Quote:
Originally Posted by gmh1013
I read 20 percent unemployment ???WTH thats getting up to great depression level.
My best guess would be 13-14 percent ....the highest I have ever seen was right after Ronnie took office it hit 11 percent in Nov/ Dec of 81 if I remember right but 20 is unbelievable?
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It might hit that for a moment in time as the service and hospitality sector will get hammered...it's going to very difficult.
That will be backed up with the cascading layoffs in different sectors stemming from S&H downturn...
But then you will have the mean and nasty "me too" layoffs. Corporations who are cash rich and can float, but won't because they have to maintain shareholder value, which will be buoyed by layoffs to show Wall Street that they are taking steps to solidify their profitability.
This is 2001 again, but worse as the duration of the shutdown will be longer and more widespread.
This will be interesting to see if there are kinder and gentler corporate reactions than there were 19yrs ago.
I fully understand that businesses
DO NOT exist to solely provide employment for people but the circumstances behind this and the vibes of benevolence stemming from some companies might lead to a different outcome for employees.