US Unemployment At It Peak Since Great Depression Amid Coronavirus Pandemic

News-CIF-updated


Since the Great Depression of the 1930s, unemployment in the US has been at its highest levels, with a ratio of 1 in 6 workers thrown out of their jobs due to the pandemic outbreak in the country. A $500 billion spending package was passed by the House, amid the deepening crisis situation, to aid hospitals and businesses.
It was reported that in the past week, more than 4.4 million Americans who have been laid-off has applied for unemployment benefits. In total, approx. 26 million people i.e. roughly the population of 10 largest US cities combined, have been reported that they filed for jobless aid in the last 5 weeks. This portrays an epic collapse which has raised the stakes in the debate on how as well as when to ease the measures of shuttering the factories and also other businesses.

In Washington, the House lawmakers while debating about the latest spending package, they sat in the otherwise vacant galleries and also cared to wear face masks as well as bandannas and stayed away from each other during the entire process.

Anchoring the bill is administration’s request for $250 billion in order to replenish a fund to aid the small and also the medium-sized businesses with their rent, payroll as well as other expenses. Trump said in a statement that the bill would assist the small business concerns to keep million of workers on their payroll.