Unemployment is on a steady rise as more businesses close and lets go of their employees due to the effects of coronavirus. Economists and lawmakers have predicted early that the U.S. is headed for an economic recession as the coronavirus pandemic continues to grow within the country.
Since the start of the pandemic, the stock market has declined immensely, millions of citizens have filed for unemployment, and tons of businesses have closed their doors.
Newsweek reports, “A chart included with the analysis showed the projected surge in unemployment in each state, with Nevada projected to face the highest levels of unemployment, at 14.2 percent. Hawaii was close behind, with 13.6 percent unemployment predicted. Montana could see unemployment surge to 12.4 percent, while the jobless rate in Florida is projected to rise to 12 percent.”
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It’s expected that nationwide, every state is expected to see at least 9.5 percent unemployment. To add context, according to Newsweek, “unemployment peaked at 9.9 percent nationwide in 2009 during the Great Recession. It rose to an all-time high of 24.9 percent during the Great Depression in 1933.”
Both Democrats and Republicans in the Senate came to an agreeance with the White House on a $2 trillion stimulus package. The package would send payments of $1,200 dollars to singles earning $75,000 or less, married couples would get $2,400, and parents would see $500 for each child under age 17. The package is also said to assist with unemployment benefits, student loans, and businesses.
Those making over $99,000 will not qualify at all.