Benefits

2020 Ends With Around 20 Million Americans Still On Jobless Benefits

By Tyler Durden The total number of Americans on government unemployment benefits ended 2020 just below 20 million. 2019 ended with just 2 million on jobless claims… Source: Bloomberg Initial claims dropped on the week, back below 800k (787k vs 835k exp and 806k prior). Become an Activist Post Patron for just $1 per month…

Two Pandemic Assistance Programs Expire Today, Leaving 12 Million Without Benefits

By Tyler Durden With Congressional leaders feigning productivity for two months on a renewed stimulus – only for President Trump to veto their 11th hour porkfest and demand they increase direct stimulus checks from $600 to $2,000 per person – a series of assistance programs are set to lapse into the new year. Two of…

Weekly Initial Claims for Unemployment Benefits Jump to an Eleven-Week High

By Robert Hughes Initial claims for regular state unemployment insurance totaled 853,000 for the week ending December 5, up 137,000 from the previous week’s revised tally of 716,000 (see first chart). Claims are now at an eleven-week high, the highest level since September 19. The four-week average was 766,000, up 35,500 from the prior average…

“The Benefits Far Outweigh The Risks” – Pfizer COVID Vaccine Wins UK Approval

Arguing that the benefits of the vaccine “far outweigh the risks” from expedited approval, British regulator MHRA  – Medicines and Healthcare products Regulatory Agency – has become the first in the West to approve the Pfizer-BioNTech vaccine for emergency use, a landmark decision that has once again lifted the market’s mood as the never-ending procession…

Top 20% Gets 6x More Benefits from Student Debt Cancellation than Bottom 20%, New Study Finds

By Brad Polumbo From Sen. Elizabeth Warren to Rep. Alexandria Ocasio-Cortez, some of the most prominent progressive politicians in the country are pushing hard for widespread student debt cancellation. So, it’s fascinating to see a new study show that forcing taxpayers to pay down the roughly $1.5 trillion in government-held student debt is not a…

Convicted Killer Scott Peterson Among Death Row Inmates Who Scammed Over $400,000 In Fraudulent COVID Benefits

Today in “why the Federal government and the state of California should not be in the business of capital management” news… The infamous Scott Peterson was among other death row inmates who were able to fraudulently receive Covid unemployment benefits administered by California, according to analysis released Tuesday.  Prosecutors in California say they uncovered a…

14 Million People Will Lose Their Unemployment Benefits, 30 Million At Risk Of Eviction On January 1

By Tyler Durden While markets remain on edge over the sudden tension between the Treasury and the Fed, following Mnuchin’s surprise notice to Powell that the Treasury would let 8 of the key 13(3) “emergency” programs currently in place (including the critical for the bond market Corporate Credit facilities, PMCCF and SMCCF) at the Fed…

Over 20 Million Americans Remain On Jobless Benefits

By Tyler Durden 709,000 Americans filed for first-time unemployment benefits last week, better than the expected 731k and and a big drop from the prior week’s revised 757k print. Source: Bloomberg Washington state and California saw the biggest jumps in jobless claims. Georgia and Texas saw the biggest improvements. The good news for the headline-creators…

JPMorgan Finds No Benefits From COVID Lockdowns

While the latest vaccine progress news out of Pfizer was welcome by the market (and its CEO who sold over 60% of his PFE stock on the day of the announcement) in a week where global infection resurgence continued with cases jumping 8% W/W last week (537k vs. 309k in Aug-Oct) and EU/ UK re-imposed…