Pandemic Depression

Here are the charts that justify the descriptor, starting with unemployment:

1.64 million filed for unemployment in week 20 (ending August 1st) of the collapse of the labor market.  That makes 32 million "Mericans out of work (unadjusted), the second highest total since the Great Depression.

Of course, with no wages coming in, mortgage delinquencies are rising, spiking in April beyond all previous records:

Miami was the worst hit metro area where all those unmasked folks are living the suburban dream beneath sunny skies, up 6.7%.  About 8% of mortgages are now in forbearance.  An interesting side note to the coming implosion of the real estate bubble is that the current Treasury Secretary's bank was under investigation for foreclosure violations by the state of California. However the then attorney general, none other than the current darling of the moment, Kamala Harris, declined to prosecute One West. Never bite the hand that might feed you.