Gavin Newsom, the Democrat governor of California, said his state has now seen an astounding one million unemployment claims in a mere two weeks, CNBC reports.
“We just passed the one million mark, in terms of the number of claims, just since March 13,” Newsom said.
According to CNBC, the one million mark is unprecedented, especially with the total being only 285,000 only a week before.
The economy is beginning to falter under the impact of the novel coronavirus. Wild stock swings mere hours apart reveal the uncertainty of the future in the minds of Americans.
One thing is certain, however: It will get worse before it gets better.
The question remains then how soon before it gets better. President Donald Trump has hinted toward loosening current isolation restrictions in an effort to get the economy on a stronger trajectory.
There certainly is a cost with both immediate action and extended delay.
Still, “the governor praised the proposed Senate relief bill to help fight the coronavirus pandemic,” CNBC reported. “California provides up to $450 per week for unemployment insurance, Newsom said, and the proposed Senate bill would add $600 per week for up to four months.”
“This bill will be very helpful, and it’s very timely,” Newsom added.