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COVID-19 Pandemic : Magnitude of the Economic Disruption Unparalleled

the staff of the Ridgewood blog

Ridgewood NJ, according to the US Census Bureau  the COVID-19 pandemic caused a record job losses and transformed the nation’s employment landscape but recently released historical data tables put the magnitude of the economic disruption in clear context.

To get some prospective in 2017, for example, roughly 30 million adults experienced either an end of employment or a reduction in work hours, including both involuntary and voluntary job terminations. But only about 3.8 million collected Unemployment Insurance (UI), which is contingent on involuntary job termination, according to the Census Bureau’s Survey of Income and Program Participation (SIPP).

Roughly four times the number of people (115 million) had experienced a loss in employment income from the start of the pandemic in March 2020 through February 2021. As a result, roughly 10 times the number of people (37 million) qualified for and received UI during that period, according to the Census Bureau’s experimental Household Pulse Survey.

The COVID-19 pandemic has taken a significant toll on particular economic sectors like hospitality, which includes jobs in the arts, entertainment, recreation, accommodation or food services. In March and April of 2020 alone, 8.3 million people lost hospitality jobs, according to the Bureau of Labor Statistics.

In contrast, SIPP data show that only about five million people lost jobs in the hospitality sector during all of 2017, not significantly different from job losses in 2013 – evidence that the pandemic has caused major disruptions to what had been a stable economic sector.

5 thoughts on “COVID-19 Pandemic : Magnitude of the Economic Disruption Unparalleled

  1. The response to Covid was significantly affected by politics. It came in the final year of the Trump presidency. Up until then, Trump appeared to be unbeatable, despite the non-stop propaganda in the MSM. Covid was a gift to the Dems and they used it as their primary tool. So much so, that they totally overdid the danger of Covid and we are now living with this. Government-run services, such as education, the DMV, etc., basically ceased to operate. Employees used the national narrative to take what has effectively been an endless paid vacation. Have you tried to get any DMV services done lately? It’s like something out of sub-Saharan Africa.

  2. The motor vehicle agency is a disaster. I paid for my registration online back in December twice, and still never received any hardcopies in the mail. But yet they processed my payment and the paperwork is in the computer so I have valid registration. But no hardcopy was mailed out. What a mess

  3. Go for a walk in the Saddle River park. Every 10th person still wears a mask. Walking, biking… even running. The economic impact estimates don’t do justice to how screwed up American population has become after the events of 2020.

  4. STEP 1: Tear Down society

    STEP 2: Rebuild according to the Master Plan.

    Its the way socialists/communists work.

  5. Is that all that you people can bitch about is the DMV?
    Who gives a fuck if your registration is expired?
    Cops aren’t stopping anybody for anything and if you can’t navigate DMV fuck em. Call me when you fix it.
    The last thing I’m doing in standing in a 3 hour line to hand cash over to the state.
    And you went on line, paid, got conformation and your bitching because you didn’t get your hard copy? Really?
    With everything going on around us THAT’S what your worried about? Here’s an idea…go to the back door and put your head between the door and the frame and slam it about 4/5 times, maybe wake your ass up a bit.

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