Tuesday, May 26, 2020

I Have Been Wrong Before

Once or twice. Maybe. But the belief that we're going to turn the machines back on and just go back to "normal" is insane to me. The belief seems to be that a lot of jobs that were axed/furloughed during the lockdown will just return. Flip on the lights. We're back!

That won't happen nearly as fast as people think, but even if it does the secondary impacts are going to be massive. State and local public job losses alone will be significant, even if Congress provides some direct aid. And those are jobs with benefits, etc. A lot of people aren't going to be able to keep their health insurance even if they like it, because it was attached to the good government job that no longer exists. Trying to find a new job in a shitty job market is, well, not so fun, folks!

"They" couldn't fix the Great Recession in a speedy fashion, and that was easy. The current "they" is worse. Widespread cannibalism is more likely than good feelings about the economy in October, in my stupid blogger opinion.