Government lockdowns causing long-term economic damage
Tens of thousands of people will get pink slips in the coming weeks as the long-term economic damage caused by government lockdowns in response to the coronavirus pandemic begin to ripple through the economy.
Disney announced it will lay off 28,000 employees. US airlines are poised to let up to 50,000 workers go. Allstate plans to cut around 3,000 jobs. Royal Dutch Shell will eliminate around 9,000 jobs globally. German auto-parts supplier Continental AG announced it will cut or shift some 30,000 jobs worldwide. Halliburton plans to eliminate an entire layer of management. Marathon Oil is set to launch round two of job cuts, shedding another 2,000 jobs. And Goldman Sachs said it will cut its workforce by about 400 jobs.
Meanwhile, politicians and pundits continue to fantasize about a quick economic recovery.
This article appeared in the October 3, 2020 edition of Radnor’s Bitcoin Bulletins.