What will the post-pandemic economy look like?

Latest

 

Without jobs – well-paying jobs – fewer people will be able to buy. This will widen the gap between rich and poor.
Photo/Gerd Altmann from Pixabay

At breakneck speed, the COVID-19 pandemic is accelerating decades-long economic consolidation, job loss, and inequality.
In the 1980’s, half of all retail in the United States was in smaller independent stores. By 2020, that percentage was less than one fourth. With the predicted recovery from the pandemic economy coming in the second half of 2022, we can expect that number to plummet. Currently, 18 percent of small businesses expect to never reopen. Giant corporate chains like WalMart and Target may be the only ones left.
Defining unemployment is unmistakably political, but there is one mega-statistic that is above the fray – the percentage of the labor force (defined as all people ages 20 to 64) that is employed. In 2000, that number reached a post-World War II high of 65 percent.
In January 2020, it stood at 61.2 percent; at the end of May it was 52.8 percent.
While joblessness may recover somewhat, many people who lose their jobs during recessions suffer permanently reduced income – 20 percent less on average. Companies historically learn to make do with fewer workers after downturns. Robotization and other labor-eliminating technology will accelerate, with more online shopping, warehouse robots, self-checkout, entertainment streaming, and the like.
Without jobs – well-paying jobs – fewer people will be able to buy. This will widen the gap between rich and poor. Any post-coronavirus prosperity will be accessible only to the fortunate and their children. We were already heading this way. The virus is bringing us there even faster.
(Information for this article came from washingtonpost.com and nbc.com)

PT Logo collage
+ Articles by this author

Free to republish but please credit the People's Tribune. Visit us at www.peoplestribune.org, email peoplestribune@gmail.com, or call 773-486-3551.

The People’s Tribune brings you articles written by individuals or organizations, along with our own reporting. Bylined articles reflect the views of the authors. Unsigned articles reflect the views of the editorial board. Please credit the source when sharing: ©2024 peoplestribune.org. Please donate to help us keep bringing you voices of the movement. Click here. We’re all volunteer, no paid staff.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Featured

Pushing People into a Really Bad System Will End Really Badly

President Trump's executive order fuses drug use and homelessness, ignoring that homelessness can cause or exacerbate substance use because people use drugs to cope with pain. Forced institutional settings rather than housing will not help the ill or unhoused.

Chicago Resistance Speaks: ‘Until All Are Free, None Are Free’

An uprising is growing as the government tries to impose a dictatorship. Chicago resistance leaders recently offered their thoughts in public remarks made at demonstrations and press conferences.

Los Angeles Continues to Rebuild and Resist

Angelinos, suffering from the profit over people economy, continue to rebuild after the fires and to protest immigration raids, while also experiencing joy in such difficult times.

Chicago Teachers Union Says: Trump, Stay Out of Our City

Chicago Teachers Union rejects any unlawful federal occupation of their city, while welcoming federal leadership that fully funds public education, restores SNAP, and expands Medicaid to healthcare for all.

Journalist Says Why ‘I Can No Longer Work With Reuters’

A photojournalist says why it is impossible for her to maintain a relationship with Reuters "given its role in justifying and enabling the systematic assassination of 245 journalists in Gaza."

More from the People's Tribune