The Collapse Is Confirmed: Job losses Ramp Up Again As Millions Of Americans Slide Into Poverty

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A recent study has shown that over 8 million Americans have fallen into poverty this year. Meanwhile, the mainstream media insists that we’re in the middle of a significant economic rebound, even though numbers have repeatedly proved the opposite. In fact, another 898,000 new unemployment claims were filed last week, the highest weekly spike since August.
In this video, we question the mainstream media’s assessment about the misleading reviews of the economy collapse, and present a realistic interpretation of the latest studies that warn further millions could be pushed into the poverty line by the end of the year.
Since the lockdown started and business activities were shutdown pushing millions of workers out of their posts and leaving them reliant on the unemployment checks, the number of vulnerable households has exploded.
Sadly, when the stimulus wore off and the benefits were interrupted, many of these families found themselves in desperate situations. They are now facing the threat of losing their homes and going through a difficult winter of acute food insecurity.
According to the Columbia University study, approximately 8 million Americans have slid into poverty since May. The monthly poverty rate for September was higher than rates during April or May, and it also topped pre-crisis levels, due to the expiration of the CARES Act’s stimulus checks and $600 per week supplement to unemployment benefits.
At the same time, the Labor Department announced a spike of nearly 900,000 new claims last week. Which means future poverty rates are expected to present even larger numbers.
Amid a second round of lay-offs, a surge in infection cases, and deadlocked talks over new stimulus, a separate study by researchers at Notre Dame and the University of Chicago, discovered that 6 million people have slipped into poverty just in the last three months.
The new data shows, Black people and Latinos are more than twice as likely as white people to be poor. Both minority groups disproportionately work in industries hardly damaged by the economic recession and have faced obstacles to receive federal aid.
Studies have reported child poverty rates are fast expanding, with an additional 2.5 million children falling below the poverty line since May. Members of both research groups stressed the rising poverty underscores an urgent need for a new round of help.
But, on the other hand, authorities seem unbothered about this situation. They are considering the 8% increase in poverty since January, a “modest amount”. Their strategy is to maneuver the real data so that next month’s political events go as smoothly as possible.
For that reason, official government numbers have been rebranded to present a better outlook. Now, millions of workers are not even categorized as “unemployed”. Instead, they have been relocated to a category called “not in the labor force”.
According to the Axios group, the number of Americans who aren’t considered employed but aren’t considered a part of the unemployed climbed to 103 million in April, which accounts for more than a quarter of the U.S. population.
But Fed chair Jerome Powell has noted a broader measure would be around 11%. Needless to say that labor market conditions are still deteriorating in face of the most recent announcements that more companies let more workers go.
Furthermore, the U.S. Census Bureau has reported that California has the hightest poverty rate in the country. With all that said, if that’s what they call “economic recovery”, we wonder how “bad times” would be.

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Epic Economist

Epic Economist

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