This is not sustainable. pic.twitter.com/eirmGvm8yS
— Bharat Ramamurti (@BharatRamamurti) June 19, 2020
A Tidal Wave of Bankruptcies Is Coming
Experts foresee so many filings in the coming months that the courts could struggle to salvage the businesses that are worth saving.
https://twitter.com/teasri/status/1274083890785923076
“the number of working business owners plummeted from 15.0 million in February 2020 to 11.7 million in April 2020.” That’s a drop of 3.3 million, or 22% v. 730,000 (5%) in Great Recession.
the number of active black business owners fell 41% https://t.co/WUmjpdxQj5 pic.twitter.com/urjMKGtFrL— Adam Tooze (@adam_tooze) June 20, 2020
https://twitter.com/seanhgeorge/status/1274333180653420545
Our crisis response is based on this being a temporary shock, i.e. lost jobs coming back. But many jobs in leisure & hospitality (orange) are gone forever, given how much COVID-19 is changing consumer behavior. Our crisis response needs to accept this & emphasize job retraining. pic.twitter.com/sgI8YdsIz2
— Robin Brooks (@robin_j_brooks) June 20, 2020