A virus that has a low mortality rate has caused so much permanent damage to the U.S. economy that governments should be sued for malfeasance. The Doomers got it wrong so many times that they have lost all credibility anytime they warn of a second wave or resurgence.
According to a new report by Goldman Sachs, 25 percent of temporary coronavirus-related layoffs in the United States will be permanent. And many of the net job gains will be rehires, so it will not even be much of an economic expansion.
The Wall Street titan projects that about one-quarter of the temporary terminations will be permanent and about two million of those individuals could remain unemployed heading into 2021.
With the initial jobless claims recently topping one million, it could skyrocket in the weeks and months to come with the Paycheck Protection Program (PPP) benefits drying up.
“Overall, these patterns suggest that temporarily laid-off workers will boost the labor market recovery for the remainder of 2020, but will increasingly transition to permanent unemployment as time separated from their prior job increases,” the financial institution wrote in a research note.
Could taxpayers ever file a class-action lawsuit against the government? They should.
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