Ep. 980 - It’s Raining Cash
The Ben Shapiro Show
The Daily Wire
4.4 • 152.4K Ratings
🗓️ 26 March 2020
⏱️ 62 minutes
🧾️ Download transcript
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| 0:00.0 | The Senate unanimously passes a massive government spending plan. |
| 0:03.6 | 3.3 million Americans are now out of work, and coronavirus begins to hit New York City hospitals. |
| 0:08.6 | I'm Ben Shapiro. This is The Ben Shapiro Show. |
| 0:16.2 | The Ben Shapiro show is sponsored by ExpressVPN. You have a right to privacy. So protect it at ExpressVPN.com |
| 0:22.4 | slash Ben. Now more than ever, check out ExpressVPN.com slash Ben. All righty. So let's go right |
| 0:28.5 | into the latest updates. We now know that some 3.3 million Americans are out of work as of like |
| 0:35.1 | this week. The jobless claims have shot up massively this week, |
| 0:38.7 | according to CNBC. Americans displaced by coronavirus crisis filed unemployment claims in record |
| 0:43.3 | numbers last week. The Labor Department reported Thursday a surge to 3.28 million. That is an |
| 0:48.5 | increase, about 3 million people in the course of one week alone. One week alone. The number |
| 0:53.9 | shatters the Great Recession |
| 0:54.9 | peak of 665,000 in March 2009 and the all-time mark of 695,000 in October 1982. The previous week |
| 1:01.9 | was 282,000. So we shot up 3 million lost jobs in one week. So when people tell you, don't worry |
| 1:09.2 | about the economy is all about saving lives, |
| 1:11.3 | just understand the economy has some pretty real ramifications for the three million people who |
| 1:14.7 | just lost their jobs. No doubt most of those people, hourly workers or blue-collar workers or people |
| 1:19.6 | who are not making $150,000 a year. Consensus estimates from economists surveyed by Dow Jones |
| 1:24.3 | showed an expectation for $1.5 million at new claims, but individual forecasts |
| 1:27.8 | on Wall Street had been anticipating a much higher number. The surge comes amid a crippling slowdown |
| 1:32.7 | brought on by the coronavirus crisis. Well, to be fair, that is not brought on just by consumer |
| 1:38.0 | activity. That is brought on by state and federal governments and international governments |
| 1:41.8 | everywhere, telling people that they must stay in their homes. It turns out that it's hard to shop, and it makes you a little bit leery about spending your money when you're not sure if you're going to have a job in five minutes, and also when you cannot go outside. Turns out that really cuts down on the capacity of the economy to keep moving. The four-week moving average, which smoothed out weekly distortions, was 1.7 million, |
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