These were some of the key factors I
presented
at an online conference about the
economy that awaits us (emphasis on UK,
US and Russia).
Making money online will continue to
thrive.
-Reduced state support: unemployment,
pensions
Unemployment subsidies will be reduced
and ended by governments as quickly as
they can (politically).
Many
self-employed and small businesses were
never properly compensated and will
cease their business and/or carry a
serious debt burden.
Pensions will be there for the
minority, with many people left on
their own to pay for retirement.
When I left the UK in 2002, I had never
seen a foodbank: the State provided
emergency support. Today, the State
leaves that to charity.
-Job losses, especially female (retail
etc.)
Most of the retail jobs being lost,
even before the virus, were held by
women.
Many are single mothers.
Many jobs will be lost forever. In the
US, the issue of color claims that
people of color will also be great
losers at the minimum-wage level.
-Cash shortage
Surviving the virus has been expensive
to most of the population, with extra
costs
and reduced income.
For many, savings were small and
many were (and/or are now)
in debt.
This has a domino effect, as
they buy less, so sellers sell less,
so employ less people.
To be continued…..
Sincerely, Robin
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