Laid Off: The 2020 Unemployment CRISIS Explained

The latest jobless unemployed numbers are out and they are not good. Millions are laid off. In today's video we're taking a look at what it this outbreak means for you.

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The Great Depression had devastating effects in countries both rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25% and in some countries rose as high as 33%. It took 10 years to finally recover. 12 million people lost their jobs.

Then let's fast forward to next big boy... the Great Recession in 2008. 8.7 million people lost their jobs after the collapse of Lehman Brothers and the big banks. The housing market collapse because banks allowed people to get mortgages they couldn't afford many without jobs at all. We didn't start adding jobs again until 2011. So about 3-4 years of pain and suffering.

Now today... in two weeks we've lost over 6 million jobs thanks to covid 19. And we won't have accurate numbers until later on Friday. And next week is not going to be any better... so we are on pace to eclipse the Great Depression at this point. Because Florida and Georgia haven't even started keeping people home... that starts on April 3... so many more companies will start layoffs in those states. We have a massive stimulus package and the CARES act for small business.

So how did we get here?

The high unemployment of the Great Depression and the Great Recession reflected the of months of job losses. This time around, the American job market was, as recently as the second week of March, totally fine. And then it began to unravel at a shocking pace, with huge swaths of the retail, food service, hospitality, and transportation industries shutting down.

What I'm most worried about though is people become wildly erratic and doing something stupid. Especially at a time where unemployment goes up, profits go down, and jobs become hard to come by... it's going to test a LOT of people.

So what can you do now?

Of course you can apply for unemployment benefits and take advantage of the CARES act loans for small businesses.

For me, I will continue to invest in the things that people will always need and that's housing. We are continuing to build right now. We have an unbelievable demand for affordable housing in this country.

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