> How exactly is the ship sinking?
I genuinely don't understand if this question is legit. Are you seriously living under a rock?
Deficits (please pay attention to Republican terms vs Democratic terms) https://datalab.usaspending.gov/americas-finance-guide/defic...
US incarceration rate: https://www.sentencingproject.org/wp-content/uploads/2020/08...
And I'll leave US racism, US supreme court politics, US voter suppression as an exercise (an exercise that I'm not sure you will pass since you appear to think America has been just fine lately)
You can get exact numbers in table form here: https://oui.doleta.gov/unemploy/wkclaims/report.asp
The latest jobs report, which has a graph of the year's data, is here: https://www.dol.gov/ui/data.pdf
The numbers here are basically on an exponential decay curve from ~6M new claims in the last week of March. (FWIW, the pre-2020 record for new weekly claims, seasonally adjusted, was ~700k in 1982--we broke that in March and haven't stopped breaking it since).