Quote:
Originally Posted by Irace86.2.0
That graph paints a picture that is likely worse than the reality.
The mortgage and financial market collapse of 2008 that hit industries like the auto industry hard were systemic problems.
This pandemic will come and go. Individuals and companies will eat into their savings then business should largely return. People who were cut will get rehired back like a reverse scenario of seasonal employment. Some businesses that are operating without reserves and within tight margins might file bankruptcy or depend on the government for stimulus, loans or bailouts, but I just can’t imagine the same type of long term market drop, distrust and loss of faith in the economy, and restructuring that we saw during the last recession.
Also, I’m wondering if unemployment claims equals unemployed people because someone can file for unemployment and be denied, they can file for it when getting a large cut in hours, but still are employed, and people can file for it when furloughed, but technically they still have a job to return to when things end.
https://www.google.com/amp/s/qz.com/...e-useless/amp/
https://www.google.com/amp/s/www.cnb...-pandemic.html |
So the guy that totally overinflates the possible death rate disregards the economic impact. Your politics shine through in everything.
I can not speak to other industries but for automotive this is not just going to "come and go". It isn't a matter of just eating into savings but a complete and total lack of cash flow. When the industry does start up again it will be with largely slashed work forces. Those that do get to come back are facing 20% and even 30% wage cuts for the next several years. The impact of this will be far reaching and completely change the industry.