[Mick]

In the past five months, nearly 7.8 million Americans have fallen into poverty, 2.3 million of them are children under 17.  Poverty rate is now 11.7%, up 2.4% since June.  The drastic fall is more than double the worst recorded since poverty rates started being recorded nearly 60 years ago.  

https://www.greenwichtime.com/business/a...807427.php

Going to get a lot worse before it gets better, but it should get better soon, at least for some.

Production is starting to roar in Asia so there will be lots of goods to buy for the wealthiest Americans, once they get vaccinated.   The large companies that survive will be rolling in revenue soon enough, and will be able to find lots of available workers at low rates too.   

The poverty and unemployment could take a lot longer to recover. 
Lots of industries will be changed forever, but all of that is trivial compared to those that have lost loved ones during this pandemic.  
Everyone please stay safe during this holiday season.

“The poverty and unemployment could take a lot longer to recover.

Lots of industries will be changed forever, but all of that is trivial compared to those that have lost loved ones during this pandemic.”

What is the bigger tragedy, the death from Covid of a 75 year old with at most a couple years to live; or a family of four being plunged into poverty because their breadwinner has lost his/her job.  It is a ghoulish question. I get that. I also think it’s tough to answer. Unless of course you are either a family member of the 75 year old or the family of four.  

Change the scenario to 85 year old, and I think it’s an easy answer.

Well, at least there was a massive drop in initial unemployment claims as SiP worked perfectly, the second round of the stimulus took hold and the job market came roaring back.

Just kidding.

No second round of the stimulus yet.  Job market hasn't come back.  And there was an increase in initial unemployment claims to 885,000, largest since September.  The total number of continued weeks claimed for benefits in all programs for the week ending November 28 was 20,646,779, an increase of 1,603,281 from the previous week. There were 1,782,260 weekly claims filed for benefits in all programs in the comparable week in 2019.

The total number of continued weeks claimed for benefits in all programs for the week ending November 28 was 20,646,779, an increase of 1,603,281 from the previous week. There were 1,782,260 weekly claims filed for benefits in all programs in the comparable week in 2019. So, SiP has failed.

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In the past five months, nearly 7.8 million Americans have fallen into poverty, 2.3 million of them are children under 17.  Poverty rate is now 11.7%, up 2.4% since June.  Nearly 40% of active duty military families are seeking food support.  The drastic fall is more than double the worst recorded since poverty rates started being recorded nearly 60 years ago.  

https://www.greenwichtime.com/business/a...807427.php

https://dnyuz.com/2020/12/16/pandemic-le...ssistance/

What goes down that fast can come up with equal rapidity. We are not talking about the effects of long term systemic causes, but short term sociatal trauma.

So just so I'm reading you correctly, you don't anticipate any long-term economic or social dislocation from this short term societal trauma?

[Mick]

In the past five months, nearly 7.8 million Americans have fallen into poverty, 2.3 million of them are children under 17.  Poverty rate is now 11.7%, up 2.4% since June.  The drastic fall is more than double the worst recorded since poverty rates started being recorded nearly 60 years ago.  

https://www.greenwichtime.com/business/a...807427.php

Going to get a lot worse before it gets better, but it should get better soon, at least for some.

Production is starting to roar in Asia so there will be lots of goods to buy for the wealthiest Americans, once they get vaccinated.   The large companies that survive will be rolling in revenue soon enough, and will be able to find lots of available workers at low rates too.   

The poverty and unemployment could take a lot longer to recover. 
Lots of industries will be changed forever, but all of that is trivial compared to those that have lost loved ones during this pandemic.  
Everyone please stay safe during this holiday season.

“The poverty and unemployment could take a lot longer to recover.

Lots of industries will be changed forever, but all of that is trivial compared to those that have lost loved ones during this pandemic.”

What is the bigger tragedy, the death from Covid of a 75 year old with at most a couple years to live; or a family of four being plunged into poverty because their breadwinner has lost his/her job.  It is a ghoulish question. I get that. I also think it’s tough to answer. Unless of course you are either a family member of the 75 year old or the family of four.  

Change the scenario to 85 year old, and I think it’s an easy answer.

Well, at least there was a massive drop in initial unemployment claims as SiP worked perfectly, the second round of the stimulus took hold and the job market came roaring back.

Just kidding.

No second round of the stimulus yet.  Job market hasn't come back.  And there was an increase in initial unemployment claims to 885,000, largest since September.  The total number of continued weeks claimed for benefits in all programs for the week ending November 28 was 20,646,779, an increase of 1,603,281 from the previous week. There were 1,782,260 weekly claims filed for benefits in all programs in the comparable week in 2019.

The total number of continued weeks claimed for benefits in all programs for the week ending November 28 was 20,646,779, an increase of 1,603,281 from the previous week. There were 1,782,260 weekly claims filed for benefits in all programs in the comparable week in 2019. So, SiP has failed.

---

In the past five months, nearly 7.8 million Americans have fallen into poverty, 2.3 million of them are children under 17.  Poverty rate is now 11.7%, up 2.4% since June.  Nearly 40% of active duty military families are seeking food support.  The drastic fall is more than double the worst recorded since poverty rates started being recorded nearly 60 years ago.  

https://www.greenwichtime.com/business/a...807427.php

https://dnyuz.com/2020/12/16/pandemic-le...ssistance/

What goes down that fast can come up with equal rapidity. We are not talking about the effects of long term systemic causes, but short term sociatal trauma.

So just so I'm reading you correctly, you don't anticipate any long-term economic or social dislocation from this short term societal trauma?