“Investors aren’t investing in job growth, they’re investing in bottom line profitability of the firms, and the tough truth is that a lot of these firms can operate more efficiently and more profitably with fewer people. I’m privy to the thinking of many major company CEOs and they are telling people confidentially that they’re not going to hire back a lot of the people that they furloughed or let go. This economy is not going to snap back into place like a rubber band in part because that relationship that you described, that if businesses do well then workers will benefit, that bargain has broken down and now it barely exists.”
It wouldn’t be surprising for those most vulnerable to the economic downturn — the young — to blame those most vulnerable to the illness itself — the old. And vice versa. Yang shifts the focus of attention from age to wealth. Across all ages, the virus disproportionately claims the lives of the poor. And across all ages, unemployment and workplace hazard disproportionately affect those on the lower end of the pay scale.