Economy

Trump Scrooged These Americans This Christmas

Pool / Getty Images News via Getty Images

Depending on the source, some 10 million to 12 million Americans will lose unemployment benefits today. While it is impossible to determine the exact makeup of this group based on age, sex, or race, the Bureau of Labor Statistics Employment Situation Summary for November, which showed 10.7 million Americans unemployed persons offers strong clues.

The weakness of the comparison with the BLS November data is that the 10.7 million does not match exactly with long-term unemployed statistics. These long-term unemployed have been out of work for 27 weeks or longer, representing 37% of the total, or 3.9 million persons. People who became unemployed in the last three months do not face a risk of loss of benefits until early next year, and then, only if there is no legislation extending benefits.

However, the range of the unemployed population does not change a great deal over time. Unemployment rates among Whites are well below those of people of color. But, because the total number of White Americans outnumbers any other race, the total count of white people is high. Black American unemployment rates are often nearly twice the White number. So, on a raw count basis, Black unemployment is extraordinarily high compared to the figure for Whites.

Much of the comparison between Whites and Blacks also applies to Hispanics. The November unemployment rate nationwide was 6.7%. It was 5.9% among Whites, 10.3% among Blacks, and 8.4% among Hispanics.

On a total count basis, there were 7.359 White Americans out of work in November. The number of Black Americans out of work was 2.078 million. Among Hispanics, the count was 2.451 million. Between Blacks and Hispanics, the total number of unemployed was 4.493. That figure is 38% of the total.

As the new year starts, the long-term unemployed people in this population will lose protection from eviction, have no money for food or medical care …all in the midst of the greatest public health crisis our nation has faced.  This is how Trump Scrooged Americans. Merry Christmas 2020.


The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.

But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.

1 https://www.fdic.gov/national-rates-and-rate-caps

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.

AI Portfolio

Discover Our Top AI Stocks

Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.

You can follow him investing $500,000 of his own money on our top AI stocks for free.