Coronary economic crisis continues to intensify: Unemployment figures - worst since the Great Depression • Federal Reserve: "Low-income people hit hard"
Americans stand in line for food products // Photo: IP
A new low point for the US economy, suffering from the effects of the Corona epidemic, was registered Thursday when the US Department of Labor announced that the number of unemployment benefits seekers in the state had risen to 36 million people.
The Ministry of Labor figures show a slowdown in the pace of new applications, but the record-breaking rate of unemployment has already brought unemployment levels to those unseen since the Great Depression in the 1930s.
The U.S. Department of Labor this week began publishing the eligibility requirements for unemployed benefits under a similarly-named bill passed under the Congressional Aid Package. The new data is also expected to include temporary and self-employed workers such as Uber drivers and app data services.
According to data released by the US Department of Labor, those who have been most severely affected by the economic crisis caused by the epidemic are those who have been vulnerable before. The US Reserve Bank is now expected to publish an overview showing who was most severely affected by the epidemic. Federal Reserve CEO Jerome Powell said the report shows that 40 percent of households whose income is under $ 40,000 a year have experienced a loss of a source of income.
$ 3 trillion to fight the virus
Democrats in the U.S. House of Representatives, the lower house in Congress, introduced a three-trillion-dollar, $ 3 trillion aid program last night to combat the health and economic damages of the country's corona virus.
The proposal provides funding for local governments, virus testing, and a new round of direct payments to Americans, and if you pass it will be considered the largest aid package in the nation's history.
The plan unveiled by House Speaker Nancy Pelosi will be significantly higher than the amount of financial response Congress has approved for the state's Corona crisis so far. And at least 81,000 people have died after the current aid program is experiencing difficulties.
The House of Representatives is expected to convene to vote on the bill this Friday, but at this point, Congress appears to be split in its stance in terms of the need for an economic plan of this magnitude at this time. Senate Majority Leader Sen. Mitch McConnell rejected the Democratic proposal without seeing it, calling it a "wish list with no chance of becoming law." Senator Lindsay Graham was backed by McConnell, who said "this proposal is dead upon her arrival here."