Stopping economic activity and having tens of millions of people lose their jobs is going to hurt people's livelihoods independently of the trajectory of the health crisis that precipitated the crisis. (Leaving aside the fact that that crisis is not getting better!)
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The cataclysmic failure of the Paycheck Protection Program in particular has been underreported. Once a small business is gone, you can't bring it back. We had a window of time to save those jobs and failed to do it.
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The (unwarranted) assumption that the worst is behind us medically has been driving a media storyline about recovery that neglects the impact a severe economic shock will have. This is another failure of story- and personality-driven journalism to deal with a structural issue.pic.twitter.com/93rYrZBpgm
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It’s also truly odd to see the stock market fail to reflect that fact. It’s like a wishful thinking chart for the banker set
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