Who Is Going to Pay for All This?

Trying2SaveABuck on 07/04/2020 - 22:16
Last edited 07/04/2020 - 23:08

Who is going to pay for all this sh!t?

With sweeping policies regarding government spending aimed at helping businesses and unemployed during COVID19

The government is having over 700m to airlines (probably more in the end if virgin gets cash too)

130billion in their job seeker program

Millions more in beefed up welfare payments

On top of that extra funding is urgently needed to our healthcare system incase this crisis worsens

Over 1-2million jobs will be lost and unemployment is tipped it hit around 10%

Pretty much every industry bleeding money it asking for a hand out

Keep in mind we just had horrible bushfires….

When this is all said and done who is going to pay for this?

I agree with most of what the government is trying to do because desperate times call for desperate measures though i cant help but feel that we will be incredibility screwed for generations to come…eventually the dust will settle and who will fit the tab because we will essentially be in the worst financial position Australia has been in most of our lifetimes…. And unlike the GFC we aren’t in a mining boom to help us out…

Update

ill add this should Australia stop all international aid, refugee re-settlement programs and essentially humanitarianism for at least the next 5 years?

Financial

Comments

    • petry on 09/04/2020 - 19:39

      mate most of this money will be rorted. its a total waste.

  • MessyG on 09/04/2020 - 14:48
    +8

    We are in a pandemic. It is going to be expensive no matter what you do. The US has taken an ultracapitalist approach to this with zero safety net and while it might seem cheaper right now, they are in trouble because while we are safely in the containment phase, they are in mitigation. New York, one of the biggest economic centres of the world, will be locked down for far, far longer than us because they failed to contain it. They alone have lost thousands of people, a lot of them not old, in a health system that charges hundreds of thousands of dollars for ICU admissions - money that is never going to be recouped because their patients are dead. This is happening across multiple cities in the US and is going to cost them an absolute fortune in the long run. Forget about herd immunity, this is en masse death for them. Why? Because individualism. They even privatised the tests so a lot of sick people couldn't even afford to get it.

    Australia is spending up big to prevent precisely what is happening in the US, because while they pay the role of ultra-entitled economic fetishists, they know we cannot afford this to get out of control. We have a right-leaning government who has introduced some of the most socialist policy in Australian existence - why? Because they know that this stimulus or 'spending' as you call it is a short term cost for a long term save. Humans are the economy. Without people, you have no economy. If they're all sick, dead, and off work, the economy collapses. Without a healthy populace, you have no economy. America is yet to realise that their terrifying disinvestment in health is their undoing, and our relatively better investment in it will be what saves us.

    The debt we're getting into is the good kind, the debt (and not just monetary) the Americans are getting into is fall of Rome level. The near-sexual attraction they have to their economy above all else will really undo them.

  • morebunnings on 09/04/2020 - 15:24
    +3

    While this may or may not put your mind at ease:

    Our current GOV debt is about $531 billion, which is 41% GDP

    These new packages will add ~$300 billion (I might be wrong, stimulus keeps changing), pushing Govt debt to $831 billion which would push us to ~64% GDP debt level compared to GDP before Corona (our GDP will go down because of Corona for a few years, pushing the % higher until the economy recovers).

    There are a LOT of countries with a debt ratio higher than that, and they are surviving:
    https://tradingeconomics.com/country-list/government-debt-to…

  • King Taddy on 09/04/2020 - 17:15

    Our foreign aid and other humanitarian efforts are a drop in the ocean in terms of federal government spent. Cutting those for 5 years won't do a great deal to the bottom line. Surely we can continue to support those who need our help most, while working through our immediate domestic issues?

  • misu p on 09/04/2020 - 17:17
    +1

    I will take 1 to 3 ods that the OP voted for ScoMo.

  • vinster55 on 09/04/2020 - 17:45
    +2

    Chai Nahh should pay for all the sh!te they created

    • monkeyfood on 09/04/2020 - 19:36
      +6

      and should be banned from buying land and companies here its not in the Australian people's interest

      • trapper on 13/04/2020 - 16:45

        Good now that we can claim them all back as compensation though. haha

        Who would have though there would be a silver lining to all this foreign ownership.

