, were reconstructed by economists — in the 1960s and 1970s, amid disagreements over whether workers on New Deal work relief programs should be counted as employed or unemployed.The nation had only rudimentary tools of monetary policy through a largely toothless Federal Reserve Board. That’s the structure that exists today, which is what gives Congress the ability to increase unemployment benefits when economic conditions warrant.As the massive increase in unemployment benefits enacted on March 27 shows, the major difference between America today and 90 years ago is the willingness of the government to use the tools it’s been given.
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