 A new report from the United Nations says that while the global financial crisis of 2009 had a terrible impact on the job market...the coronavirus pandemic is FOUR TIMES WORSE.
The numbers make this the most severe economic crisis since the Great Depression of the 1930's. According to the report, work hours equivalent to 255 million full-time jobs were destroyed. The fallout equally impacted both reduced work hours and job losses. The United Nations agency also noted that most people who lost work "stopped looking for a job altogether". The drop in work generated a loss of $3.7 Trillion in income globally, with women and young people feeling the most impact. The agency reports that jobs are 'expected' to bounce back in the second half of 2021, but that depends upon a reduction in infections and the effectiveness of the vaccine. Currently, according to the report, infections are rising and vaccine distribution is slow - putting hopes for a second half bounce-back in jeopardy. (story here) Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  According to reports, over 56,000 Tennessee residents have filed NEW unemployment claims so far this month.
While new Tennessee unemployment claims HAD improved to averaging 7,800 per week October through December...that number has suddenly exploded to averaging 19,000 new claims per week so far this year. In total, over 1 million new unemployment claims were made by Tennessee residents since the pandemic 'officially began' mid-March of last year. More than 1 million Tennesseans, and hundreds of thousands of households, affected by the COVID 19 crisis. Real people, with real families. And those are just the residents who decided to file for unemployment. There are untold thousands more who instead chose to take a reduction in pay, take a part time job, take another job for less pay, start a business of their own, or move in with other family members. Additionally, there's yet another layer of families who have maintained their job, but due to negative effects on their wages or chances for advancement, have been forced to cut their budgets, dive into fast dwindling savings, and rely on credit lines or credit cards. Families with children have been especially hard hit, due to in-home schooling, additional day care needs, or one spouse being forced to quit or furlough their job to oversee the household's day to day needs. And despite what some say, there literally ARE fewer jobs available. New information from the Tennessee Dept. of Labor verifies there were over 100,000 fewer jobs AVAILABLE in Tennessee in December 2020, compared to December 2019. (here) The bottom line is that most all Tennessee families have been impacted by this crisis, and while they have been able to keep their heads above water, the water continues to rise. Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  Over the past 7 days, Tennessee has been averaging nearly 105 COVID deaths per day, an increase of 81% over the last 2 weeks. (stats here)
Do we realize the gravity of that statistic? It equates to this: every 15 minutes, another Tennessee family loses a loved one to this virus. Every 15 minutes, of every hour, of every day, a family is being forced to make funeral plans due to COVID-19. This is nearly a YEAR after we were first informed of the virus, and even now, it seems to be gaining momentum rather than stalling. Now, with almost 8,000 Tennessee deaths attributed to the virus, the numbers are sobering. That's more than the entire population of Ripley, Lexington, Milan, or Savannah. Consider that for a moment. Tennessee is still in the top 5 in the nation for number of cases per capita...and projections for the state suggest we may have as many as 21,000 or as few as 14,000 total deaths by the end of March. That lower number is IF universal masks and a rapid rollout of the vaccine are included. (info here) Compared to other diseases or events, however, are those numbers worse than anything else? Here are Tennessee's annual averages:
So yes, very much so. We know you're tired of hearing about it. We would all like to be able to just forget about it and move on. But facts are facts. And the fact remains that between now and the end of March, another 8,000 Tennesseans (on top of the 8,000 already) are predicted to die from this virus. Please be diligent. Please pay attention to the health professionals. Most families have done a great job of holding on financially through the crisis. But emptying savings accounts, putting off paying bills, and paying others with credit cards...is just not sustainable. Smart families are planning their next steps, including debt resolution or bankruptcy choices. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION for debt resolution and/or bankruptcy at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today!  According to a new report (here) Tennessee health officials say it will take months for frontline healthcare workers and high risk groups to get vaccinated for COVID. For most folks, according to the experts, access to the vaccine may be as late as this summer, if not later.
Tennessee Health Commissioner Lisa Piercey says Tennessee will receive about 360,000 doses per month this year. At that rate, with almost 7 million people in Tennessee, full vaccination isn't feasible until mid 2022. Even then, according to the CDC, experts are optimistic about the effectiveness of the vaccine, but admit (here) "experts need to understand more about the...vaccines...before deciding to change recommendations on steps everyone should take to slow the spread of the virus." In other words, they'll be recommending that everyone keep wearing your masks, washing your hands, and maintaining social distances through 2021 and 2022. During the next 12 to 18 months or more....no one knows what will happen next. Will a new virus emerge, and start the cycle all over again? Will vaccinations speed up, or slow down. Will they prove effective after all? What we DO know will happen is this: Tennessee residents will continue to struggle financially due to this crisis. Relying on some sort of government stipend to keep families out of hot water, obviously isn't going to happen. Tennessee residents are, ultimately, going to have to fend for themselves. There is no question that legal remedies will ultimately be required, for the largest percentage of families since the Great Depression. Don't get caught in the mad rush for legal advice when everyone begins to realize the problem at the same time. Be the smart ones who get ahead of the surge and begin investigating financial remedies now. Debt resolution, negotiations, and legal options need to be considered NOW. If you already feel your financial situation is out of control...contact us for a FREE CONSULTATION at (731) 423-1888. The law office of T. Verner Smith has helped thousands overcome financial problems, and can help you too. Call today! |
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