Note: This thread is related to #Coronavirus #COVID19

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Khanoisseur 🐶🤦🏻‍♂️🌎+ Your Authors @Khanoisseur Nonpartisan fact-checks + “frustratingly accurate” analysis of news (+🐶 pics). *Turn notifications on* Stuff @Google @Twitter @Facebook @Tesla @Audi Jun. 06, 2020 2 min read + Your Authors

Japan’s unemployment rate went from 2.4% to 2.6% during the coronavirus crisis (with 900 deaths)

US unemployment rate went from 3.5% to 13% (112,000 deaths; new cases at 20,000/day) and Trump allies are celebrating this as a great comeback success—how standards have fallen!

In South Korea, unemployment rate in January 2020 — when coronavirus hit the nation — was 4%. It went DOWN to 3.8% by April; leaders there moved fast to roll out test kits and prevent Covid-19 from damaging the economy, avoiding the lockdowns US, Europe, Australia, etc needed.

In Australia (has universal healthcare), which went into lockdown (had only 102 total coronavirus deaths) seasonally adjusted unemployment rate went up to 6.2% in May 2020 from 5.2% in February; so US is unique among developed nations with such a dramatic jump in unemployment.

So why do Japan, South Korea and Australia have unemployment rates in the 2.5%-6.2% range but US has 16.3% unemployment? Part of this is due to the coronavirus spreading so wildly in US that millions of American workers had to go into quarantine/isolation (on unemployment bench).

US clearly has a more imbalanced economy, which relies on non-essential consumer spending growth, buttressed by low-paid frontline/service workers whose ranks got decimated by the coronavirus. Now compare US with Germany’s (went into lockdown) unemployment rate during Covid-19:

The difference in the two countries’ unemployment rates stems from differing approaches to supporting workers. US had “unemployment benefits” to cushion the fall; under Germany’s Kurzarbeit, which translates to “short-time work,” government will pay most of a worker’s lost wages.

Germany and Denmark have fended off a rise of unemployment by subsidizing firms to furlough employees — so that the employees could go on receiving their paychecks while waiting out the pandemic at home,” explains Edmund Phelps, the winner of the 2006 Nobel Prize in Economics.

US took the approach of using layoffs and small checks to pressure workers into returning to work early and risk their health during a pandemic. Trump was the biggest cheerleader of an early reopen—this after US was slowest among developed nations to test people for Covid-19.

In four charts, the story of how Trump’s botched coronavirus response resulted in unemployment that triggered unprecedented protests—just compare US unemployment rate to other developed nations during this crisis—no wonder people are marching, have taken to streets everywhere.

Trump wanted people to act like “warriors” and risk their lives/getting Covid-19 infected to
“reopen” the economy he botched with his coronavirus mismanagement, instead many are now risking their lives to protest for unprecedented change.

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