#COVID-19 fallout: The US Unemployment rate is far worse than most comparable economies

While the entire industrialized world has now experienced COVID-19, the US unemployment rate of nearly 20% (claims) or 40% (overall)* is significantly higher than comparable economies in the United Kingdom, Japan, Germany, Australia, the Netherlands, Canada, Austria, etc.

Strangely even the more left-leaning media hasn’t covered this properly and has failed to compare the US’ awful rate of unemployment to the more manageable rates in nation’s equally or almost equally hard-hit by Coronavirus.

Among major industrialized nations, only France which had a flurry of strikers and raging civil disobedience BEFORE COVID-19 is in the same territory.

So why is this? We all have theories, and I believe it lies in a combination of the crony capitalist construct of the US economy as well American business lack of long-term planning and safety net. Also the growth of “McJobs,” in the last decade and the Gig Economy since 2009 contribute.

I am curious our readers thoughts on this.

*This is an edit after publishing. Either metric is kept consistent from nation-to-nation has the US faring worse than all but France among major industrialized nations.

5 comments

  1. I’m curious as to where you got the number 40% for US unemployment. I’ve not seen a number this high anywhere else.

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  2. That’s total percentage of the population that is unemployed not just those filing claims. Even if we adjust it to the 20% for claims it’s much higher than other countries who of course also it should be noted have safety nets we don’t have here.

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  3. And actually let me note that in the piece- editing now

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  4. Reblogged this on The Most Revolutionary Act and commented:
    Except for France, US has worse unemployment than all major industrialized countries.

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  5. Gary Whittenberger · · Reply

    I think employers in the US have less loyalty to their employees than employers in other modern countries and so they lay off their employees more quickly and allow the government to “pick up the tab” for wages and salaries. Employees and their unions should negotiate with employers for a new benefit to receive pay from the employers for a certain length of time in the event of a “natural disaster” or “act of god,” such as a pandemic, hurricane, etc. This would be an insurance program provided by the employers.

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