  • Aerith-Waifu on 09/04/2020 - 17:59
    +2

    I want OP to read about this before he shouts about compensation:

    https://en.wikipedia.org/wiki/Eight-Nation_Alliance

    Eight-Nation Alliance

    Part of United Kingdom
    Japan
    Russia
    Germany
    United States
    France
    Italy
    Austria-Hungary

    Damage to Chinese Cultural Heritage
    In a research article, Kenneth Clark states: "Following the taking of Peking, troops from the international force looted the capital city and even ransacked the Forbidden City, with many Chinese treasures finding their way to Europe."[47]

    While the Alliance occupied Beijing, they looted the palaces, yamens, and government buildings. This resulted in a disastrous loss of many precious cultural relics in China, many books on literature and history (including the famous "Yongle Dadian") and cultural heritage (including the Forbidden City, the Summer Palace, Xishan and Yuanmingyuan). Theft, destruction, and loss can not be accurately estimated. More than 3,000 gold-plated bronze Buddhas, 1,400 splendid products and 4,300 bronzes in Songzhu Si (嵩祝寺) were looted. The gold plating on the copper tanks in front of the Forbidden City palaces was scraped off by the Alliance, leaving scratch marks that could been seen now. "Yongle Dadian" was compiled by 2,100 scholars during the Ming Yongle period (1403-1408), with a total of 22,870 volumes, was partially destroyed in the Second Opium War in 1860. Later it was collected in the Imperial Palace of Nanchizi Street. It was found and destroyed completely by the Alliance in 1900. Part of Yongle Dadian was used for the construction of fortifications. The Si Ku Quan Shu was compiled by 360 scholars during the Qing Emperor Qianlong period. It collected 3,461 ancient books, totaling 79,309 volumes. The whole book consisted of 7 sets. One set was destroyed in 1860 during the invasion of the British and French alliance force. Another 10,000 plus volumes were destroyed in 1900 by the Eight-Nation Alliance. The Hanlin Academy houses a collection of precious books, orphans, books of the Song Dynasty, literature and history materials, and precious paintings. The Eight-Nation Alliance looted the collections. Until now, many parts of the abovementioned historical books, that were looted during the Eight-Nation Alliance invasion period, could be found in the museums of London and Paris.[2][48]

    Now can the Chinese Sue those 8 nations as well?????????????????

    • Trying2SaveABuck on 09/04/2020 - 18:08
      +4

      I didnt realize in 1900s there was international treaties and a WHO to lie to about a world wide out break….

      There is no time in history that can be compared to what is happening this very moment and the Chinese government is guilt for every death this Virus has cause and every dollar lost and in the end i can almost assure you the whole world will be against them because everyone has been effected negatively by something they could of easily contained if they did the right thing

      • monkeyfood on 09/04/2020 - 19:39
        -1

        what a topic derail from 120 years ago, sounds like a guilty man making excuses

        • petry on 09/04/2020 - 19:41
          -2

          as opposed to lunatics posting online nothing based on fact?

          • monkeyfood on 09/04/2020 - 19:42
            +1

            @petry: Chinese lies are a fact

            • petry on 09/04/2020 - 20:00
              -1

              @monkeyfood: trump lies are a fact

              government lies are a fact.

              in reality the chinese government has been in comparison very honest - that's another fact.

              • monkeyfood on 09/04/2020 - 20:13
                -1

                @petry: lol yeah right the whole world is lying but the poor chines telling truth

      • netjock on 10/04/2020 - 20:58
        +3

        the Chinese government is guilt for every death this Virus has cause and every dollar lost

        Did we find someone to blame for deaths and blame for HIV / AIDS?

        If you really want to blame we need to find the bird for Avian Flu, the Swine for Swine Flu etc etc.

    • gringo on 10/04/2020 - 14:58
      +3

      Well if they didn't loot this stuff the communists would probably have destroyed it during the cultural revolution of the 60s - which specifically targeted "old" things. Anything gold would surely have been melted down for instance.

      Most of the destruction of Chinese culture was self-inflicted.

      • Aerith-Waifu on 11/04/2020 - 16:30
        +1

        You are wrong, if there was no 8 nation invasion China would be under a totally entirely different ruling. Most likely the loser side Kuomintang (now has power in TW) will be the one in power now.

    • trapper on 13/04/2020 - 16:47
      +1

      Now can the Chinese Sue those 8 nations as well?

      The issue was already settled by the Boxer Protocol.

    • Lado on 15/04/2020 - 15:27

      @house2015
      YES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
      And Spain/France/Great Britain/Germany/Egypt and the rest of the world should also Sue the Roman Empire!!!!!!!!!!!!!!!!

