Washington DC’s economy looks like 2008 – How bad will it get?
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Washington DC’s current economic state resembles that of the 2008 financial crisis. Unemployment filings and job losses are at their worst. The surge follows a broader reduction in the federal workforce by the Trump administration, particularly through the Elon Musk-led Department of Government Efficiency (DOGE). According to market analysts at the Kobeissi Letter, unemployment claims in Washington DC have increased by 55% in the past six weeks. From February 10-14, filings surged by 36%, three times the US capital’s average for 2024. The analysts also pointed out that over 4,000 ex-federal workers have filed first-time unemployment claims since Jan 20th. Weekly jobless claims sit at 1,780, nearly 15% higher than the peak seen during the 2008 global financial recession period. Federal government layoffs continue DOGE is shaking up the America we have known. With the help of Elon Musk, US President Donald Trump has been executing large-scale layoffs across multiple federal agencies. According to a February 15 report by the Washington Post, recently hired employees, especially those in the Internal Revenue Service (IRS), could be losing their jobs. Over 15,000 employees at the Treasury Department are at risk of getting fired. Sources familiar with the matter are saying the IRS will account for most of the cutoffs. Treasury officials are yet to confirm the exact number. However, the Kobeissi letter predicts the cuts could begin as soon as this week. In addition to the layoffs, the administration has offered a buyout program. This is aimed at encouraging federal employees to voluntarily resign. CNBC revealed that President Trump has proposed to buy out up to 2 million federal workers. To that end, around 75,000 employees have accepted the offer. Next, add in President Trump’s offer to buyout 2 million federal workers to resign. There are currently ~2.7 million people who work…
Filed under: News - @ February 17, 2025 4:20 pm