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Highest in the nation, wow! I'm guessing that by official measures, it'll trickle up to 25%-30% or so over time, even with the PPP loan and slowly opening businesses offering up some relief. The longer the state takes to allow tourists back in, the longer the pain as businesses burn through their cash reserves!
Highest in the nation, wow! I'm guessing that by official measures, it'll trickle up to 25%-30% or so over time, even with the PPP loan and slowly opening businesses offering up some relief. The longer the state takes to allow tourists back in, the longer the pain as businesses burn through their cash reserves!
Well - it is definitely higher than what is reported - as unemployment rates reflect those actively looking for a job. CARES act is often paying more than what they making before.
By island - Maui at 36.1%, followed by Kauai at 34.4% and then Hawaii island at 24.0%. Honolulu’s rate was 20.0%.
Some of the folks on unemployment along with the extra money from the Feds are making more than when they were working. So many of the workers are fine, actually better than fine and not overly anxious to go back to work, as long as they still have a job and can still get the benefits and unemployment.
The business owners are in worlds of hurt and small businesses are vanishing left and right in our little town. Which then means the landlords are going to be not making mortgage payments. These are more along the line of 'micro-businesses' since they're generally the owners, a few family members and maybe one or three hired employees. But they give stability and character to the town. Hopefully they will come back when things open up, or another little business will take their space.
I'm part of a little co-op shop in town and we re-opened last Tuesday. Folks are really happy to have things open up again, I think they've been pretty bored staying at home all the time. Revenues are down by about 30%-40%, but we can survive with that. That's only for since last Tuesday, though, so I don't know if this is delayed sales from the past few months when folks couldn't get out and about or not. At the moment, we're just trying to make rent and survive since the business hasn't gotten any of the stimulus money at all. The owner did manage (after two days of trying and hours on the phone) to get in a claim, but nothing has come from it.
The business owners are in worlds of hurt and small businesses are vanishing left and right in our little town.
If we reopen to tourism in July - I don't think it is a stretch that 20% or more businesses will not survive. Some will be replaced - others boarded up. If we don't reopen in July - the numbers will go higher.
I'd have to go count storefronts in town, but we're probably at the level of 20% loss already. Some of them were little businesses which had just opened, too, so they hadn't gotten much momentum going before they died. Our little co-op has been around for more than ten years and we are struggling, but we will survive. It's also helpful that most of us involved with it don't really depend on it as our primary source of income.
The coffee shop next door to us is now selling dinners to go, which she didn't do before. I don't know if she will still be doing that when she's allowed to open for business again or not. How do you drink coffee or eat ice cream while wearing a mask?
.. How do you drink coffee or eat ice cream while wearing a mask?
You don’t. Space people as much as possible and require them to keep their voices down.
Loud talk, hollering and singing project more potential virus aerosols.
At some point people will have access their perceived risk and take their chances-or not.
Well - it is definitely higher than what is reported - as unemployment rates reflect those actively looking for a job. CARES act is often paying more than what they making before.
By island - Maui at 36.1%, followed by Kauai at 34.4% and then Hawaii island at 24.0%. Honolulu’s rate was 20.0%.
Unemployment rate in the USA during the Great Depression peaked at 24.9%.
We were on a fractional gold standard back then and there was no way to increase the money supply so the government made private ownership of gold bullion illegal and everybody was forced to exchange their gold for dollars, then after the government got the gold it revalued it from $20.67/ounce to $35/ounce. Magic! Money supply increased, but gold was only legal tender for international settlements.
Now the government can just "print" and "borrow" all the money it needs to increase the money supply. I wonder how it's going to turn out?
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