Jobless rate spikes to 14.7%, highest since Great Depression

The U.S. unemployment rate hit 14.7% in April, the highest rate since the Great Depression, as 20.5 million jobs vanished in the worst monthly loss on record. The figures are stark evidence of the damage the coronavirus has done to a now-shattered economy.

The losses reflect what has become a severe recession caused by sudden business shutdowns in nearly every industry. Nearly all the job growth achieved during the 11-year recovery from the Great Recession has now been lost in one month.

AP

Related:

States face economic death spiral from coronavirus

Related:

The U.S.’ coronavirus recovery is way behind Europe’s

After three years of economic mismanagement a Trump Recession is imminent

A new quarterly survey from the respected National Association for Business Economics shows the American economy slowing after an unprecedented 123 months of expansion following The Great Recession. That means that we’re beginning to see less hiring in the private sector and disappointing wages for new employees among middle-class suburbanites, a long-time Republican constituency now deserting the party in droves.

Alternet

More Proof of Another Republican Big Lie (“Tax Cuts for Corporations Will Boost Jobs and Help the Working Class”)

Remember what Republicans called the “Tax Cuts and Jobs Act”?

As you know (if you’ve been paying attention), the “Jobs” part of the Republican bill was a huge lie.

Corporations didn’t generally invest in their companies, their workforce, or create jobs. They spent BILLIONS buying back shares to boost the stock price (executives’ bonuses get a boost when the company’s stock price goes up).

Five companies blow $55 billion in Q1 to prop up their own shares.

Wolf Street

Universal Basic Income: Be Careful What You Wish For.

John Yang is trying to corral the millenial vote by promising everybody a free chicken in every pot ($1,000 per year).

Remember: Republicans will oppose it and if it’s enacted, they’ll look for ways to claw back the money from other programs (Social Security, Medicare, Medicaid, Food Stamps, etc.).

Look at the conservative-governed U.K. for an example:

Almost 2m people will lose £1,000 a year with universal credit.

Those on disability benefits and low incomes will be among worst affected

The Guardian

GOP Tax “Reform” Example: Netflix Posted Biggest-Ever Profit in 2018 and Paid $0 in Income Taxes

The popular video streaming service Netflix posted its largest-ever U.S. profit in 2018­­—$845 million—on which it didn’t pay a dime in federal or state income taxes. In fact, the company reported a $22 million federal income tax rebate.

After a year of speculation and spin, the public is getting its first hard look at how corporate tax law changes under the Tax Cuts and Jobs Act affected the tax-paying habits of corporations. The law sharply reduced the federal corporate rate, expanded some tax breaks and curtailed others. The new tax law took effect at the beginning of 2018, which means that companies are just now closing the books on their first full year under the new rules.

If Netflix’s earnings report is any indication, not much has changed. Many corporations are still able to exploit loopholes and avoid paying the statutory tax rate—only now, that rate is substantially lower.

ITEP (Institute on Taxation and Economic Policy)