RandomPoster
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- May 22, 2017
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"As job losses mount, some economists say the nation's unemployment rate could approach 13% by May. By comparison, the highest jobless rate during the Great Recession, which ended in 2009, was 10%.
The economic deterioration has been swift. As recently as February, the unemployment rate was at a 50-year low of 3.5%. And the economy was growing steadily if modestly. Yet by the April-June quarter of the year, some economists think the economy will shrink at its steepest annual pace ever — a contraction that could reach 30%.
Many people who have lost jobs in recent days have been unable to file for unemployment aid because state websites and phone systems have been overwhelmed by a crush of applicants and have frozen up. That logjam suggests that Thursday's report on filings for unemployment benefits actually understates the magnitude of job cuts last week."
Mass unemployment may be headed our way and the consequences may be devastating. During the Great Depression, suicide increased by 25%. Today, that would be an additional 11,000 deaths a year. However, that is only the tip of the iceberg. When you lose your job, you will eventually lose your health insurance for you and your family. This could very well lead to a drastic number of deaths and decreased quality of life as the quality of medical care your family receives will likely go down. This is because you will no longer be able support your own family and have to rely on whatever handout the government can spare. In turn, there will be less funding for our nation's increasingly overburdened healthcare system after an economic collapse. This can only exasperate the situation even further.
In short, America may be headed in the direction of Venezuela in the next couple of years if we don't stop the madness and get back to work.