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Agree. So I assume that most of the unemployment is in the travel/hospitality/restaurants/retail (etc). Hence, even after the economy is open, it would be hard
by streetcat1 7y ago
Agree. So I assume that most of the unemployment is in the travel/hospitality/restaurants/retail (etc).
Hence, even after the economy is open, it would be hard to get those people back to work until the "enhanced" benefits run out.
I.e. I expect to see a lot of restaurants/hotels open but with no employees. Or, they will be employees, but their wages will have to be increased by 50%, which would cause runaway inflation.
If this happens, this might lead to spike in automation (AI).
- IAmEveryone 7y agoThe industries you mention are unlikely to be amendable to increased automation. That’s why service jobs have grown over the last decade or so, compared with manufacturing. And paying supermarket cashiers decent wages isn’t going to create inflation because it doesn’t change the total amount of money in circulation. Productivity will just be redirected from building super yachts to poorer children’s school supplies (cliches for added clarity).