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HERE ARE THE WORLD'S NEWS

Breaking Down April’s Unprecedented Job Loss Amid The Pandemic | Stephanie Ruhle | MSNBC

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UNEMPLOYMENT RATE SURGING TO EVEN HIGHER THAN 30%, STEPH EVEN HIGHER THAN 30%, STEPH

>> MY GOODNESS >> MY GOODNESS KRISTEN WELKER, THANK YOU KRISTEN WELKER, THANK YOU >>> LET’S BREAK DOWN WHAT ALL OF >>> LET’S BREAK DOWN WHAT ALL OF THIS MEANS

THIS MEANS I WANT TO BRING IN JASON FUHRMAN I WANT TO BRING IN JASON FUHRMAN AND CHRIS LU, FORMER DEPUTY AND CHRIS LU, FORMER DEPUTY LABOR SECRETARY AND SENIOR LABOR SECRETARY AND SENIOR FELLOW AT THE UNIVERSITY OF FELLOW AT THE UNIVERSITY OF VIRGINIA’S MILLER CENTER VIRGINIA’S MILLER CENTER JASON, TO YOU FIRST JASON, TO YOU FIRST

WHAT DO YOU MAKE OF THE WHAT DO YOU MAKE OF THE UNEMPLOYMENT NUMBER? UNEMPLOYMENT NUMBER? >> IT’S, OBVIOUSLY, TERRIBLE >> IT’S, OBVIOUSLY, TERRIBLE TERRIBLE, TERRIBLE TERRIBLE, TERRIBLE LIKE NOTHING WE’VE EVER SEEN

LIKE NOTHING WE’VE EVER SEEN I WANT TO TITLE TWO POINTS FROM I WANT TO TITLE TWO POINTS FROM IT IT FIRST OF ALL, STATE AND LOCAL FIRST OF ALL, STATE AND LOCAL JOB LOSS JUST BY ITSELF WAS JOB LOSS JUST BY ITSELF WAS 900,000 900,000

WORSE THAN THE ENTIRE ECONOMY IN WORSE THAN THE ENTIRE ECONOMY IN ANY MONTH IN OUR HISTORY WITH ANY MONTH IN OUR HISTORY WITH THE EXCEPTION OF THE THE EXCEPTION OF THE DEMOBILIZATION FROM WORLD WAR DEMOBILIZATION FROM WORLD WAR II II THAT IS A HARBINGER OF WHAT IS THAT IS A HARBINGER OF WHAT IS TO COME TO COME NEARLY 400,000 LOCAL EDUCATION NEARLY 400,000 LOCAL EDUCATION JOB LOSSES

JOB LOSSES SO THAT BY ITSELF WOULD HAVE SO THAT BY ITSELF WOULD HAVE JUST BEEN AN AWFUL MONTH JUST BEEN AN AWFUL MONTH SECOND, ABOUT TWO-THIRDS OF THE SECOND, ABOUT TWO-THIRDS OF THE PEOPLE WHO HAVE LOST THEIR JOBS PEOPLE WHO HAVE LOST THEIR JOBS OR GIVEN UP LOOKING FOR WORK ARE OR GIVEN UP LOOKING FOR WORK ARE ON TEMPORARY LAYOFF ON TEMPORARY LAYOFF

EVEN IF ALL OF THEM WERE CALLED EVEN IF ALL OF THEM WERE CALLED BACK TO WORK, THE UNEMPLOYMENT BACK TO WORK, THE UNEMPLOYMENT RATE WOULD STILL BE 9% RATE WOULD STILL BE 9% AND SO WE’RE IN FOR SOMETHING AND SO WE’RE IN FOR SOMETHING LONG HERE LONG HERE WE NEED TO STAY AT IT IN TERMS WE NEED TO STAY AT IT IN TERMS OF POLICY AND DO MORE

