Coronavirus job losses could total 47 million, unemployment rate may hit 32%, Fed estimates

[RedDuke]

Yes and no. It may do something nobody is talking about: debt. Everyone must be forgetting introductory macroeconomics. You don't just get to take on more debt and keep the status quo. Should they make the colossally stupid error of even trying to pass a $10 trillion package, it would scare anybody with an education.

It would raise the debt-to-GDP to never before seen levels on par with the abysmally insolvent countries like Italy and Greece. [23,201,380M+10T] / GDP = 150.9% up from current levels of 105.46%. Italy is at 130+% debt-to-GDP. These countries with high debt ratios have to offer debt instruments with ultra high yields.

How would we ever repay that? A 8-10% yield would result in nearly $1tn per year til maturity on top of current debt.

Assuming we just print the money, that would an unheard of inflationary event.

yeah it is a f..ckn big mess for kicking a can down the road. May be one last kick is left.

 

[Edmond]

Worth it to save 42 old people that have an entire 2weeks left alive each, which will be spent in a OAP home dribbling.

Lockdowns and prioritizing a few lives of old people against well everyone else, the ultimate snowflake stupidity.

Remember there boomers, very very few thought in WW2.

Us boomers paved the way for you little shits.

 

[Overnight]

I find this war between "boomers and millenials" fascinating.

Guess nobody ever thinks about the in-betweener generation, the Gen-X. No wonder they are X-filed, lol!

 

[noddyboy]

JC Penny is hardly the bellwether of the economy's health. What else do you use for metrics, SEARS? RadioShack? I have no doubt we'll keep going down but JCPenny's been a dumpster money bleeding fire for over a decade now.

WeWork SCREWED

 

[hhiusa]

WeWork SCREWED

WeWork was always screwed. Let's not forget about SoftBank and Son. "He had strong eyes". Masayoshi's next vision fund will be called WeGoofed, now give us another $100 billion.

 

[xandman]

These numbers are "In-Season" from the CDC for the regular flu. The govt is probably downplaying what is to come.

 

[Krent Birshner]

WeWork was always screwed. Let's not forget about SoftBank and Son. "He had strong eyes". Masayoshi's next vision fund will be called WeGoofed, now give us another $100 billion.

Well folks I disagree with you on this one... wework is a community (they call it WEwork for a reason) and we should not underestimate the power of community... I am invested in weworks stocks (NYSE ticker. WRK) and I have made tremendous returns with this (and In fact I purchased this stock before they announced the IPO as I had been reading about wework for some time now in my local community centers newsletter) so folks the moral of the story is “invest with your heart and not your soul and your Wallet will follow” .... thanks, Krent

 

[Krent Birshner]

Well folks I disagree with you on this one... wework is a community (they call it WEwork for a reason) and we should not underestimate the power of community... I am invested in weworks stocks (NYSE ticker. WRK) and I have made tremendous returns with this (and In fact I purchased this stock before they announced the IPO as I had been reading about wework for some time now in my local community centers newsletter) so folks the moral of the story is “invest with your heart and not your soul and your Wallet will follow” .... thanks, Krent

And who is this Masayoshi son gentle man? It seems to me that he has a very keen eye for business, perhaps if we reach out to him and let him know who we are (we are a community too after all folks) then we could find a way to work together...? Just a thought here for you to nibble on..... thanks

 

[newwurldmn]

Currently, obviously its increasing, but really hope deaths don't double from here, cause there getting on top of and hopefully over the peak.

So.....


https://www.worldometers.info/coronavirus/country/italy/

Deaths today 13,115

Population 60.5Million.

13,115 / 60500000 = 0.0216%

Italy had it bad, over ran there health care sadly, so those are BAD numbers, ( USA will beat don't worry )

See MUCH smaller percentages than your being told, because there passing off, Deaths / Tested as mortality rate to scare the crap out of everyone, muppets.

Again you are missing the point. Comparing to the total population means recognizing that shutting the entire economy was the only reason the death rate is .0216percent of the population. The flu is the same but we don’t have to shut down the economy to achieve the same death toll as COVID-19.

Infection rates are high without social distancing. And death rates/infection rates go up as infection rates/hospital capacity goes up. So if hospital capacity is fixed and relatively low and there is no social distancing what would the death toll be? The ultimate Truther said 2MM in the US. And that's assuming this virus dies in the summer. What do you say?

 

[newwurldmn]

The issue I see currently is that those who live paycheck to paycheck cant even collect unemployment because the system can't handle the volume. That needs to be addressed asap or it may cause real issues in the coming weeks. The next 2-3 weeks will be a life changer for many.

The government stimulus programs are doing the right thing. To avoid lines at the unemployment office they are giving companies money to keep their people on their payrolls. It's pretty ingenious and while the plan details have been volatile over the last few days, its seems very well thought out and implemented so far... better than most laws that are passed in normal times.

Next week will be telling as it gets implemented next week.