However, a recent poll from NPR and PBS suggests that the layoffs are already here (see page 23).The 835-person survey found that 18 percent of Americans are reporting either having had their hours cut or being laid off entirely from their jobs. Among those making under $50,000 a year, this proportion grows to 25 percent. Following close behind are those under the age of 45 and college graduates, at 22 percent. An analysis from Moody's Analytics says that, under current economic conditions, about 80 million jobs are at either high or moderate risk, which would be more than half of the 153 million jobs that currently exist in this country, according to CNN.

 

Politico is reporting a major spike in people applying for unemployment benefits. New Jersey saw a 12-fold increase in the number of applications on Monday alone, Connecticut saw an eightfold increase, and Ohio is reporting a sevenfold increase. Here in New York, so many people applied for unemployment benefits that the website actually crashed, something that has also been happening in Colorado, Oregon and Kentucky.

 

News like this is why the administration is now proposing a $1.2 trillion stimulus package, up from the previously suggested $860 billion. Part of this is package would be direct cash payments of $1,000 to Americans, which Mnuchin said he hopes can be sent out within the next two weeks;depending on both political negotiations and how the crisis unfolds, however, the checks could be even bigger, and sent out more than once. However, experts warned that this time frame might not be feasible, as it took months for George W. Bush's government to send out stimulus checks during the 2008 crisis.