While Democrats Push Impeachment, America's Jobless Claims Soar Past 20M
Data from the Labor Department reveals a massive jump
As the Democrats focus on impeaching Donald Trump, who has left office, the United States' job market is in free fall as those receiving unemployment benefits jumped 2.6 million to 20.4 million, Labor Department data revealed.
Federal Reserve Chairman Jerome Powell sounded the alarm saying the real unemployment rate was probably as high as 10 percent, rather than 6.4 percent.
He also called for a “society-wide” effort to bring the labor market back to a pre-pandemic strength.
But as the job crisis goes on, Democrat lawmakers are still focused on impeaching former President Donald Trump.
Even the White House’s pandemic relief proposal has been put on the shelf while the Senate trial continues.
As Neon Nettle reported earlier this month, California saw a massive spike in unemployment claims from mid-March of 2020 to the first full week of 2021.
There was a 671.78 percent increase in jobless claims compare to the same period a year earlier, a new analysis from the WalletHub website reported.
California had the 33rd highest unemployment claims among the 50 states and the District of Columbia, the analysis found.
Dems Approve $15 Minimum Wage in Stimulus Package, Ignore Risking 1.4M Jobs— Neon Nettle (@NeonNettle) February 10, 2021
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According to another metric, the state is ranked 16th highest based on a recent number of weekly unemployment claims.
CBO analysts also forecast that the number of out-of-work Americans will not return to pre-pandemic levels until around 2024.
“As the economy expands, many people rejoin the civilian labor force who had left it during the pandemic, restoring it to its pre-pandemic size in 2022,” according to the CBO report.
“The unemployment rate gradually declines throughout the period, and the number of people employed returns to its pre-pandemic level in 2024.”
In contrast, two years ago under President Trump, The Labor Department revealed that claims for state unemployment benefits dropped by 15,000 to 213,000.