OF POLICY AND DO MORE >> BUT, CHRIS, CAN WE ACTUALLY >> BUT, CHRIS, CAN WE ACTUALLY COMPARE THIS TO ANY OTHER TIME COMPARE THIS TO ANY OTHER TIME IN HISTORY? IN HISTORY? THIS NUMBER IS ABNORMAL THIS NUMBER IS ABNORMAL THESE JOBS — THESE PEOPLE WERE THESE JOBS — THESE PEOPLE WERE LAID OFF BECAUSE WE TURNED — WE LAID OFF BECAUSE WE TURNED — WE SHUT THE ECONOMY DOWN SHUT THE ECONOMY DOWN

THE GOVERNMENT TOLD EVERYONE TO THE GOVERNMENT TOLD EVERYONE TO STAY HOME STAY HOME THAT HASN’T HAPPENED IN OUR THAT HASN’T HAPPENED IN OUR NATION’S HISTORY NATION’S HISTORY >> YOU’RE 100% RIGHT

>> YOU’RE 100% RIGHT THERE’S NO GREAT HISTORICAL THERE’S NO GREAT HISTORICAL ANALOGY FOR THIS ANALOGY FOR THIS THIS 20 MILLION JOBS WE’VE LOST THIS 20 MILLION JOBS WE’VE LOST IS ABOUT 25 TIMES HIGHER THAN IS ABOUT 25 TIMES HIGHER THAN ANYTHING WE SAW DURING THE GREAT ANYTHING WE SAW DURING THE GREAT RECESSION RECESSION

AND WHAT’S NOTABLE ABOUT IT IS AND WHAT’S NOTABLE ABOUT IT IS IT’S NOT JUST IN THESE KIND OF IT’S NOT JUST IN THESE KIND OF LEISURE AND HOSPITALITY AND LEISURE AND HOSPITALITY AND RETAIL INDUSTRIES RETAIL INDUSTRIES WE HAVE A MILLION-PLUS LOSSES IN WE HAVE A MILLION-PLUS LOSSES IN CONSTRUCTION AND MANUFACTURING CONSTRUCTION AND MANUFACTURING PROFESSIONAL BUSINESS SERVICES, PROFESSIONAL BUSINESS SERVICES, HEALTH CARE

HEALTH CARE IT’S IMPORTANT TO UNDERSTAND IT’S IMPORTANT TO UNDERSTAND HERE AS JASON SAID, A LOT OF HERE AS JASON SAID, A LOT OF THIS IS TEMPORARY JOB LOSS THIS IS TEMPORARY JOB LOSS THE QUESTION IS, CAN THESE MOM THE QUESTION IS, CAN THESE MOM AND POP OPERATIONS, CAN THESE AND POP OPERATIONS, CAN THESE SMALL BUSINESSES STAY AFLOAT SO SMALL BUSINESSES STAY AFLOAT SO THEY CAN BRING THESE PEOPLE THEY CAN BRING THESE PEOPLE BACK? BACK? AND IT SPEAKS TO THE FACT WE AND IT SPEAKS TO THE FACT WE NEED TO CONTINUE TO PROVIDE MORE NEED TO CONTINUE TO PROVIDE MORE FINANCIAL RELIEF FINANCIAL RELIEF

WE’RE NOT EVEN AT STIMULUS NOW WE’RE NOT EVEN AT STIMULUS NOW WE’RE TALKING ABOUT FINANCIAL WE’RE TALKING ABOUT FINANCIAL RELIEF TO SMALL BUSINESSES AND RELIEF TO SMALL BUSINESSES AND TO WORKERS TO KEEP THIS ECONOMY TO WORKERS TO KEEP THIS ECONOMY AFLOAT UNTIL WE GET OUT OF THIS AFLOAT UNTIL WE GET OUT OF THIS PUBLIC HEALTH CRISIS PUBLIC HEALTH CRISIS >> JASON, THE LONGER THIS LASTS, >> JASON, THE LONGER THIS LASTS, LET’S SAY WE GET A VACCINE LET’S SAY WE GET A VACCINE SEPTEMBER 1st

