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.
Ex monopoly rents, there has not been any growth in world profits, which consistent with the general stagnation worldwide. https://t.co/AEw0hCweuC
— Sri Thiruvadanthai (@teasri) June 19, 2020
“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
The demise of America's malls can deal a blow to the towns that depend on them https://t.co/BnUT9yo0KG
— Sean George (@seanhgeorge) June 20, 2020
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 (@RobinBrooksIIF) June 20, 2020