  • Punda on 09/04/2020 - 18:00
    +2

    I know two casuals who will only work 8-10 hours a week. They’re now asking for the $1500.00 pf. How can that be justified?

    • Aerith-Waifu on 09/04/2020 - 18:01
      +1

      I worked close to 35 hours per week at 2 casual roles, 9 months nd 7 month before been stood down. And I get nothing

    • Trying2SaveABuck on 09/04/2020 - 18:12
      -1

      Punda they cant get 1500 the need to prove how much they were earning this casual worker is an idiot because the businesses needs to prove this employee was earner more then or equal too 1500 a week prior to COVID19

      Otherwise you would have a bunch of dodgy businesses saying EVERYONE WAS making more then 1500 a fortnight and then paying what the worker was he/she was on and pocketing the difference

      • petry on 09/04/2020 - 20:01

        yes that was what was intended so your point is?

      • Wallyt99 on 09/04/2020 - 20:53

        But that's exactly what is happening. But pocketing the difference is illegal.

      • Punda on 10/04/2020 - 22:34

        Thanks I wasn’t aware of this. I’m glad it’s not a jackpot for people that work one day a week.

  • justwii on 09/04/2020 - 18:18

    This is no natural disaster, this is man-made. So the government is just like a doctor fixing a patient up after a car accident now and the patient will pass on the bill to whoever caused this.

    • petry on 09/04/2020 - 19:43

      the patient pays

  • T1OOO on 09/04/2020 - 18:35

    The taxes from the jobs it saves/creates vs the lost revenue.

    • petry on 09/04/2020 - 19:43

      won't be any

  • firewaters on 09/04/2020 - 18:58
    +2

    Business should be paying for this, however it's always profit before people for most companies.

    The private health industry is a great example "https://www.theguardian.com/world/2020/mar/28/australias-private-hospitals-face-closure-after-coronavirus-causes-elective-surgery-ban" for years these companies have taken billions from Australians and delivered them to the pockets of shareholders. Where are these companies safety nets, why do they get away with hand outs from the government and don't have to pay them back.

    The LNP/Murdoch have drilled into most peoples heads that "doll buglers" are ruining society but it's just not true, most people want "purpose". The Car industry is another great example of workforce adaption failure - it was writing on the wall that car manufacturing was going out the window, What did we do? nothing? Most of the current elite had free education and the ability to re-educate if they wanted. This isn't a theory this was proven in Europe https://www.hcn.org/articles/mining-for-relief-coal-germany-…

    This whole thing highlights how "trickle down economics" doesn't work and like most frameworks you don't go full capitalism nor full socialism you take good bits of each and merge it into your society.

    • petry on 09/04/2020 - 19:45
      +1

      sadly rationale has long left many western democracies - we are just one of those.

    • MessyG on 10/04/2020 - 10:18

      Some much needed sense. I can't think of a single society that has survived once it's gone down the path of a single ideology, capitalism is learning that lesson. I think Australia has done better than the UK and the US in adopting both economic and socially protective policy. I do wish we came down harder on making big business pay their taxes and upper management wage hoarding.

  • j24bauer on 09/04/2020 - 20:18
    +4

    low interest rates and inflation will pay for this. that's how we paid off our truckloads of debt after WWII.

    Money is basically free atm. the 10 year commonwealth bond yield is 0.90%. a non-issue.

  • serpserpserp on 09/04/2020 - 21:21
    +3

    Taxpayers will pay for all of this.

    /End thread

    • [Deactivated] on 10/04/2020 - 12:12
      +2

      Not really. Taxpayers pay some. Anyone with an asset or cash pays via the printing of new cheap money unconnected with actual work.

      • serpserpserp on 10/04/2020 - 13:52
        -1

        Not really. Devaluation of an asset isn't "paying".

        Good try tho.

        • [Deactivated] on 10/04/2020 - 14:36
          +2

          No. You don't understand quantitative easing. People paid, overpaid, in the past.

          If the value of the dollar you hold halves due to the RBA buying with newly printed money, that is 'paying', you just can't handle the ingenius layers of abstraction.

          Do you honestly think every cent of the recent RBA spending just gets added the national debt? Listen to the RBA governor's 'extraordinary' explanation. It's magic money.

          • serpserpserp on 10/04/2020 - 16:11

            @[Deactivated]: Supporting the repo market is not QE. Selective buying in the 3 yr AGS market is not QE.