SEPTEMBER 1st CAN THE ECONOMY JUST TURN RIGHT CAN THE ECONOMY JUST TURN RIGHT BACK ON? BACK ON? DURING THIS PERIOD OF TIME, MANY DURING THIS PERIOD OF TIME, MANY BUSINESSES ARE REALIZING IN THE BUSINESSES ARE REALIZING IN THE NEW WORLD, THEY DON’T NEED THAT NEW WORLD, THEY DON’T NEED THAT MANY EMPLOYEES MANY EMPLOYEES >> RIGHT >> RIGHT

I THINK THAT’S EXACTLY THE I THINK THAT’S EXACTLY THE PROBLEM PROBLEM THERE’S TWO TYPES OF JOB GAINS THERE’S TWO TYPES OF JOB GAINS ONE IS YOU GO BACK TO YOUR OLD ONE IS YOU GO BACK TO YOUR OLD EMPLOYER

EMPLOYER THAT CAN HAPPEN REALLY FAST THAT CAN HAPPEN REALLY FAST LATER THIS YEAR WE’LL PROBABLY LATER THIS YEAR WE’LL PROBABLY SEE A COUPLE OF MONTHS, EVEN SEE A COUPLE OF MONTHS, EVEN WITHOUT A VACCINE, OF WITHOUT A VACCINE, OF RECORD-BREAKING JOB GROWTH RECORD-BREAKING JOB GROWTH

A MONTH WITH 1 MILLION JOBS A MONTH WITH 1 MILLION JOBS GAINED, A MONTH WITH 3 MILLION GAINED, A MONTH WITH 3 MILLION JOBS GAINED JOBS GAINED EVEN WHEN YOU TURN THE LIGHTS EVEN WHEN YOU TURN THE LIGHTS BACK ON, YOU JUST GET BACK A BACK ON, YOU JUST GET BACK A FRACTION OF THESE JOBS LOST FRACTION OF THESE JOBS LOST EVEN IF YOU GET BACK TWO-THIRDS EVEN IF YOU GET BACK TWO-THIRDS YOU’RE STILL MILLIONS AND YOU’RE STILL MILLIONS AND MILLIONS OF JOBS SHORT

MILLIONS OF JOBS SHORT PEOPLE WON’T REHIRE BECAUSE SOME PEOPLE WON’T REHIRE BECAUSE SOME HAVE PERSISTENT PROBLEMS BECAUSE HAVE PERSISTENT PROBLEMS BECAUSE THIS WILL ACCELERATE SOME OF THE THIS WILL ACCELERATE SOME OF THE CHANGES UNDER WAY CHANGES UNDER WAY AND ONCE YOU’RE DONE WITH THAT AND ONCE YOU’RE DONE WITH THAT PARTIAL BOUNCEBACK, WE’RE IN FOR PARTIAL BOUNCEBACK, WE’RE IN FOR A SLOG BECAUSE THE OTHER WAY OF A SLOG BECAUSE THE OTHER WAY OF CREATING JOBS WHERE YOU FIND A CREATING JOBS WHERE YOU FIND A NEW EMPLOYER, WHERE YOU GET NEW EMPLOYER, WHERE YOU GET TRAINED FOR A NEW INDUSTRY, THAT TRAINED FOR A NEW INDUSTRY, THAT IS — THAT COULD BE A LONG, IS — THAT COULD BE A LONG, PAINFUL PROCESS PAINFUL PROCESS

>> WHO PAYS FOR THAT? >> WHO PAYS FOR THAT? CHRIS, YOU WERE TALKING ABOUT CHRIS, YOU WERE TALKING ABOUT MOM AND POPS MOM AND POPS THERE’S GOING TO BE A WHOLE NEW THERE’S GOING TO BE A WHOLE NEW SET OF RULES AND PROTOCOLS SET OF RULES AND PROTOCOLS IF YOU ARE A BIG, GIANT IF YOU ARE A BIG, GIANT MULTINATIONAL CORPRATION, YOU MULTINATIONAL CORPRATION, YOU CAN SURELY AFFORD TO IMPLOEMT CAN SURELY AFFORD TO IMPLOEMT THAT THAT IMPLEMENT THAT

