by Keith Hoeller “We Now Have the Worst Unemployment Rate Since the Great Depression,” read Slate’s headline. The 20.5 million jobs lost in April and the nearly 15% unemployment rate “may understate the actual extent of joblessness,” writes reporter Jacob Weissman. More than 51 million people have filed initial unemployment claims since the pandemic lockdown began seventeen weeks ago. But if you add the millions of people who dropped out and stopped looking for work, writes DailyKos reporter Meteor Blades, the real unemployment rate was more likely 26.3%, or “higher than the worst of the Great Depression at 25.6% in May 1933. Almost three times worse than the Great […]
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