Over the last few weeks, there have been adverse effects on economic activities worldwide. With the ongoing health pandemic, it’s affected all economies around the world. But more eye-opening is the United States economy in the last few weeks. The unemployment rate in America has not dramatically increased yet, but that rate will spike in the next few months. Although the U.S. economy was a house of cards for the last several years, the current pandemic has exposed the marketplace for what it truly is now. There are many directions I could write about in this post, but I’ll keep it to a few points for now.
Unemployment rate in America: What are the current unemployment numbers?
In the previous three weeks, unemployment claims reported by the US government have skyrocketed. Through the week ending April 4, 2020, nearly 17 million jobless claims have been filed. These are record numbers compared to previous periods (i.e., 2008-2009; 1987). We’re looking at a 2500% increase in unemployment, or putting in another perspective, that’s the equivalent of adult populations in Michigan, Minnesota, and Wisconsin. The current unemployment rate in the US is around 4.4%. Still, that rate is expected to go double digits beginning next month.
Unemployment in the U.S. has been measured for decades, but the official numbers aren’t the same as the real numbers. The government cooks the books behind the scenes to paint a rosier picture. I don’t think it’s right, but I can see there is a plan behind showing these numbers. Unemployment will be higher in the months ahead, and it remains uncertain what it’ll be like in the long-term.
I’m not going to focus on statistics or how the government is making the pandemic a more significant issue. I believe government responses around the world have been horrific- if you think about taking away individual freedom and more authoritarian control. But another concern I have is for the individuals that filed for unemployment. The large percentage of jobless claims shows this is a cultural problem, and how a lot of people aren’t taking responsibility for their lives. For the remainder of this post, I will go over a couple of interesting points:
Government responses are awful, but not the sole focus
The economy was weak before the pandemic
Cultural problems with the unemployed
Moving forward: What else can the unemployed do?
Unemployment rate in America: Government responses terrible, but not the only problem
Based on my views, what governments around the world have done is unlawful. They’ve implemented things such as mandatory quarantines or stay-at-home-orders. There are questions about whether people should be forced to follow these orders, or if they should volunteer to do so.
Stay at home orders may help in the short-term, but the longer they go, the more significant the consequences down the road. For example, a considerable loss of economic activity and mental health issues have come up in the last few weeks. Alcohol sales have skyrocketed across the country in recent weeks, which means people are stressed out and experiencing personal and financial difficulties right now.
My recent thoughts on government intervention
There’s no doubt I’m in a small minority of individuals who believe governments are not doing the right thing with the pandemic. Public health is a complete sham; in other words, I think they should be doing little to no intervention at all. COVID-19 is a significant problem, but governments are only making it a worsening crisis.
As frustrated as I’m witnessing right now, I know I can’t express my energy into changing people’s minds right away. Unfortunately, many people are misinformed and ignorant about how the pandemic is being addressed. I could tell them not to trust the government or the Centers for disease control and prevention (CDC), but I know I’ll be ignored and ridiculed over those suggestions.
The U.S. economy was weak before COVID-19
As I mentioned earlier, the economy has been in a big, fat, ugly bubble in the last several years. There are significant problems with the economy, and they’ve been largely ignored. The government and the Federal Reserve have made atrocious decisions that will make conditions much worse down the road. I’ve said for some time that the economy was going to decline significantly. Now that the pandemic is underway, it’s hit the economy so bad that the unemployment claims have gone up historically. Unfortunately, it had to happen due to a bizarre epidemic.
The unemployed & cultural problems
With a large number of jobless claims lately, I’m very much bothered by how many have filed for unemployment. While there are many people in dire financial constraints, I suspect there will be fraud, and people will abuse unemployment benefits. For example, people using their unemployment income to pay for unnecessary things, such as alcohol and junk food. On the other hand, large numbers prove that many people live paycheck to paycheck. Also, the majority of people aren’t saving and plan ahead of long-term consequences and risks.
What frustrates me now more than ever
Besides these points, those who filed for unemployment most likely rely on one source of income. Whether it’s one job or multiple low paying, part-time jobs, these people are dependent on someone else to look out for them. I believe it’s becoming apparent to be at risk as an employee or working for someone else more than ever.
Even though I’m not shaming a lot of these individuals, I don’t feel sympathetic if you didn’t prepare for a financial calamity. I apologize in advance, but it’s your fault! You have put yourself in a worse situation, and now you’re a burden to society. You may not like it, but even I realized what’s taken place in my life so far is a result of the decisions I made early on.
There are decisions I regret dearly, and I admit to myself, “IT’S MY FAULT!”
Moving forward: What can the unemployed do?
If you’ve read up to this point so far, you may think I’m a terrible person. But that’s not who I am: I’m giving some food for thought about the significant problems our society faces today. They didn’t come about overnight, but they have developed for several decades now. I’m frustrated to know that the majority of people don’t understand and know how to prepare for unexpected events. The pandemic was behind our control, and no one should be blamed for causing it to take place.
Control your source(s) of income: Only YOU are responsible for your life- nobody else!
More importantly, there are other things you can do to avoid further pain. If you’re unemployed, now is the best time to develop new skills and start taking control of your life. Personally and financially, it’s your duty and responsibility to be in charge of your life. Lately, I’ve emphasized the importance of having multiple streams of income for the best financial security. If that was the case for those who are unemployed, I think many people wouldn’t be in a bad situation right now. You need to have other sources of income to fall back on, as it’ll make your life less stressful in the long run. That’s what I’m currently doing right now, and I know it will pay me big dividends down the road.
These are challenging and stressful times for many people. Though some may think all is lost, I see an opportunity out of this current crisis. One of my missions in life is not to hurt people, but I want to help people. I want to help and inspire others to change their lives for the better. I firmly believe that people are more capable of achieving their full potential than they think. If you’re struggling right now, be assured that you can get on a fresh start today.
If you want to change your life and do something meaningful now, here are a few options I can help you out with today:
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Now more than ever, it’s vital to work on your human capital. Take action today to build a better future for yourself and your family.
Are you struggling to get through the current crisis? Will you take action today to change your life for the better?
Let me know by leaving a comment below. Take care, and stay healthy!