IMPLEMENT THAT FOR THOSE MOM AND POPS OUT FOR THOSE MOM AND POPS OUT THERE, BUSINESSES STRUGGLING THERE, BUSINESSES STRUGGLING BEFORE, WILL THIS BE THE END? BEFORE, WILL THIS BE THE END? >> UNFORTUNATELY, I THINK IT >> UNFORTUNATELY, I THINK IT WILL BE THE END FOR A LOT OF WILL BE THE END FOR A LOT OF THEM THEM WE KNOW IN THIS COUNTRY THAT SO WE KNOW IN THIS COUNTRY THAT SO MANY RESTAURANTS AND THESE SMALL MANY RESTAURANTS AND THESE SMALL BUSINESSES OPERATE WITH SLIM BUSINESSES OPERATE WITH SLIM PROFIT MARGINS ANYWHERE FROM 14 PROFIT MARGINS ANYWHERE FROM 14 DAYS OF CASH FLOW THEY CAN DAYS OF CASH FLOW THEY CAN OPERATE WITHOUT BRINGING MONEY OPERATE WITHOUT BRINGING MONEY IN IN

MOST OF THEM HAVE NOW BEEN MOST OF THEM HAVE NOW BEEN CLOSED FOR THE BETTER PART TWO CLOSED FOR THE BETTER PART TWO OF MONTHS OF MONTHS AS GOOD AND WELL MEANING AS THIS AS GOOD AND WELL MEANING AS THIS PPP LOAN PROGRAM WAS, THE PPP LOAN PROGRAM WAS, THE IMPLEMENTATION WAS QUITE POOR IMPLEMENTATION WAS QUITE POOR IT DIDN’T GO TO THE PEOPLE THAT IT DIDN’T GO TO THE PEOPLE THAT SHOULD SKRHAVE GOT IT

SHOULD SKRHAVE GOT IT A LOT OF MOM AND POP DELIS OR A LOT OF MOM AND POP DELIS OR DRY CLEANERS CAN’T STAY AFLOAT DRY CLEANERS CAN’T STAY AFLOAT YOU’LL SEE A LOT OF ACCELERATION YOU’LL SEE A LOT OF ACCELERATION AND CONSOLIDATION OF COMPANIES AND CONSOLIDATION OF COMPANIES WE’VE SEEN IN RECENT YEARS WE’VE SEEN IN RECENT YEARS

YOU’LL NOT HAVE AS MANY YOU’LL NOT HAVE AS MANY BUSINESSES WHICH MEANS YOU’LL BUSINESSES WHICH MEANS YOU’LL NOT HAVE AS MANY WORKERS AS NOT HAVE AS MANY WORKERS AS WELL WELL AND THE PROBLEM IN ALL OF THIS AND THE PROBLEM IN ALL OF THIS IS, WE DON’T EVEN KNOW THAT THIS IS, WE DON’T EVEN KNOW THAT THIS IS THE WORST YET IS THE WORST YET BECAUSE WHAT WE’VE BEEN TOLD BY BECAUSE WHAT WE’VE BEEN TOLD BY PUBLIC HEALTH EXPERTS AND BY PUBLIC HEALTH EXPERTS AND BY ECONOMISTS IS THAT A HASTY ECONOMISTS IS THAT A HASTY REOPENING OF THE ECONOMY WOULD REOPENING OF THE ECONOMY WOULD ACTUALLY ONLY LEAD TO MORE ACTUALLY ONLY LEAD TO MORE DEATHS AND CAUSE A LONGER AND DEATHS AND CAUSE A LONGER AND DEEPER ECONOMIC DOWNTURN

