Millions of Americans are facing longer periods of unemployment, posing greater financial risks

Huh? I thought tRump created the greatest economy in the history of the world. Yet Americans cannot weather a financial storm with some emergency savings?

It’s been 6 months. That’s about $25k in savings gone out of the window.

Lots of people are now dipping into their 401ks for money to survive. I had to call my company's 401k department and I was 6th in line. My company recently changed its hardship withdrawal requirements so that people could start withdrawing.

COVID-19 has definitely taught me to live within my means. No more credit card debt. Any long-term debt is very carefully considered now. My 2nd bathroom needs to be updated but its not urgent. I rarely go in there anyway.

I'm humiliated to say I actually was hired part time at a job I already hate yet part of me is grateful to have something while the other part wants to be fired.

Pretty sure if I quit, my unemployment from 2 jobs I'm furloughed from will cease. Quite frankly, I'm surprised they hired someone like me due to my (advanced) age but my years in customer service must have caught their eye.

Thinking things won't be as good as we remember them for sure.

It's comforting to know though that Congress gets paid in recess.

The REAL pain is yet to come. The doubling - in some cases, quadrupling - of unemployment benefits was a huge boost for the economy and safety net for people. It’s elimination - whether now or in a few months - will create massive suffering. Even when service jobs come back, there is a very large % of the population who have been dropped into deep poverty.

The destabilization this causes will be interesting to see. Logic says it should be a socialist uprising - history says it’s going to be an opportunity for fascism, racism and war. Grateful I lived through the many good years - what is to come economically is a disaster. And as US has been borrowing like a drunken sailor in the good times, the Federal debt well is gonna run dry.

Is this $400 per week going into effect soon?

Heard CA is getting $300 per week now as of September, but don't quote me on this-

There's only one solution - tax cuts for the wealthy.

OP, don't let this swell your head, but it's clear you have a flair for the obvious. ;`]

Received an email yesterday from EDD letting me know a deposit for the $300 unemployment was occurring this week, anyone else get this yet?

America’s lack of a social safety net is insane.

I won't tell you to suck it up because it does indeed suck R4.

This is going to sound strange but I'm concerned that when the jobs do come back at some point in the future that with the mad scramble for people to take those jobs employers will then begin to take advantage of them.

Hell, I remember trying to find a job in NYC right after September 11th in my field. You don't know how many times I heard, "you should be grateful to have this job" while I was doing things I clearly would never be doing that were out of my description like chasing around my boss' kid, cleaning a filthy basement in an old city owned building that no one went into without a mask or even gloves or spending hours and hours sealing envelopes .... when I was hired to do financial work.

I got out of there about 8 months later and found a good job but woo that was terrible.

yes, worse is yet to come...millions will be evicted soon.

R10 - I received $300 electronically on Saturday direct into my EDD acct. They are starting to pay out the first $300 now.

That's great, but the $300 is now long gone and we are left out in the cold.

Terrible way this is being handled. Most can't live off of what they are getting now without the enhanced benefits. Some may not have expected this to last this long, others of us were a little more prepared with our savings, but that won't last us either.

Most people in CA are on their 5th and I think final payment of $300. Say what you will but at least Trump signed executive orders on that money otherwise many people would be really hurting without that extra weekly supplement.

What was it, 6 weeks of receiving $300 totaling $1800?

If so, mine trickled in randomly; one week I received $600, then the next week, $300, then two weeks later another $300, etc.

Between the obvious rent, fuel for my car then a much needed brake repair, I'm almost out immediately!

It's going to be a long, cold winter.

Ever since the dot com bubble burst that launched a recession in late 1990's every subsequent similar event since has been an excuse for employers to shed jobs. Usually but not always first to go are "dead weight" but also older and or experienced people (who normally are drawing good to excellent compensation). When things turn around again for economic picture companies do not rehire all that good but expensive talent laid off, but often look to take on younger and or comparatively inexperienced, but give them a less generous compensation package. Thus you have plenty of senior or whatever highly skilled workers of all sorts from top management on down who now find themselves not just out of work, but no one else wants to hire them (at least not at often same pay grade) either.

Then you have the whole Six Sigma/Lean movement that has caused businesses/employers of all sorts to shed hundreds of positions via layoffs, attrition, whatever, but use advances in technology to goose productivity with fewer workers/management.

At first many didn't worry about whole lean movement because it was mainly affecting salaried/hourly workers like secretaries, assistants, clerks, etc.... But then CEOs/business owners started going after middle management and even entire divisions. Once white collar workers got caught in cross hairs people in certain places began to pay attention.

