Unemployment rates skyrocket, because the government prevents Americans from being productive.
It is a stunning number that’s only topped by levels reached during the Great Depression (there was no official unemployment report at the time but the Bureau of Labor Statistics estimates unemployment may have reached 25%). The largest decrease in employment on record occurred in September 1945 when 1.96 million people lost their jobs affecting 3.3% of the workforce.
Keep in mind that next month’s employment report will almost certainly show another large increase in lost jobs. Over the past seven weeks 33.5 million people have filed for unemployment insurance and this number could increase to at least 35 million by the time May’s surveys are taken next week.
Solace is given to my fellow Americans unable to work. Nevertheless, any economy as financialized as ours has become, an economy in which 77% of GDP is debt held by the public is an evil and insane system worthy of the big, red reset button. We live in interesting times.