The US ruling class bears full responsibility for the economy’s unprecedented dysfunctional state. What was unimaginable long ago is reality today, redefining what house of cards economic conditions are all about.
It’s an unsustainable situation certain to implode ahead with longterm devastating consequences for ordinary Americans — paying the price so privileged ones can benefit.
Since March, unprecedented numbers of US workers applied for unemployment benefits, around 46 million so far, according to Labor Department data.
It’s an undercount as applications of many filers haven’t been processed, more coming as layoff announcements continue.
According to Bloomberg News, about one-third of Americans who applied for unemployment benefits received nothing so far.
A Bloomberg analysis showed that unemployed US workers should have received $214 billion in benefits through May.
As of early June, they’ve only gotten $146 billion — benefits for recipients to expire at end of July if not renewed, what’s likely because of GOP leadership opposition to continue them.
An earlier McKinsey research analysis said up to one-third of US workers could be unemployed by 2030 because robots are replacing humans, adding:
Around “60 percent of occupations have at least 30 percent of constituent work activities that could be automated.”