Older Workers Hit Hard By Wave Of Unemployment, But Also Have Most To Fear Going Back To Jobs
The unemployment rate for older workers is higher even than the eye-popping national average, but the group is also at a much higher risk of severe complications from COVID-19. The double bind could hurt President Donald Trump in the November elections. In other news on the economic toll from the virus: delays in unemployment aid, a look at which business got help from the relief package, the worry that extreme poverty will lead to more deaths and more.
CNN:
Coronavirus' Double Bind On Older Workers Could Squeeze Trump
Friday's job report was especially devastating for the growing number of older people remaining in the workforce. The unemployment rate for workers 65 and older, which had been running almost exactly even this year with the level for those aged 25-54, spiked to 15.6% in April, significantly greater than the already breathtaking 12.8% rate for those in their prime working years, according to federal statistics. And while those numbers are crushing, they constitute only half of the brutal equation now facing older workers: While millions have been thrown out of their jobs, millions more may fear returning to their workplaces as the economy reopens because the coronavirus has proved much more fatal for older than younger adults. (Brownstein, 5/12)
Milwaukee Journal Sentinel:
Unemployment Delays Leave Jobless Without Cash For Food, Bills
Across the state, people are taking to social media to share their experiences about delays that have left them wondering how they're going to pay bills. A Facebook group, the "Wisconsin Unemployment support group," brings people together to share their stories of struggles and to give advice. (Schulte, 5/8)
NPR:
Minority-Owned Small Businesses Were Supposed To Get Priority. They May Not Have
The first time Rosemary Ugboajah applied for a small-business relief loan, it didn't go well. She needed the money for her small Minneapolis-based company, which has created ad campaigns for brands like the NCAA Final Four.So she went to her credit union. "They were hard to reach, but eventually I got through to someone and they emailed me back saying they can't process the loan because they don't process SBA loans," she said. "I wasn't aware of that." (Kurtzleben, 5/12)
The Hill:
IRS Outlines Scenarios That Might Explain Why Some Got Smaller COVID-19 Relief Checks
The IRS on Monday outlined several "common scenarios" explaining why some people received a smaller coronavirus relief payment than they expected. Under legislation President Trump signed last month, the IRS is issuing one-time direct payments to most Americans of up to $1,200 per adult and $500 per child. The agency has said that it has already issued about 130 million payments. But the rollout of the payments has caused confusion for some taxpayers, including some who have reported not receiving the full amount that they expected to get. (Jagoda, 5/11)
Los Angeles Times:
Coronavirus Pandemic Could Bring On Extreme Poverty Worldwide
It seemed like Silvanah Lima was finally getting ahead. Born and raised in Brazil’s drought-ridden northeast, she moved with her partner to Rio de Janeiro in 2018, in search of work. He was hired as a janitor; she began selling meals on the street, and soon they were bringing in $280 a month — enough to start saving to one day build a house back home. The novel coronavirus pushed that dream out of reach. Lima, who has diabetes and heart problems, putting her at higher risk of dying if she contracts the virus, stopped working once the pandemic took hold in her sprawling slum, known as the City of God. (Linthicum, Bulos and Ionova, 5/11)
The Hill:
DC Officials Offer To Help With Coronavirus Tests For Congress
Washington, D.C.'s mayor is offering to provide coronavirus testing for lawmakers as the House is expected to return to the Capitol in the coming days. The Washington Post reported Monday that Mayor Muriel Bowser (D) said the city has offered resources including testing at its public health lab to House and Senate leaders. Trump administration officials had previously offered Congress access to rapid testing used by the White House to screen visiting officials, an offer lawmakers declined. (Bowden, 5/11)
Politico:
The Fed’s Next Challenge: Rebuilding The Economy For The Long Term
The Federal Reserve has poured trillions of dollars into the financial system over a matter of weeks. But soon it must do even more to confront the long-lasting economic wounds that will be left in the wake of the pandemic. Returning the U.S. to robust growth after the lockdown is lifted will mean dealing with mass unemployment, permanently shuttered companies and a buildup of mountains of debt for both households and businesses. (Guida, 5/12)
The Frontier:
Facing Delays, Many Unemployed Oklahomans Opt To Pay Debit Card Company For ‘Expedited’ Delivery
As thousands of Oklahomans who were laid off or furloughed because of the COVID-19 crisis continue to wait weeks to receive a mailed debit card loaded with their unemployment benefits, the company responsible for distributing those cards is expediting delivery of some — for a fee. (Adcock, 5/12)
