WEB Notes: The economic situation looks extremely grim right now. 20% unemployment is outrageous and cities like Cincinnati are struggling to make it. There continues to be more pressure placed upon our nation and world to “social distance” and enforce another round of lockdowns. It is hard to imagine how our current world structure will last if that transpires, but then again, that is the goal. To decimate what is left of the current global structure to bring about a new world order.
Great Depression levels of unemployment have hit some of the country’s biggest cities.
The coronavirus pandemic has pushed the jobless rate in New York, Los Angeles and other major urban areas to near or above 20%, nearly twice the national rate.
The unemployment rate is a barometer of financial hardship for American families, since losing a job typically leads to a significant drop in household income. A rate of 20% means 1 in 5 Americans in the labor force can’t find work.
Source: CNBC
A Glimpse Into the Fiscal Gloom Bearing Down on America’s Cities
In Cincinnati, a city of 300,000 on the banks of the Ohio River, Mayor John Cranley faces cuts to police, fire and sanitation without more help from Washington.
The city has already had to tiptoe back from the fiscal abyss earlier this year by temporarily laying off one-quarter of its workforce and balancing its budget with debt. Seventy percent of Cincinnati’s revenue comes from taxes on wages, and with the coronavirus continuing to spread, leaving record joblessness in its wake, Cranley said he fears permanent declines in essential services.
Source: Bloomberg