Oddbean new post about login | logout Wonder what that would do to unemployment numbers and Fed mandate for employment—perhaps resulting in “accommodative monetary policy” to combat the reduction in GDP? The analysis I saw showed a rough estimate of increased unemployment by 1-3% and a near term drop in GDP of $3-4 trillion.
If the private sector doesn't replace these jobs, what does that tell you about the jobs?
I mean, the assumption is the private sector is more efficient and more productive, and there would be a lot of people to retrain and a lot of those jobs would shift into the private sector if the jobs were indeed essential in some capacity, but presumably not all.
I’m just surprised it wasn’t the main focus for the Democrat campaign. They barely mentioned it. Vivek was talking about 50% being fired, Elon is of similar mindset. Trump talks about the savings Elon made at Twitter where it’s claimed he cut 80%. Nobody really pushed them on this in terms of what it actually means and who the consequences will fall on. I guess we now get to find out. https://image.nostr.build/0f2d495fd4bc1d3011d04369ae8c05ca109476801fc67bd8145256c5be5e3177.jpg
