Lots of permanently unemployed

[15444]

Listening to Sunday Scrum this morning. Missed the source, either National Post or G&M.

It is now estimated that 1/2 of all restaurants across country will never reopen. Bankruptcies will soon explode.

[farmaholic]

Listening to Sunday Scrum this morning. Missed the source, either National Post or G&M.

It is now estimated that 1/2 of all restaurants across country will never reopen. Bankruptcies will soon explode.

I toad a so.....

[Austrian Economics]

Right now the federal government has programs to cover the losses of businesses forced to close, now costing around $16 billion per month. But coronavirus will change the viability of these business models permanently in ways that we are now only beginning to understand. When the lockdown ends, the subsidies will stop and for many revenue will be insufficient to cover past losses and keep the business viable when customer traffic resumes but only at a fraction of previous levels.

Most businesses today operate on margins that have been getting thinner for years and are often highly leveraged. It will not take much of a disruption to make them insolvent.

[macdon02]

Talking to Westjet pilots, they are being listed as "inactive" which keeps WJ eligible for the employee wage coverage, but when the program runs out, so does the job. They are figuring massive layoffs. Pilots will be Walmart greeters or whatever wherever they can find. It was interesting to be in on the ongoing conversation as until this week there was an ignorance that massive economic damage had been done. Only when the pink slip hits the mailbox does the cold harsh reality hit. There's a very large segment of society that's still in the clouds.

[shtferbrains]

I toad a so.....

Shit winds are blowing.

Advantage Left.

https://www.cbc.ca/news/politics/universal-basic-income-covid-coronavirus-pandemic-1.5536144 https://www.cbc.ca/news/politics/universal-basic-income-covid-coronavirus-pandemic-1.5536144

"Six million Canadians have been suddenly thrust into what is effectively a basic income program and they're seeing that it works for what it's meant to do — something to fall back on and give you time to figure out what you're going to do next in a way that's more dignified and avoids the stigma and inefficiencies of applying for social assistance," he said.

"I think now we have a chance with basic income to have a shorter recession and a more inclusive recovery that helps everyone adapt to the new reality."

Our acting Prime Minister has 6 million people trying out a Minimum Basic Income. At least 25% of the total Canadian workforce.

Don't even have to budget for it. The money just magically appears.

[farmaholic]

What rings in my ears and in my empty head was a comment that people live $200 away from insolvency. By the sounds of it, few have a financial cushion so when the paychecks stop...look out.
I'm not coming down on the lowest wage earners with no assets. It's the people who want everything NOW and live beyond their means. Who lives and manages their finances like they're going to lose their job? ...even for a short period or worse yet...permanantly.

[shtferbrains]

"There's a very large segment of society that's still in the clouds."

... and think somehow the "government" can step in and make everyone whole again.

There is a video somewhere of one of those TV chefs explaining how him and his buddies have high end eateries that are losing a million dollars a month and they are earnestly lobbying in US for a bailout to keep them afloat.

Phuck You. We can do without some things. Actually many things.

[Guest]

yes both points are amazing that people can be that simple and also irresponsible
but look at the brick, leons, etc. ; "take 5 years to pay for that new toaster oven you need"

[fjlip]

A reset of priorities coming right up...WHO is essential? #1 everybody eats, drives, shelter, bet internet/cell right up there. Pro Sports...bottom of pile

[Guest]

A reset of priorities coming right up...WHO is essential? #1 everybody eats, drives, shelter, bet internet/cell right up there. Pro Sports...bottom of pile

yes , may be the reset we needed , get rid of the SJW's , worry about real shit and real problems

[redleaf]

Wonder if government will have to bail out the casinos and vlt lounges ?
I would hope this will help some get past their gambling addictions.
But then who am I to talk about gambling......

[farmaholic]

Wonder if government will have to bail out the casinos and vlt lounges ?
I would hope this will help some get past their gambling addictions.
But then who am I to talk about gambling......

Those f-N things are a tax on addiction.

Addiction knows no social class distinction....rich or poor.

[tweety]

As Mark Cuban says, good time to buy real estate.

[J88]

Lots of Permantly Unemployed

If people have enough money to supply there (needs) to cover the basics I wonder what percentage of the work force is needed. Compared to our (wants) where the extras like eating out, travel,casino,sports,etc not to judge just realizing this part of people’s lives employs so many people in this day and age compared to say 50 years ago the extra cost to the average person whether needed or not is expensive

[burnt]

As Mark Cuban says, good time to buy real estate.

I wouldn't get in a rush. Unless someone is in the lucky spot of too much cash on hand.