More like a “K”
The wealthy make out while the least of these get boned.
Long gone is the notion that we’ll have a V-Shaped Recovery—a deep economic decline followed quickly by sharp rebound. Instead, what we’re looking at is a recovery that will be vigorous for some sectors while others remain in freefall.
[bThe layoffs have come hardest and fastest for those least able to survive prolonged joblessness, creating a cascade of setbacks from which it will be very hard to recover.[/b]
Duh!
With the service industry still partially locked down with restaurants and bars operating at 50 per cent, air travel severely affected, tourism next to nothing all representing tons of jobs that can’t be done from home this is hardly a shock.
Too bad the politicians didn’t consider that before locking down so severely.
Nevertheless the economy has added 10.5 million private jobs in four months, about half as many as were lost by the government -ordered lock-downs. The recovery after the 2008-2009 recession took
three years to make that much progress, and the jobless rate was still 8.1% in August 2012.
As the Wall Street Journal reported yesterday:
Labor force participation for August rose 3 percentage points to 61.7%, up 1.5 points from its April low. This is still 1.7 percentage points below its February peak, but the increase means that hundreds of thousands of Americans are continuing to return to the workforce. By contrast, labor force participation declined in the five years after the 2009 recession.Of course Obama and Biden were leading the country then. As for Biden on the 2020 Campaign Trail he says he would not hesitate to lock down again if “ Science” called for it.
Yep, that’s what he says.