Those out of work today often find themselves competing for jobs with large numbers of others with similar backgrounds or in general area. Without connections or whatever it can often be impossible for some to even get past sending in CV online stage.

Millions of Americans are facing longer periods this winter?!?! Men, run for your lives. It's not going to be a pretty picture.

Actually, the long-term unemployed from the 2008 crisis were just being hired back in 2017-2018. It took that long for wages to start to rise this time. Each time is worse. The middle class will not ever be allowed to grow as long as the rich think feudalism is the endgame.

MAGA!

quote:

The decline in fortunes has changed the dynamics of the presidential election, now less than two weeks away.

John Michael Purdon, 22, said he had voted for President Trump in 2016 but was now voting for former Vice President Joseph R. Biden Jr.

Mr. Purdon is temporarily working as a substitute teacher near his home in Barnegat, N.J., but that was not the plan. He graduated in April from the University of Pittsburgh and expected to be in a nursing residency at Children’s Hospital of Philadelphia, “but right now, hospitals don’t have the money.”

On June 1, before he found the teaching gig, he applied for unemployment benefits. They didn’t arrive until the end of August, he said.

In his view, the economy is faltering in part because of the government’s mismanagement of the coronavirus pandemic. “I’m a health care professional myself,” Mr. Purdon said, and “certain things were overlooked in trying to rush the economy back too quickly.”

/quote

Increasingly economists are coming around in agreement this is going to be a "K" recovery. In other words them that had; got and will be doing better or same after covid-19 upset than before. OTOH those less well off and or were sitting very near window's edge before this whole hot economic mess unfolded will likely not recover soon if at all economically.

Meanwhile Eugene Scalia sees "very good trends" in the unemployment data...

God's death, the son is just as awful as his late father.

That's BS @ R22. There is a critical shortage of nurses nationwide.. If he wanted to be one, he would be. He's just being picky and wants CHOP, a very competitive program that he probably didn't qualify to get into. Find another program, Mary.

If there’s another $1200, it should be retroactive from April to October. $1200x6.

Dream on stupid R26. They want you dead.

It's true: I just agreed to make an instagram queen a costume for $, of course. I usually work on several films a year. Not this year, and I have only 2 tentative contracts for 2021.

R25

You don't have a clue do you?

Person in post R22 is a new graduate nurse who has just passed NCLEX exam. Yes, he is now a licensed professional nurse (RN), but inexperienced, that is where nurse residency comes in.... Back in the old days this period was called orientation and it was when new graduate nurses (but not yet often licensed), made the transition from student nurses to clinical practice.

While there may be shortage of professional nurses (hint, there really isn't in many areas of country), that means *experienced* RNs. Hospitals for many reasons have been loathe for a few decades now to take on new grad nurses. Hence new graduate nurse residency spots often are very competitive.

Mr. Purdon seems highly qualified which likely was reason why he was hired by Children's Hospital of Philadelphia for their nurse residency program.

P.S.

It isn't just CHOP, but virtually every hospital/healthcare system in Philly in now in a hiring freeze.

CHOP does not expect to open their nurse residency program until sometime well into next year when hospital again begins hiring. Plenty of nurses are now looking at other options.

There will be no new stimulus bill before the election. Mitch McConnell and conservative GOP senators are gearing up to confirm DT's SCOTUS pick and apparently cannot handle two big things at once. They do fear having to deal with a stimulus bill will take away energy and eyes off the ball from something near and dear; packing SCOTUS with a pro-religious conservative majority. That feat, if it comes to pass, will last longer than any stimulus and has been Mitch McConnell's wet dream for years. Even if GOP loses their majority in two weeks, and Mitch McConnell is gone from senate in 2021 (death or voted out of office, I'd take the first but would take the win any way it happened), he will have achieved many of his larger goals.

Nancy Pelosi doesn't really want a stimulus bill this close to election either. If it isn't same size and scope of Heroe's act many democrats would view whatever passed as a failure and take it out at the polls in a few weeks.

OTOH if a huge Heroe's act sort of bill did become law right before election it might take some of the wind out of people's sails in terms of getting out to vote. And this election is going to depend heavily on turnout in many key states. Democrats lost in 2016 because large numbers in certain states (for various reasons) didn't turn out to vote, so DT won. That cannot be allowed to happen again....

When Biden and the Democrats win, they should immediately announce their stimulus bill with corporate welfare pork.

Without corporate welfare pork.

R33, dream on. They are gonna bail out the airlines again.