            I am not seeing the value of the AUD/USD going to 30c any time soon because of these measures.

            • [Deactivated] on 10/04/2020 - 16:14
              +1

              @serpserpserp: Silly example because the US is using QE, too.

              I wondered who Philip Lowe thought he was fooling when he said 'some would call it quantitative easing'. I see it was you. It is when you are doing it with printed money.

              • serpserpserp on 11/04/2020 - 10:40

                @[Deactivated]:

                some would call it quantitative easing

                From a definition standpoint it isn't.

                • [Deactivated] on 11/04/2020 - 10:50

                  @serpserpserp: But you are happy with unprecedented 'unconventional monetary policy'? Everyone knows it is QE. You can call it Davo, if you wish. Quacks like a duck.

                  • serpserpserp on 11/04/2020 - 10:55

                    @[Deactivated]: there you go, now your correct, it is UMP. Not QE.

                    I guess I do understand QE after all.

                    Edit- I can't keep up with all your edits

                    • [Deactivated] on 11/04/2020 - 10:57

                      @serpserpserp: "In its explainer on Unconventional Monetary Policy the Reserve Bank says:"

                      "Asset purchases — also known as quantitative easing (QE) — involves the outright purchase of assets by the central bank from the private sector with the central bank paying for these assets by creating 'central bank reserves'.

                      https://www.abc.net.au/news/2020-04-07/coronavirus-economy-p…

                      Edit: your edit button seems to be working. You should use it to spell "you're" correctly. It might help you appear…educated.

                      Good luck with you're Grade 13.

                      • serpserpserp on 11/04/2020 - 11:08

                        @[Deactivated]:

                        You should use it to spell "you're" correctly. It might help you appear…educated.

                        Wow and now you start to get personally attacking. This must be really bothering you so I'll leave you alone. Go outside and take a walk around the garden and take a few deep breaths.

                        • [Deactivated] on 11/04/2020 - 11:13
                          +1

                          @serpserpserp: Pointing out your poor grasp of one syllable words isn't personal. You have a problem with the edit button. Is that a personal attack, lol? Can I play a victim card?

                          You avoided any mention of the ABC story showing you are wrong. Why is that?

  • euk on 10/04/2020 - 12:19
    +4

    There are quite a few very informative posts in the midst of just diarrhoea and vitriole.

    I did not expect this from OzB, and reflects we have some pretty smart people who still love to shop for bargains.

    • p1 ama on 11/04/2020 - 23:11
      +1

      we have some pretty smart people who still love to shop for bargains

      Bargain hunting is a smart thing to do :P

  • meumax on 10/04/2020 - 12:19
    +4

    The best explainer I have seen to date.

    How come Australia suddenly has billions to pay for welfare?

    • CalmLemons on 10/04/2020 - 22:37
      +1

      Great article. All I can say is this, my work crosses 4 core industries; 3 out of the 4 will be bankrupt in 2 months, if not already.

      You can't expect these employed people to just pickup, train themselves in new skillsets, and move on. You need to keep these people employed in their jobs as most people past 45 won't be able to adapt to a new sector. Every business apart from the health sector is now unable to pay the rent. The government should just pay the rent of all businesses for 6 months using that fresh printed cash (not as loans) - FYI I'm not an accounting major.

      Print the damn money. I want to keep on spending needlessly on ozbargain. I haven't bought anything off here for a month. scotty going to be starving. I spent 5 figures via ozbargain last year lol.

    • amsaini15 on 10/04/2020 - 22:55

      Agree. very well explained. I think Govt is going to do the MMT way.

    • duluxe2000 on 11/04/2020 - 17:13
      +1

      It's too good to be true. So gov is printing money and increase welfare. Suddenly people decide to stay at home receiving welfare rather than working for peanuts? To attract people to work businesses have to pay (substantly) more wages hence increasing prices of goods and services ? It eventually leads to hyper inflation and devalue money.

      So what's new actually? More money in the economy will devalue it?

  • [Deactivated] on 10/04/2020 - 12:27

    From your pocket. The government is using tax money for this and it means that in the next decade there will be less money for things like research, space exploration, futuristic sustainability projects like wind or solar energy, defence budgets, infrastructure improvements (roads, bridges, etc), etc.

    The likes of government-funded entities like Qantas may get a pass here but will need to cope with budget cuts in coming years.

