The median consensus estimate is 5.5 million this week, which would put the cumulative total around 22 million people currently out of work. Of course, jobless claims *underestimate* the total number of people unemployed, as not everyone who loses their jobs seeks government benefits and not everyone can apply for benefits easily. Some people choose to lean on family or accept a significantly lower standard of living.
Very few people on Wall Street expect a V-shaped recession anymore, but I think the experience of a recovery is going to vary considerably across the country as state and local governments continue to bicker over what is at this point an objectively terrible policy decision – $25 billion a day, that’s what every day America is out of work costs.
Within mere weeks, our policymakers have nuked as much money as it cost to defeat Hitler by demanding that the entire country hide from pneumonia.