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I'm worried as hell about the various impacts on the economy, which is not to take away from the effects on people.
The Fed is projecting up to 50M unemployed; that's something around 29% unemployment.
We already are heavily underemployed in low-income areas; we're going to need to make big strides toward addressing poverty or we're going to end up creating a larger underclass than we already have.
How are hospitals going to bounce back? How many of the people who get COVID-19 are underinsured or uninsured? If we lose a significant amount of our medical workforce, then what? How do we deal with people who have long-lasting effects like lung scarring?
This seems to have shown the weakness of various industries- and the weakness of an economy where raising capital means becoming a slave to your investors.
We were already heading toward a manufacturing recession, and now we're going to enter it in earnest. What are the ramifications for automation down the line? Will this lead to automation, since machines can't get sick? If so, how many of the unemployed just plain won't come back?
Fascinating, if sad.
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