Federal Reserve predicts 32% unemployment rate thanks to coronavirus

The Federal Reserve at St Louis has assembled some very alarming reports !!

Looks like (according to them) the unemployment rate will be 32% with 47 million job losses !!

All because of the shut downs and shut offs due to government policies concerning the covid19 pandemic !!

What will the government do about all the people losing jobs ?

How much could this cost in money redistributions and who will pay for it ?

It's the new 1929 global melting 😱😬

The St. Louis district of the Federal Reserve is predicting the worst of the economic damage from the coronavirus outbreak will result in a higher unemployment rate than at the worst point in the Depression.

Economists at the Fed’s St. Louis district said in a recent analysis that the US will lose 47 million jobs, resulting in an unemployment rate of 32.1%, a considerable increase from the 24.9% unemployment rate during the worst point of the Great Depression.

The projections also go beyond the 30% unemployment rate originally predicted by St. Louis Fed chair James Bullard.

Federal Reserve predicts 32% unemployment rate thanks to coronavirus

a reply to: xuenchen

That should be corrected. 32% unemployment thanks to government over-reaction in the name of Coronavirus.

Only 47,000,000?

That’s no big deal. Wake me if it gets above 50,000,000

originally posted by: Aallanon
Only 47,000,000?

That’s no big deal. Wake me if it gets above 50,000,000

Just think, several thousand may die!

The cure IS worse than the disease.

a reply to: xuenchen

I kid you not, there are articles popping up on how this
shutdown is threatening the "Climate Change" crisis.

Too many people telecommuting, and then what will
they ever do to pass more Global Warming legislation?

originally posted by: rickymouse
The cure IS worse than the disease.

Indeed, far, far worse. The old tired meme of burning the house down to kill one problem spider? We're living it.

Maybe I should renew my builders license, there might be a lot of stimulus money going through agencies here to create new jobs. Like CETA, get paid to put people to work doing stuff for people for free. I could hire a crew and apply for a grant and put my kids working for me to fix people's houses. I still know how to write applications for Federal grants, but my connections are all retired or dead now.

Once the economy starts up again when lockdowns are eased, it will be a boom in New job creation so it's not like these people won't be able to get back into work.

a reply to: xuenchen

Federal Reserve predicts 32% unemployment rate thanks to coronavirus government interference

Fixed it!!!

You're welcome

a reply to: Nyiah

But just think about how good the recovery numbers will look.

" President Trump responsible for the biggest economic recovery in the history of the modern world!"

originally posted by: rickymouse
Maybe I should renew my builders license, there might be a lot of stimulus money going through agencies here to create new jobs. Like CETA, get paid to put people to work doing stuff for people for free. I could hire a crew and apply for a grant and put my kids working for me to fix people's houses. I still know how to write applications for Federal grants, but my connections are all retired or dead now.

I don't think any cash potential is really going to pan out all that well if that many people end up out of work -- the ensuing hyperinflation is going to make it as worthless as the next guy's actual empty bank account.

Edit: I'm not saying don't try it and see, just that I don't think the money carrot is going to last long.

originally posted by: carewemust
a reply to: Nyiah

But just think about how good the recovery numbers will look.

" President Trump responsible for the biggest economic recovery in the history of the modern world!"

You're not a kindhearted hero helping someone up off the ground if you purposefully shoved them over to begin with.

originally posted by: burntheships
a reply to: xuenchen

I kid you not, there are articles popping up on how this
shutdown is threatening the "Climate Change" crisis.

Too many people telecommuting, and then what will
they ever do to pass more Global Warming legislation?

Quite the dilemma for them, eh? I'm finding this aspect quite amusing.

Who woulda thunk that the coronavirus fearmongering and doom porn would have resulted in reducing emissions... and therefore climate change.... no new taxes or carbon credits required!

Sometimes ya just gotta love the law of unintended consequences, eh?

Time for the private sector to step up to increase employment!

Oh who am i kidding, we all know they will increase layoffs to maintain their 8 digit bonuses and 7 dIgit benefits packages for executives...

originally posted by: burntheships
a reply to: xuenchen

I kid you not, there are articles popping up on how this
shutdown is threatening the "Climate Change" crisis.

Too many people telecommuting, and then what will
they ever do to pass more Global Warming legislation?

Any Means Necessary for the "Paris II" accords !!! 😷😈😷

originally posted by: carewemust

But just think about how good the recovery numbers will look.

Said no mainstream news outlet ever.

They are working on the next "get Trump" media blitz
count on it... do or die!

originally posted by: Boadicea

Quite the dilemma for them, eh? I'm finding this aspect quite amusing.

Who woulda thunk that the coronavirus fearmongering and doom porn would have resulted in reducing emissions... and therefore climate change.... no new taxes or carbon credits required!

Sometimes ya just gotta love the law of unintended consequences, eh?

I do take note of these unintended consequences.

They will just create a new fake hockey stick graph
and the media will hype it till people beg for more
protection from the sky falling.

a reply to: xuenchen



Well , Bill Maher and the Leftist Dems Finally got their Wish . Cowinkydink ? .Hmm........

Previously, the highest unemployment rate in US history was in 1933 in the Great Depression? It was 24.9% then.
Uggggggggggh.