The Tennessee Department of Labor reported Wednesday that over 12,000 new unemployment claims were filed last week, a 48% increase from the week before. Tennessee has been averaging above 15,000 per week since the start of 2021.
The number of continued unemployment claims in Tennessee was just above 48,000...compared to under 20,000 this same time last year. What does this tell us? It tells us that the ECONOMIC impact from the pandemic is still far from over. Thousands of Tennessee families are still struggling to find employment. Others are being laid off or let go due to (a) businesses continuing to face economic difficulties or (b) businesses utilizing new techniques that require fewer employees. Both are the result of the pandemic, creating a shift away from traditional business methods. McKinsey & Company, a globally recognized management consultant firm, released a report this week about how the pandemic has forever changed business methods. From their report, "The pandemic accelerated existing trends in remote work, e-commerce, and automation, with up to 25 percent more workers than previously estimated potentially needing to switch occupations. Fewer workers will be going to an office. A survey of nearly 300 executives by McKinsey found that on average, they plan to reduce office space by 30 percent. Remote jobs will become the norm faster than ever expected. A 30% decrease dramatically affects multiple other associated businesses: restaurants, parking, transportation, and other establishments that counted on those bodies. The domino effect on job loss or 'switching occupations' is obvious. We are already feeling the effects here in Tennessee, as reflected by new unemployment claims. Consumers have changed habits faster than anticipated as well. From the report, "Many consumers discovered the convenience of e-commerce and other online activities during the pandemic. In 2020, the share of e-commerce grew at two to five times the rate before COVID-19 . Roughly three-quarters of people using digital channels for the first time during the pandemic say they will continue using them when things return to “normal". You may read the McKinsey & Company report by clicking 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! As if West Tennessee families didn't have enough to worry about, after nearly a year of the COVID crisis, followed by the economic impact...now we've been hit with virtually a week-long shut down of business due to the most widespread winter storm in modern history.
AccuWeather released a report this week predicting the national economic impact of this storm could approach $50 Billion. To put that into context, the ENTIRE 2020 hurricane season (the most active on record) impact was $60 billion. The economic impact of this winter storm includes damage to homes, businesses, cars, job and wage losses, infrastructure damage, business losses, medical expenses, and closures. Unfortunately, all of this comes at a time when all West Tennessee families are still reeling from 12 months of coronavirus-related financial hardships. Pile onto that yet another gut punch to the bank account, and you can trust that your family is not the only one feeling the impact. We hope it can be comforting to know that there are some economic solutions available...both practical, and legal. Our office has helped thousands of families just like yours through difficult times in the past. We can help your family through this crisis now. What are the options? A simple phone call, on-line chat, or email can start your FREE consultation process. Reach out to us at (731) 423-1888, or online at vernersmith.com The current winter weather is a glimpse into the future for most Tennessee family finances in 2021.
After what can be described as a relatively mild winter so far...this week's ice storm warning, followed by weekend wind-chill factors below zero, followed by next week's predicted snow and ice...is an example of what is still to come for families dealing with financial problems. Tennessee families have been diligent in finding ways to survive a health crisis that quickly turned into a financial crisis for most. By reaching into savings accounts, running up credit cards, and either negotiating or simply ignoring making some payments, most families have been able to make it to this point. However, a blast of cold, icy financial reality is just over the horizon. While Washington D.C. continues to promise something in the form of 'help', the fact remains that most of it seems to be political posturing and nothing more. Headlines promise solutions, but at the end of the day, Tennesseans are left with empty ones. Banks, mortgage lenders, credit card companies, landlords, and others who are in the business of providing goods and services on a lending basis...are quickly losing patience. In the past, either consumers or companies have been 'bailed out' when a crisis occurs...but in today's politically divided environment, anyone looking to D.C. for solutions, will likely be disappointed. Ultimately, those who owe money, will be strong-armed by those they owe. Legally, there are few options....but there ARE some, and the law office of T. Verner Smith is well versed and very experienced in finding solutions to legal problems. 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! Headlines locally have been celebrating a reduction in hospitalizations due to coronavirus. Yes, that's good news. But are we celebrating too early? Despite new hospitalizations being down, the death rate in Tennessee is back to averaging more than 100 per day. The trend this week isn't exactly encouraging:
Additionally, while we can also celebrate vaccinations being underway...here are the facts:
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! They are unemployed. They have filed the paperwork. But they are still waiting.
Thousands of Tennesseans who feel they qualify for unemployment, are waiting, through no fault of their own. According to one article, more than 80,000 claims are still pending in Tennessee. The department says about 25,000 of those are not valid or duplicates, and 13% require staff to double-check for potential fraud. That leaves over 47,000 asking, 'okay...so where's MY check?' If you find yourself in that situation, click here to check on your claim status. While Tennessee families affected by unemployment are struggling to make ends meet during this crisis, virtually all families have been impacted in some way. 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! 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! It has taken them several months, but it appears a deal has been struck for a coronavirus relief package. What will it mean to most folks? About $600. *note: new developments have put the bill in question, as the President has tweeted he wants the amount increased to $2,000. However, the bill was passed with a veto-proof majority, so there are lots of questions regarding what will occur next. Regardless, whether $600 or $2,000....it still remains a band-aid remedy to what is a much larger financial problem for families.*
While that's at least 'something', in all honesty it will do little to help the 53 million Americans who are 'below the poverty line'. That number was 33 million before the pandemic. (story here) Take a moment to let that sink in...22 million more Americans have slipped below the poverty line since COVID arrived. And those who fit into the lower and middle income categories have also been impacted by this crisis. Not only did a recent Gallup poll show that 72% of Americans say the pandemic has affected their life 'a fair amount, to a great deal'...46% are 'worried' they'll experience financial hardships as a result. (story here) Let's face it, the majority of West Tennessee is comprised of poverty, lower, and middle income households. The majority of West Tennessee businesses are service industry businesses (retail stores and restaurants). When those two categories overlap...and they certainly do...the financial hardships will become evident. Most families have done a great job of holding on through the crisis. But emptying savings accounts, putting off paying bills, and paying others with credit cards...is living dangerously and 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! |
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