  • sy8718 on 10/04/2020 - 12:42
    +3

    Mid class tax payer.They are not business owners but employees so they have no way to "legally" pay less tax. They have "high" family income so they have to pay high tax rate. They have "high" family income so they do not have any family tax benefit, even they have 3 kids. They have "high" family income so they have to pay a lot of medicare levy and surcharge (or private insurance), normally way more than they actually spend for hospital bills. They have "high" family income so they do not have any concession. Money is not coming from nowhere. All welfare Australian government gives are coming from this group of "sheep" and obviously this time they need to more "wool" to pay for this bill and get nothing, because they have "high" family income.

  • JetBombat on 10/04/2020 - 12:55

    For one thing what current situation shows is how much we really need and how much else is really "non-essential". As hard as it is to take, the stimulus is just propping up the unessential services, with some exceptions of course.

  • Ponsonby on 10/04/2020 - 13:29
    +1

    TLDR, sorry. Compare costs and benefits what Governments are doing today with costs and benefits of alternative courses of action or inaction today. Don't waste effort comparing what Governments are doing today with what they did or could have done before we had COVID 19. Look at the valid counterfactual. The valid comparison is between the alternative courses of action now that we have COVID - compare not only the costs and consequences of alternative actions but the costs and consequences of inaction. There are plenty of costs and consequences (economic and personal) of inaction that cannot be ignored. And the same applies to the climate debate - compare the costs of action against the costs of inaction, and don't assume there are none.

  • TSH on 10/04/2020 - 15:26
    +2

    I think this government has thrown a bit of cash around, and is twiddling their thumbs waiting to jump into bed with china again.
    Heard a flight came in from Wuhan few nights back.
    Business as usual in a few weeks time.
    Sco-mo doesn't have the balls to beef with china.
    Chinese money over everything else for this gov.
    Ruby princesses staff and crew will pay for all the damage to the economy ;)

    • monkeyfood on 10/04/2020 - 17:27
      +1

      sad but true, selling our futures and kids to the enemy

    • [Deactivated] on 10/04/2020 - 20:32
      +2

      I think that was a "cargo" flight.

      Nevertheless, going forward, I'm happy to continue to support and pay for Australian-made goods made by businesses committed to Australia's interests where available. Vote with your wallet.

      Two recent incidents to bear in mind:
      - Faulty masks and health supplies sent from China: abc - China's coronavirus supplies are being rejected
      - Vital Australian supplies sent to China: 60 minutes - Chinese company taking needed supplies from Australia

      We are going to pay in the longer-term if our government can't or won't prioritise our interests above theirs (that is, the governments').

    • nephilim on 11/04/2020 - 12:50
      +1

      Who are we meant to be in bed with then? Last I looked nearly every big USA brand has been closing factories in Australia, or shifting to make just 1 or 2 mega factories, killing 1o00s of jobs. See Mars, Coca Cola ect.
      USA has no investment in Australia anymore, biggest business in Australia is franchises and farming (which depends on subsidies/old trade agreementts).

  • bmerigan on 10/04/2020 - 17:17

    https://www.abc.net.au/triplej/programs/hack/coronavirus-cov…

    TL/DR: By printing money, and taking long-term low-interest loans at a rate below inflation.

  • AlbertE on 10/04/2020 - 21:46
    +2

    Why be so mad about the things which are not under our control?
    The warrior acts, and the fool protests.

  • diceman99 on 10/04/2020 - 23:20
    +1

    The money has been loaned into existence. Meaning the money is debt.
    This debt always has to be paid back with interest. Meaning the debt always gets bigger every year and can never be paid back, the debt just gets bigger.
    Eventually all the finance sector gets the debt and speculates (you cant just have money sitting around). Then the banks get swamped with debt and get bailed out by the governments as they are to big to fail.

    The money should not be loaned into existence (debt) it should be spent into existence then there is no debt to pay back

  • MementoMori on 11/04/2020 - 11:09

    When private central banks (like the RBA) make up money out of nothing, and lend it to our government, it's the middle class taxpayers who pay the interest on this money.

    This new money gets it value by stealing fractions of value from all of the other money already out there, i.e. watering it down via inflation.

    So, it's middle class taxpayers and those holding AUD who will pay for this. I'm talking several generations worth…

    The rich get around this with fancy accountants and legal structures, while the lower class get more gibs.

    Look which families can afford to have more than 2 kids… it's both the rich and the poor.

