Gov. Cuomo says US economy won't bounce back on its own post-pandemic because

[Yo_Mama_Been_Loggin]

because 'too many' small businesses have closed and corporations won't rehire laid-off workers

New York Gov. Andrew Cuomo said the US economy won't bounce back to pre-pandemic levels on its own because corporations won't rehire workers they laid off and small businesses have been hit hard.

"I don't believe this economy just bounces back," Cuomo said. "Too many small businesses have closed, you'll see many of these corporations are going to use this as an opportunity to lay off workers."

Cuomo predicted that companies won't rehire all of the employees they fire or furlough as a result of the coronavirus.

"Many businesses will have gone through this period where workers were at home. They had fewer workers and used more technology and they're going to decide: 'Well, we don't need as many workers,'" he said.

https://news.yahoo.com/gov-cuomo-says-us-economy-193034540.html

Sad to say he's probably right.

[lame54]

1. That's where universal income comes in

[Sherman A1]

6. Precisely

That is the correct way out of this mess and towards the future.

[RussBLib]

9. no one will get rich off of a UBI

that's for the entrepreneurs, but a UBI would give people some goddamn peace of mind. It can give people a relatively more solid foundation from which to actually live, raise children, and become more involved in their community. The GOP hates that. The GOP loves giving out free money, but only to corporations and the already-wealthy.

[CrispyQ]

2. One economist I read said 10-12 years.

That seems more realistic. Especially as stupidity rules & people insist on going out & not practicing any safety measures. In my area I can already sense an attitude of "the worst if over."

[SoonerPride]

5. We aren't even at the "end of the beginning"

This is a marathon not a 5k.

We’re still on mile 1 of this marathon.

Anyone who thinks it’s over won’t be around at the end of the race.

[BannonsLiver]

7. It's far too difficult to project that far into the future

Even for the most skilled economist. But a 2-5 year spate is not out of the question.

[SoonerPride]

3. On top of that the global economy is fucked too

And they aren’t gobbling up our exports nor are they traveling to America for tourism.

The global economy will be in a depression until there is a vaccine.

[jmg257]

4. Ya think? As NY continues to somewhat open, lots of businesses (and people)

Are in a bad way.

I figure i have 50/50 shot of getting reinstated. Shore/vacation homes & businesses? Ugh.

[Blue_true]

8. I agree that he is right.

But there is somewhat of a bright side, the number and complexity of Artificial Intelligence applications will be exploding, workers will be needed to support that, as long as the companies in that area aren't so greedy that they outsource the work to low wage countries, that includes the customer service jobs after a company has purchased the software and robotics.

[leftyladyfrommo]

10. I think a lot of companies have used this to slim

down their work force abd get rid of older workers that they have been trying to take early retirement.

[elias7]

11. UWash hospital system just furloughed 4,000. Our small hospital just furloughed 15% of staff

Many places that were able to hold on for two months because of financial buffer are furloughing NOW. We're still in the early innings of this crazy game and they are talking about recovery?