16+ million Americans lost their jobs in the past weeksPosted by Robert Leonard / April 10, 2020
A shocking 16 million Americans have lost their jobs the past few weeks. That puts the unemployment rate at around 13%, according to the New York Times. For comparison, the Great Depression was around 25%.
In the continuing economic fallout of the COVID epidemic, the S&P 500 is set for its worst first quarter since 1938. The U.S. government is passing economic stimulus packages, but all is not tell––the Post Office may have to close if it doesn’t get funding by June, and American Airlines has asked for $12 billion.
Cheesecake Factory CEO and chairman David Overton has told landlords for all its locations that it won’t be paying rent for awhile. It is not recommended that you try this at home. COVID has caused the restaurant to totally close 27 restaurants temporarily while shifting others to carry-out only.
In far less hilarious news, the mayor of Atlanta has warned that her city’s ICU units are full. If cases surge there, we may see scenes like those in Europes, with hospital patients spilling into the hallways.
Waffle House, a home-away-from-home for countless southerners, is closing 365 locations until the virus passes. Its workers will remain employed.