  • john71 on 11/04/2020 - 23:48

    The debt is in our own currency and the interest rate is even lower than the inflation rate.

    This is effectively free money. A lot of people have trouble grasping the notion that government debt is completely different from household debt.

  • payless69 on 12/04/2020 - 11:26

    Look at Warren Buffet. Fear is the biggest money spinner. His base income comes from his insurance firms. His stock trading is a spin off fun.

    Double the money supply eventually have 100% inflation. Brits have immunised the ugly and the curly. What else could possibly go wrong?

  • Eeples on 13/04/2020 - 09:36
    +2

    Australians have put so much of their personal debt into houses.

    The government seems to have decided to not let people default on that debt.

    I don’t think that is a sustainable position.

    • Trying2SaveABuck on 13/04/2020 - 12:48
      +1

      Australia has too much personal debt (Full stop)

  • harthagan on 13/04/2020 - 12:29
    +1

    So after doubling the jobseeker payment the govt decided that wasn't enough and now anyone stood down will get 1500 per f/n via the "jobkeeper" payment. So they don't even need to worry with centerlink they will receive it directly from their employer even if they don't go in for any work currently.

    Am I understanding it right? So anyone stood down by virgin/Qantas or the casinos, clubs and bars is basically now eligible for 1500 a f/n plus super for doing nothing at all, backdated to March 1st no less!

    • Eeples on 14/04/2020 - 15:44

      The government didn't decide 'that wasn't enough' (Although that may be why it doubled newstart) and introduced jobkeeper. It got scared by the queues at centrelink. So it introduced jobkeeper which has the bonus of keeping permanent and casuals(>12 months) connected to their employer.

      Also some firms are insisting that some employees take leave (and the firm 'pockets' the $1500).

      I am sure, if you are inclined, you could use the internet (eg. govt websites) to find out more details.

      • monkeyfood on 19/04/2020 - 19:57
        +1

        china is guilty and its proven

  • duluxe2000 on 20/04/2020 - 21:18

    Per AFR, the gov is going to re-introduce unpopular measures to pay for this:
    1. Replace stamp duty with land tax (NSW and VIC)
    2. No tax discount for super
    3. No capital gain tax discount ( or reduce from 50% to 25%)
    4. No franking credit

    • Trying2SaveABuck on 20/04/2020 - 21:24

      Replacing stamp duty with land tax is hugely popular…it is the top 5% of rich people with multiple properties that aren't against it

    • Bystander on 21/04/2020 - 20:00
      1. Replace stamp duty with land tax (NSW and VIC)

      Stamp Duty was always a corrupt tax and everyone knew it. It's been an absolute gold mine hauling in ever increasing mountains of cash. And it has been obvious for years that no matter how corrupt it is the State Govts would never let go of it until RE started to go down. That's when they'll squeal about loss of revenue and suddenly insist that Land Tax is more equitable.

  • KRM123 on 22/04/2020 - 11:50

    What's your thoughts on the jobkeeper length. Do you think it will end after 6 months or do you expect their to be an extension? Obviously there are many scenarios that could play out, but i can't see this being a quick recovery. Even if life in Australia regains some normality, i think businesses will be hurting for a while. Extension of the jobkeeper would allow many of them to continue trading in some capacity.

    • Trying2SaveABuck on 22/04/2020 - 11:56
      +1

      My thoughts are simple the job keeper needs to continue for as long as the financial benefit outweighs the financial cost ie the cost of covering businesses wages is better then having the workers lining up at centrelink

      It also needs to be a industry based approach ie cafes are lightly to return to 'normal(ish)' levels of business well before international travel/tourism industry goes back to normal

      • KRM123 on 22/04/2020 - 12:05
        +1

        Agreed. It's keeping people in my company in work. We work in the oil and gas industry which is a double whammy. Oil was already oversupplied coming into Covid-19 and with factories, and everyday life shut down, the demand for oil/gas has completely dropped off the side of a cliff. However, you can't just get rid of the workforce, because once the situation improves, the demand for oil/gas will increase and the need for people to run the operations. Bit like air traffic controllers too. As soon as planes start moving again , they will be needed, and you can't just pull everyday Joe off the street, as it's a highly skilled position. There will be many industries in the same position.

  • Architectonic on 04/05/2020 - 15:28

    Young people will pay for it, as they always do!

  • bigbadboogieman on 07/09/2021 - 09:10
    +1

    The situation is no better after 1.5 years.

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