"What a revolting development this is."
Now, if only more Governors like PA's Tom Wolf continue their idiocy we can get that number up to around 50%.
Posted on 05/12/2020 2:00:06 AM PDT by Enlightened1
Many of the coronavirus pandemic layoffs will become permanent job losses, according to a new study with alarming implications for the future of the economy.
Forty-two percent of workers experiencing recent layoffs will suffer permanent job losses, according to a paper circulated by the National Bureau of Economic Research.
The finding is especially grim news because officials are hoping that most of the workers sent home during the pandemic will return quickly to their old jobs. The vast majority of the massive layoffs in response to the pandemic have been on a temporary basis: In April, 18 million of the 20.6 million people who lost work said that their job losses were "temporary," according to the Bureau of Labor Statistics.
"If the pandemic and partial economic shutdown linger for many months, or if pandemics with serious health consequences and high mortality rates become a recurring phenomenon, there will be profound, long-term consequences for the reallocation of jobs, workers and capital across firms and locations," the study said.
The study cited a number of policy actions that may be harmful to the recovery process. It said efforts to preserve the jobs and employment relationships available before the virus outbreak could result in huge costs to taxpayers and the misallocation of resources. On the other hand, there could be benefits of policy reforms that expedite a speedy reallocation of jobs, workers, and capital to new, productive uses during the pandemic.
"If we are correct that many of the lost jobs are gone for good, there are important implications for policy," the study said.
Last week, President Trump vowed that the job losses will be temporary, promising a "phenomenal year" in 2021 following a hopeful recovery from the public health crisis.
(Excerpt) Read more at washingtonexaminer.com ...
Hopefully, the economy will rebound within a couple years. This has been brutal.
America’s globalist enemies on the left are working to make this true, to guarantee their election victory in November. If we can reopen states sooner, those jobs will come back, and that frightens Pelosi, Soros, and the rest of the hateful socialists who want power over us.
And this was always the goal of the criminal democrats. Now they can make these desperate people dependent on government and get them to permanently vote for democrats.
JoMa
L8r 3
I think the economy will rebound more quickly. There is a lot of pent up demand out there.
"What a revolting development this is."
Now, if only more Governors like PA's Tom Wolf continue their idiocy we can get that number up to around 50%.
The stock market only dropped 500 points. Think about that.
This 42% figure is essentially just someone’s wild guess, so I’ll take it with a grain of salt. What I’m hearing through friends and acquaintances, though, is that a fair number of restaurants and retailers that were having troubles before covid-19 will not reopen. Buffett’s old line that when the tide goes out you see who’s been swimming naked is apt to some extent. If you were teetering on the edge of failure in during a *good* economy, and then you get involuntarily shut down for 2+ months, well, you’re pretty much down for the count.
Jobs wont have to be 'created'. They already exist. We just need the government to get their boot off our neck so we can get back to 'em.
This derp article is just more derp fear mongering intended to discourage the stock market, tank the economy, and bring down Trump.
NEVER listen to derps. They lie.
There is no precedent for the current economic conditions, so anyone trying to predict the future is just taking a wild-ass guess.
I doubt it.
The US hasn't been carpet bombed, and much of our 18 to 35 year old workforce isn't scattered dead all over Europe.
It shouldn't take the US nearly that long to recover from the ChiCom virus.
Might be true but not the best characterization.
1. Some businesses might not return. Many go bust each year anyway.
2. Some jobs within returning businesses might not return. Businesses that do return might downsize or otherwise restructure.
3. Not part of the headline, but certainly part of the story is that new businesses will form.
So the net result will never be 42 percent job losses.
I don’t believe that.
We started a shutdown quite early, but it was VERY aggressive. Everything was shutdown, except grocery stores and small shops. Everything else was closed.
Even informal shops.
Now we are opening up again, and things are sort of going nuts. I think once things start improving, you will be surprized.
F'en impossible.
First, it is impossible to predict the future, just look at the 2,200,000 USA Deaths by Chi-Com Virus-19.
Second, these experts cannot give an accurate estimate as to the mix of people that are out of work.
Nothing about this "study by the experts" has even a faint twinge of accuracy.
“This 42% figure is essentially just someone’s wild guess,=”
Too precise not to raise suspicions...On the other hand, it could have said 41.87876%
Total crap study. Trying to damage the realization that unlike the depression, almost every one has a job to go back to. And there will quickly be unfilled openings again.
My company hired 2 new people last week and working on hiring 2 more asap.
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