“More than 1 million Americans filed first-time unemployment claims for the 46th consecutive week last week,” Axios reports.

“There is no historical precedent for the ongoing rate of job losses in the U.S.”

New York Times: “By a voice vote, senators backed an amendment from Senator Joni Ernst, Republican of Iowa, to ‘prohibit the increase of the federal minimum wage during a global pandemic.’ It was a signal that the wage hike would be difficult to pass in an evenly split Senate, where at least one Democrat, Senator Joe Manchin III of West Virginia, is already on record opposing it.”

Larry Summers: “President Biden’s $1.9 trillion covid-19 relief plan, added to the stimulus measure Congress passed in December with the incoming administration’s strong support, would represent the boldest act of macroeconomic stabilization policy in U.S. history. Its ambition, its rejection of austerity orthodoxy and its commitment to reducing economic inequality are all admirable. It is imperative that safety-net measures for those suffering and investments in vaccination and testing be undertaken rapidly after the indefensible delays of the last months of the Trump administration.”

“Yet bold measures need to be accompanied by careful consideration of risks and how they can be mitigated. While the arguments for providing relief to those hurt by the economic fallout of the pandemic, investing in controlling the virus and supporting consumer demand are compelling, much of the policy discussion has not fully reckoned with the magnitude of what is being debated.”

Politico: “More than one in three jobless Americans — or nearly 4 million people — are now classified as long-term unemployed, which the Labor Department defines as being out of work for six months or more. And that total, which is expected to rise again when January jobs data is released on Friday, is likely an undercount: Combined with another 4 million who have stopped searching for work entirely, roughly one in 20 people who were working a year ago have now been shut out of the labor market for more than six months or dropped out altogether.”

“The phenomenon poses an obstacle to the recovery, since the more time a worker spends out of a job, the longer it takes to return to employment, studies show. The fear among many policymakers is that the swelling ranks of the long-term unemployed will have trouble finding jobs even after the vaccine is distributed because they have spent so much time out of work — contributing to a prolonged period of heightened joblessness and, in turn, jeopardizing President Joe Biden’s goals of turning the economy around quickly.”