We now have a fair amount of coincidental data to show how severe the economic damage has been. The charts are stunning.
Let’s start with two sub-indexes of the unemployment rate:
The unemployment rate for workers with less than a high school diploma is over 20%. This is the highest its been in the last 30 years — and its clearly above the rate from the last recession.
The unemployment rate for high school graduates is approaching 17.5% — again, far higher than the rate from the Great Recession.
Other indicators are just as bad.
Industrial production has lost about 2/3 of its gains from this expansion.
Retail sales have lost about half of its gains.
Restaurant and bar sales have collapsed.
Clothing store data is even worse.
Anyone who argues against further federal stimulus is an idiot, plain and simple.