President Donald Trump said Friday on Fox News that with the reopening of the economy, lost jobs will come back. "Those jobs will all be back, and they'll be back very soon," the president said.
Economists, however, seem to believe otherwise. Michael Hicks, director of the Center for Business and Economic Research at Ball State University in Indiana, said that "the bulk of job losses fall in sectors which will continue to suffer low demand after shelter in place orders have been loosened."
"Regardless of state action to relax shelter in place rules, the economy will continue to experience Great Depression levels of stress until COVID-19 vaccinations or treatments are available," Hicks said.
Hicks, however, said the good news is that of the 20.5 million workers unemployed over the month, 18 million reported they were experiencing a temporary layoff. "This signals the expectation that they may regain their jobs as conditions improve," Hicks said.
According to Bryson, the unemployment rate "will still be in excess of 6 percent at the end of next year."
Jason Furman, a professor at Harvard University and former economic adviser to President Barack Obama, said on Twitter that "I don't know what unemployment will be in 2 years. I fear still very high but could get lucky."
"Either way the right policy is the same: include triggers that make future assistant contingent on what actually happens. If unemployment rate is high continue it automatically," Furman said, referring to the COVID-19 relief package passed by the U.S. Congress.
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