In just four weeks we have seen 22 million jobs disappear. That’s a huge number, the equivalent of the combined workforces of Georgia, Illinois, Maryland and Pennsylvania. A Federal Reserve study suggests we will reach a 32% unemployment, far worse than in the depths of the 1930s Great Depression, when the rate was just shy of 25%.
Job losses during the 1990, 2001 and 2008 recessions rose slowly and steadily. Each took more than six months to reach their peaks, giving people warnings and time to adjust as best they could. Continue reading.