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No Relief from US Economic Collapse

by Stephen Lendman (stephenlendman.orgHome – Stephen Lendman)

What’s going on in the US economically more resembles science fiction than reality in developed countries.

At yearend 2019, who could have imagined that for 33 straight weeks since March, over one million Americans would file claims for unemployment benefits.

What was unimaginable is reality with no end of it in prospect.

Numbers have been far higher that ever before in a weekly period, what establishment media at most give short shrift. 

For the latest weekly period through Thursday, the US Labor Department reported that another 751,000 Americans applied for state unemployment insurance (UI) benefits.

Another 363,000 sought Pandemic Unemployment Assistance (PUA).

It provides up to 39 weeks of benefits for jobless workers who don’t qualify for UI.

If not renewed by Congress and the White House, it expires at yearend.

Most states provide 26 weeks (six months) of UI. US economic collapse is deep and protracted.

When benefits are exhausted, jobless workers can apply for an additional 13 weeks of UI — what’s called Pandemic Emergency Unemployment Compensation (PEUC).

It’s also expiring at yearend if not renewed.

In his regular reports — based on reengineered data as it was calculated before post-1980s rigging — economist John Williams presents a true picture of the US economy.

Highlighting protracted economic collapse — that millions of unemployed and way underemployed US working-age Americans understand — he explained that “headline unemployment” has been way understated throughout 2020.

The real figure is 26.3%, not the phony 6.9% BLS number, mocking reality and human deprivation from lack of income from work. 

Year-over-year inflation through September is 9.1%, Williams adding:

“A realistic 2021 Social Security Cost of Living Adjustment (COLA) (should) have been 9.0%, not the just-announced 1.3%.”

The above is one of many examples of robbing poor Peter to more greatly benefit rich Paul — a policy both right wings of the one-party state support.

Along with other neoliberal actions, it furthers the agenda of the US ruling class to more greatly thirdworldize America — already a banana republic.

In the weeks and months ahead, Williams sees “continuing, rapidly deepening…US economic collapse.”

The US economic outlook is dismal for ordinary Americans.

According to the Economic Policy Institute (EPI), “it will take years for the US economy to fully recover,” adding: 

“With long-term unemployment on the rise and little hope for additional relief, workers and their families do not have years to keep their heads above water.”

Permanent layoffs are rising. Saying “(p)olicymakers cannot ignore the economic devastation happening to workers and their families across the country” isn’t matched by their indifference to high-level public need they failed to address since July. 

“The hopes of a quick recovery have long since been dashed,” said EPI. 

“(S)wift action (to) lessen the continued hardship(s)” hasn’t been forthcoming.

According to Senate Majority Leader McConnell:

“We need another rescue package. Hopefully the partisan passions that prevented us from doing another rescue package will subside with the election.” 

“We need to do it, and I think we need to do it before the end of the year.”

He’ll go along only with far less than what’s needed by jobless Americans, states, and local communities.

So whatever may be agreed on won’t be nearly enough.

Protracted abnormality is the new normal in America, hard times getting harder. 

How things were long ago no longer exist.

They’re gone, perhaps never to return because heads of US duopoly rule reject serving all Americans equitably.

That’s today’s dismal reality establishment media ignore.

VISIT MY WEBSITE: stephenlendman.org (Home – Stephen Lendman). Contact at lendmanstephen@sbcglobal.net.

My two Wall Street books are timely reading:

“How Wall Street Fleeces America: Privatized Banking, Government Collusion, and Class War”

www.claritypress.com/product/how-wall-street-fleeces-america/

 

“Banker Occupation: Waging Financial War on Humanity”

www.claritypress.com/product/banker-occupation-waging-financial-war-on-humanity/

Stephen Lendman
Stephen Lendman
Stephen Lendman was born in 1934 in Boston, MA. In 1956, he received a BA from Harvard University. Two years of US Army service followed, then an MBA from the Wharton School at the University of Pennsylvania in 1960. After working seven years as a marketing research analyst, he joined the Lendman Group family business in 1967. He remained there until retiring at year end 1999. Writing on major world and national issues began in summer 2005. In early 2007, radio hosting followed. Lendman now hosts the Progressive Radio News Hour on the Progressive Radio Network three times weekly. Distinguished guests are featured. Listen live or archived. Major world and national issues are discussed. Lendman is a 2008 Project Censored winner and 2011 Mexican Journalists Club international journalism award recipient.