No. The giant sucking sound is the massive, unsustainable, obscenely large pension payments for teachers and other government workers that stupid, greedy, vote-hungry and criminally indifferent city legislators voted in year after year.
I saw how my Fortune 500 company could increase productivity with software we already owned but were under using. (My boss said, “you’ll be the first one I lay off.”) Many jobs were done by people that could have been done with the press of a button. As more companies introduce enterprise resource programs the number of needed staff will continue to drop. Those companies that fail to do this will be eaten by the leaner companies. I suspect that technology is the biggest unemployment driver, aided by labor laws that make it necessary to eliminate as many jobs as possible.
How is Boeing’s Chitown staff doing?
How much longer can this be sustained?
Some of those are on welfare, unemployment, SS Disability, or just work off the books.
Millions more are retired (living on pensions, earnings, Social Secuity, etc). "Retired" is a concept that did not exist for humanity until recent times.
The right of a "retirement" for millions of people to play lots of golf, travel, shop, and eat out 4 times a week may someday be a thing of the past.