Pres. Hoover's politics & policies of austerity helped create the Great Depression. The GOP seems committed to repeating these mistakes.
It's really 30 million unemployed, including the 12 million on the federal Pandemic Unemployment Assistance and other programs.
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The federal government commendably invested in Americans economically through the beginning of this crisis.
We've let the virus spread increasingly out of control & the incomplete recovery stalled.
There are 5 unemployed Americans for every job opening.
Tens of millions of American households lost jobs through no fault of their own.
For many, those enhanced insurance payments make the difference between feeding their families or not.
We do not need more-desperate working families, as $600 insurance cut will produce.
Desperate workers feel pressure to neglect harms they do to others & may spread virus.
We need investments that make jobs healthier, safer, & more attractive.
Excellent reporting @byHeatherLong:
"...as they see friends losing jobs and their favorite restaurants and stores closing forever. As consumer confidence falls, people spend less... That can lead to even more business closures and more job cuts."
Hoover-Pence 2020: Reduce Americans' Disposable Income 5%
Hoover-Pence 2020: Cut Consumer Spending by 4%!
How weak is labor demand?
From the establishment survey, the number of payroll jobs in June was 14.7 million below Feb.
The share of adults employed in June was lower than any month in the 72 years before April 2020: -17 million employees.
30 million American workers are relying on unemployment insurance after layoff, ~16 million had been employees (DOL ETA).
127 million adults (51%) are in households that lost employment income since mid-March (RIP Census #HouseholdPulseSurvey. Congress, please fund.)
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