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'Catastrophic': UN Labor Agency Warns Coronavirus Crisis Could Wipe Out 195 Million Full-Time Jobs Worldwide

Originally published at http://www.commondreams.org/news/2020/04/08/catastrophic-un-labor-agency-warns-coronavirus-crisis-could-wipe-out-195-million

Exactly what kind of economy is it that sustains so many job losses? Was the Great Depression as bad as this? When businesses, mom and pop and otherwise shut down do they start up again as if nothing has happened? How do we survive when nobody goes to work?

What if we start going back to work and doing that makes things even worse? But Trump said it was just a hoax. How about risking your life for minimum wage?

Although some sectors like finance, design and construction lost jobs in 2008 at the rapid rate we are seeing today, those were a just a few sectors of many. Most other sectors took several months over the subsequent year to shed a lot of jobs. It took more than one year for unemployment to hit rock bottom.

After the 1929 crash it took over three years for job stats to hit rock bottom.

While 1929 and 2008 STARTED as financial crisis, this pandemic driven crisis breaks new ground…businesses that would remain stable in a pure financial crisis are unable to do so due to the pandemic.

Funny, when I mention these matters online the general reaction I get is, well just stay home! Just cooperate. Okay. I have been. I’m out of both of my jobs and as an independent contractor have no protection, the states don’t even have a way to manage or institute the programs passed by Congress, the future of the hospitality industry and my career as a musician are in serious doubt, but … just obey. Stay home. Wait it out. Ignore all the conflicting information, be afraid, and ignore the man behind the curtain by all means. So, what’s really going on? Who’s on first?

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Too small (or none at all) of a government financial response for individuals. Small business funds bottled up in the corrupt SBA unending red tape.
Wow, it’s almost as if the US response to the pandemic was tailor made for the oligarchs to overtake the entire US economy.

While progress is being made on vaccines, mass production to the tune of over 7 billion doses is not feasible for over a year. Until then the pandemic is an ongoing and increasingly an economic and health issue. Nonetheless, surprisingly few people seem able to make this connection or grasp the real extent of this pandemic. Most business are saying “I need to close for two weeks,” or something along those lines. The reality is that having no income for most people for over a years time is a real possibility, were we to remain isolated until the pandemic is controlled. Conversely the pandemic will not be controlled if we do not remain isolated, and a new peak will quickly emerge if we come out of Isolation prior to being vaccinated. The question I ask is: “when does the treatment become worse than the disease?” Perhaps if it was treatable, so that it did not result in death, then we could come out of Isolation, and any persons contracting the disease could be treated in such a way that it was not life threatening, but more like a severe flu. Of course treatment drugs face the same production issues as vaccines do.

Economic reality strikes the world. The Grim Reaper is coming to collect pounds of flesh for the unsustainable debt.

Amazing how many unnecessary businesses pop up when there is free money loaned to people and countries with no prospect of paying it back. Ahh, but what happens when the music stops?

This is a big enough number for a sub population to live in a parallel economy that heals Earth with human rights.

Official political parties world-wide will continue their alliances representing capital no matter what people say or do.

It has been suggested that we don’t send checks out that won’t cover the losses. We could use the idea that the stimulus go to make employers whole? Keep everyone on the job that would have been on the job before the virus.

Businesses only ever buy back their stock when they get a handout, artificially inflating the stock price, creating a market bubble that pops, exactly like this one did; they never, ever, once in all of history use the money to pay employees. With the market like it is, you can bet this is exactly their response. They won’t need employees, because nobody has any money to buy their products, so they don’t need to manufacture anything anymore.

Check the facts - in the massive tax break , nobody, but nobody hired anyone as a result of their free ride.

Anyway, they cant keep their employees, they are all isolated, or dying in the hospitals.

You may have missed the jist of my comment. The employees would continue to work. They can keep purchasing as they like. The employers just keep people working and pay their wages. Reimburse employers later, and prop them up if needed in the meantime. I don’t see how they could take advantage if trump wouldn’t let them. There’s a quirk.

You missed my point, how can employees continue to work when there is a stay at home order and they are not allowed to go to work and congregate by the hundreds

Two pronged approach?
My son is working full time and he and his fellow employees are getting a $1000 bonus for their trouble. I see the problem with stay at home, I just don’t know how many companies are working and how many not.
My heart clinic is open, my Saab garage is open, the food store and gas stations are open as the fast food joints are.

The more businesses open, the faster the spread, the more overwhelmed the health care workers are, the greater their risk, the less available the safety equipment and personnel for the sick, the more first responders who must be exposed, etc etc.etc. “Essential only” is what I heard - you know police, fire, medical, grocery, etc. Nobody else SHOULD benefit from a plan where employees are retained, because they should be at home, for their own sake, and for the greater good. We shouldn’t wait till 700 people are dying a day like in New York. By the way, more people have died from this in New York than on 911.

It’s almost as if capitalism is unsustainable given this is the third, major worldwide economic crash in two decades. Economies do not fully recover from one implosion before the next one hits. As Richard Wolff stated, “the economy is bouncing up and down in the bottom of a ditch.” The definition of insanity is…