It’s Jobless Claims Thursday, meaning we got 3.17 million more. That brought the 7-week total since the Donald shutdown the American economy in mid-March to 33.5 million—a figure which is 12X larger than the worst 7-week period in the last half century.
So, yes, the sudden lurch into Lockdown Nation does amount to economic hari-kari. There has literally never been a more stupid, reckless and unjustifiable act of government caprice in American history.
Indeed, we think it is now evident that there will have been just 30 days of elevated WITH Covid deaths, defined as a level above 1,000 per day, which will have occurred between April 15 and May 15. That’s because the hospitalization rate at the epicenter of the death count, New York state, has recently fallen sharply; and with a lag, so will its death count, which has already plateaued.