I don’t think anybody knows exactly how bad the true unemployment rate will be, but I believe that it will probably be somewhere between 30 percent and 50 percent. Who knows though, it could end up being worse than that considering the insanity of the current situation.
Even economists from the Federal Reserve are admitting that the official unemployment rate won’t capture all of the job destruction. They are estimating the unemployment rate to be as high as 34.6 percent.
The official U.S. unemployment rate for April, due out this Friday, will likely vastly understate job destruction from the coronavirus pandemic, so a pair of economists at the Federal Reserve Bank of Chicago set out to create a measure that captures the true extent of labor market losses.
Their estimate: a ‘U-Cov’ rate in April of somewhere between 25.1% and 34.6%. That’s compared to the 16% rate forecast by economists polled by Reuters, who also estimate American employers shed more than 20 million jobs last month.
“The official unemployment rate may only capture a fraction of these losses,” Chicago Fed economists Jason Faberman and Aastha Rajan wrote in a blog released Tuesday, describing their proposed U-Cov measure of labor market underutilization.
Many of those newly out of work will not be captured in the traditional U.S. unemployment measure, which counts only those who are out of a job and actively looking for work.
If human life was really important to all these kikes and shitlibs who have defended and endorsed these lockdowns, they would instead be demanding a full reopening of the economy. But what’s more likely is that they are promoting this hoax because they want to hurt people and see people die. They should at least be honest and admit that this is part of a pro-death agenda that they are enthusiastically in support of.
