Opinion | The coronavirus shows it's time to reshape the relationship between the US government and American workers. By DanielAlpert.
forecast on March 20th – in which my group identified over 37 million such jobs vulnerable to loss. I expect that we are nearing peak losses for such jobs which will likely level off just below 20 million. But that is only part of the story. released by the U.S. Bureau of Labor Statistics this past Friday confirmed our assumptions.
Second, as time goes on, the economic crisis runs the risk of migrating into the goods-producing and support sectors of the economy . It is one thing to have no customers at auto dealers, it is something else to have the auto dealers tell the manufacturers to stop making and sending cars. While this is meant to provide a temporal bridge until COVID-19 can be brought under a reasonable degree of control, it will unambiguously result in multi-trillions of dollars of federal government deficit spending.
Which begs the question: once shown to be effective as just a substitute for private income, what are the opportunities for government spending – after this crisis – to enhance the weak growth of the U.S. economy, and reverse declining household financial security and the income and wealth inequality that have been the dominating economic features of the past dozen years?
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