DEEPER ECONOMIC DOWNTURN SO, YOU KNOW, TODAY’S NUMBERS SO, YOU KNOW, TODAY’S NUMBERS ARE BAD, BUT EXPECT MANY MORE ARE BAD, BUT EXPECT MANY MORE MONTHS OF THIS MONTHS OF THIS >> IS IT, JASON, THAT PPP DIDN’T >> IS IT, JASON, THAT PPP DIDN’T GET TO THE RIGHT PEOPLE? GET TO THE RIGHT PEOPLE? OR IS IT THE WRONG PROGRAM THAT OR IS IT THE WRONG PROGRAM THAT IN THE FIRST ROUND WE KNOW IT IN THE FIRST ROUND WE KNOW IT WENT TO THE WRONG HANDS? WENT TO THE WRONG HANDS? BUT NOW PPP’S SECOND ROUND BUT NOW PPP’S SECOND ROUND HASN’T RUN OUT AND MANY HASN’T RUN OUT AND MANY BUSINESSES WE’RE SPEAKING TO SAY BUSINESSES WE’RE SPEAKING TO SAY THE RULES SIMPLY DON’T APPLY TO THE RULES SIMPLY DON’T APPLY TO THEM THEM

THEY WOULDN’T BE ABLE TO USE THEY WOULDN’T BE ABLE TO USE THIS MONEY AND KEEP IT GIVEN THE THIS MONEY AND KEEP IT GIVEN THE HURDLES THEY FACE HURDLES THEY FACE IS IT THE WRONG PROGRAM? IS IT THE WRONG PROGRAM? >> I THINK PPP IS THE WRONG >> I THINK PPP IS THE WRONG PROGRAM PROGRAM I THINK IT WAS WELL INTENTIONED, I THINK IT WAS WELL INTENTIONED, BUT MANY OF THE BUSINESSES BUT MANY OF THE BUSINESSES GETTING IT HAD EMPLOYEES WHICH GETTING IT HAD EMPLOYEES WHICH MEANS FOR THEM IT WAS A MEANS FOR THEM IT WAS A WINDFALL, REIMBURSING THEIR WINDFALL, REIMBURSING THEIR OWNERS FOR A COST THEY WERE OWNERS FOR A COST THEY WERE GOING TO PAY ANYWAY

GOING TO PAY ANYWAY FOR MANY OTHERS IT’S A BRIDGE TO FOR MANY OTHERS IT’S A BRIDGE TO NOWHERE BECAUSE ONCE THE PPP NOWHERE BECAUSE ONCE THE PPP MONEY RUNS OUT, AND THEY STILL MONEY RUNS OUT, AND THEY STILL DON’T HAVE CUSTOMERS, THEY’RE DON’T HAVE CUSTOMERS, THEY’RE GOING TO LAY ALL OF THOSE GOING TO LAY ALL OF THOSE EMPLOYEES OFF AGAIN EMPLOYEES OFF AGAIN I THINK IT’S PRECIOUS FEW I THINK IT’S PRECIOUS FEW BUSINESSES THAT WERE RIGHT IN BUSINESSES THAT WERE RIGHT IN THE SWEET SPOT OF THEY WERE ABLE THE SWEET SPOT OF THEY WERE ABLE TO CONTINUE BECAUSE OF THIS AND TO CONTINUE BECAUSE OF THIS AND WOULDN’T ABSENT WOULDN’T ABSENT

WE SHOULD FOCUS OUR EFFORTS ON WE SHOULD FOCUS OUR EFFORTS ON PEOPLE AND PROTECTING PEOPLE PEOPLE AND PROTECTING PEOPLE FROM THE CONSEQUENCES OF THIS FROM THE CONSEQUENCES OF THIS AND THE WAY WE’VE DONE WITH AND THE WAY WE’VE DONE WITH UNEMPLOYMENT INSURANCE, WE UNEMPLOYMENT INSURANCE, WE SHOULD DO THAT WITH HEALTH CARE SHOULD DO THAT WITH HEALTH CARE AND NUTRITION AS WELL AND NUTRITION AS WELL >> WE’VE GOT TO PROTECT PEOPLE

Source: Youtube

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