You can't say I didn't warn you. I may have predicted a different cause (job elimination due to automation instead of a worldwide pandemic), but in June 2017 I wrote in one of my initial columns—"Labor, Ownership, and the Future of Work—about the apocalyptic societal consequences of sustained mass unemployment. Well, with much of the entire world in a state of economic devastation, we may be about to find out.
The numbers are staggering and unsustainable. There were 38 million new unemployment claims from March through May. Just 4.5 million jobs were "added" in June. And those were not new jobs. They were jobs recently occupied by workers laid off beginning with the pandemic in March.
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