A second Great Depression? Unemployment crisis hits big cities hard

CNBC/Greg Iacursi/7-21-2020

“Great Depression levels of unemployment have hit some of the country’s biggest cities. The coronavirus pandemic has pushed the jobless rate in New York, Los Angeles and other major urban areas to near or above 20%, nearly twice the national rate. The unemployment rate is a barometer of financial hardship for American families, since losing a job typically leads to a significant drop in household income.”

USAGOLD note:  As Ronald Reagan used to say, “A recession is when your neighbor loses his job. A depression is when you lose yours.”