1 Thessalonians 5:3 For when they shall say, Peace and safety; then sudden destruction cometh upon them, as travail upon a woman with child; and they shall not escape.
Revelation 13:16-17 And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
Another 6.6 (6) million Americans filed for unemployment benefits last week
By Anneken Tappe and Annalyn Kurtz, CNN Business Updated 10:30 AM ET, Thu April 9, 2020
New York (CNN Business) Another 6.6 million people filed for unemployment benefits last week, according to the US Department of Labor, as American workers continue to suffer from devastating job losses, furloughs and reduced hours during the coronavirus pandemic.
It was the second largest number of initial unemployment claims in history, since the Department of Labor started tracking the data in 1967.
Altogether, about 16.8 million American workers, making up about 11% of the US labor force, have filed initial claims for jobless benefits in just the prior three (3) weeks alone. About 7.5 million workers filed for their second week of benefits or more last week.
Numbers at those levels are startling and contrast starkly with any other economic downturn on record, especially because of how quickly they’ve surged.
Job losses during the Great Recession for example — as deep as they were — came at a much slower pace. It took two years for 8.6 million Americans to lose their jobs in that crisis. This time around, as businesses across the country close to slow the spread of coronavirus, the unemployment crisis has been far more acute, condensed into just a few weeks.
Another way to put the 16.8 million number in perspective: It’s as if the entire adult populations of Michigan, Minnesota and Wisconsin applied for unemployment insurance in the last three weeks, noted economists Elise Gould and Heidi Shierholz from the Economic Policy Institute.
How bad can it get?
Economists are expecting job losses will continue, with the unemployment rate peaking in the double digits sometime in the next few months, up from 4.4% in March.
“This week’s unemployment insurance claims are yet another indication of the recessionary dynamics created by the coronavirus pandemic,” Moody’s Senior Vice President Robard Williams wrote in emailed comments.
That said, the government’s economic relief package and policies by the Federal Reserve — including an additional $2.3 trillion in loans announced Thursday morning — will soften the blow a little bit.
Bank of America economists predict employers will cut between 16 million and 20 million jobs, with the unemployment rate peaking at 15.6% between now and June. If that’s the case, it could take at least a couple years for unemployment to return to its pre-pandemic levels.
Still, economists are hoping the recovery from this downturn will be faster than the long drawn-out recoveries from the Great Recession and Great Depression. But ultimately, that will depend on when the coronavirus outbreak is contained.
Aid from the government
In the meantime, government stimulus could help some workers pay their bills. Congress included a historic expansion of unemployment benefits in its $2.2 trillion relief package passed two weeks ago. It includes a $600 weekly increase for up to four months, on top of state unemployment benefits. Workers in some states will start to receive those extra benefits this week.
State labor agencies have been upgrading their servers and adding staff, as they struggle to keep up with the sudden influx in claims. In many states, the computer systems that process claims run on a decades-old programming language known as COBOL. After his state was inundated with skyrocketing claims, New Jersey Governor Phil Murphy put out a call for volunteers who know how to code in COBOL to help maintain the overloaded system.
And in Florida, crowds of people have lined up to file paper applications for unemployment benefits after the state’s online and phone systems were also overwhelmed.
“The backlog of filings at the UI offices, [and] reports that some unemployment offices have people lined up outside to apply for benefits, shows how stressed the system is,” said Jennifer Lee, senior economist at BMO.
— CNN’s Tami Luhby and Alicia Lee contributed to this report.
Jesus Christ’s Offer of Salvation:
The ABCs of Salvation through Jesus Christ (the Lamb)
A. Admit/Acknowledge/Accept that you are sinner. Ask God’s forgiveness and repent of your sins.
. . . “For all have sinned, and come short of the glory of God.” (Romans 3:23).
. . . “As it is written, There is none righteous, no, not one.” (Romans 3:10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us.” (1 John 1:8).
B. Believe Jesus is Lord. Believe that Jesus Christ is who He claimed to be; that He was both fully God and fully man and that we are saved through His death, burial, and resurrection. Put your trust in Him as your only hope of salvation. Become a son or daughter of God by receiving Christ.
. . . “That whosoever believeth in him should not perish, but have eternal life. For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life. For God sent not his son into the world to condemn the world; but that the world through him might be saved. (John 3:15-17). For whosoever shall call upon the name of the Lord shall be saved.” (Romans 10:13).
C. Call upon His name, Confess with your heart and with your lips that Jesus is your Lord and Savior.
. . . “That if thou shalt confess with thy mouth the Lord Jesus, and shalt believe in thine heart that God hath raised him from the dead, thou shalt be saved. For with the heart man believeth unto righteousness; and with the mouth confession is made unto salvation.” (Romans 10:9-10).
. . . “If we say that we have no sin, we deceive ourselves, and the truth is not in us. If we confess our sins, he is faithful and just to forgive us our sins, and to cleanse us from all unrighteousness. If we say that we have not sinned, we make him a liar, and his word is not in us.” (John 1:8-10).
. . . “And he is the propitiation for our sins: and not for ours only, but also for the sins of the whole world. (John 2:2).
. . . “In this was manifested the love of god toward us, because that God sent his only begotten Son into the world, that we might live through him. And we have seen and do testify that the Father sent the Son to be the Saviour of the world. Whosoever shall confess that Jesus is the Son of God, God dwelleth in him, and he in God.” (1 John 4:9, 14-15).
. . . “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.” (Romans 5:8-10).
. . . “For the wages of sin is death; but the gift of God is eternal life through Jesus Christ our Lord.” (Romans 6:23).
. . . “Jesus saith unto them, I am the way, the truth, and the life, no man cometh unto the Father, but by me.” (John 14:6).
. . . “For I am not ashamed of the gospel of Christ: for it is the power of God unto salvation to everyone that believeth.” (Romans 1:16).
. . . “Neither is there salvation in any other: for there is none other name under heaven given among men, whereby we must be saved.” (Acts: 4:12).
. . . “Who will have all men to be saved, and to come unto the knowledge of the truth for there is one God, and one mediator between God and men, the man Christ Jesus.” (1 Timothy 2:4-6).
. . . “For God did not appoint us to suffer wrath but to receive salvation through our Lord Jesus Christ.” (1 Thessalonians 5:9).
. . . “But as many as received him, to them gave the power to become the sons of God, even to them that believe on his name.” (John 1:12).
True Church / Bride of Christ Spared from God’s Wrath:
Romans 5:8-10. “But God commendeth his love toward us, in that, while we were yet sinners, Christ died for us. Much more then, being now justified by his blood, we shall be saved from wrath through him. For if, when we were enemies, we were reconciled to God by the death of his Son, much more, being reconciled, we shall be saved by his life.”
Romans 12:19. Dearly beloved, avenge not yourselves, but rather give place unto wrath: for it is written, Vengeance is mine; I will repay, saith the Lord.
1 Thessalonians 1:10. And to wait for his Son from heaven, whom he raised from the dead, even Jesus, which delivered us from the wrath to come.
1 Thessalonians 5:9. For God hath not appointed us to wrath, but to obtain salvation by our Lord Jesus Christ,
Romans 8:35. Who shall separate us from the love of Christ? shall tribulation, or distress, or persecution, or famine, or nakedness, or peril, or sword?
Jeremiah 30:7. Alas! for that day is great, so that none is like it: it is even the time of Jacob’s trouble, but he shall be saved out of it.
Revelation 3:10 Because thou hast kept the word of my patience, I also will keep thee from the hour of temptation, which shall come upon all the world, to try them that dwell upon the earth.
Categories: Economic Collapse
