Unprecedented Unemployment

More than 6.6 million people filed new claims for unemployment benefits last week, the Labor Department said Thursday, setting a grim record for the second straight week.

Added to 3.3 million claims for the week ending March 21, it means nearly 10 million people have filed for unemployment benefits in two weeks.

The speed and scale of the job losses is without precedent. Until last month, the worst week for unemployment filings was 695,000 in 1982. 

"Weekly Jobless Claims Rise to 6.6 Million: Live Business Updates," The New York Times

Even if the pandemic miraculously disappears by the end of this month, everyone will not be able to return to work. A lot of small businesses will remain shuttered. It has only been two weeks since most mandatory shelter-in-place edicts have been issued. Another four-to-eight weeks of lockdown will deliver another Great Depression. Pensions, already shaky, will disappear.

Either there is going to be a massive redistribution of wealth to cope with the crisis or we're headed for a Mad Max world.