A man reads an unemployment form, as the outbreak of coronavirus disease continues, in Miami Beach, Florida April 8, 2020. ― Reuters pic
Unemployment is now at a level not seen in since the Great Depression nearly a century ago, and moving higher, while the coronavirus is expected to threaten the country for months to come, factors analysts fear will only serve to deepen inequality for workers in the world’s largest economy. “We have an opportunity to do something better than what we were doing before, but it will not just happen. It has to be a policy effort.”When the coronavirus arrived, the US economy had a tight labor market, with an unemployment rate near a historic low of 3.5 per cent in February, while long-stagnant wages were just starting to rise.
When the pandemic hit and sent the unemployment rate to 14.7 in April and the economy into an almost-certain recession, low-paid workers in industries like leisure, hospitality and food services were laid off in such large numbers their absence skewed average wages upwards. Robert Hockett, a law professor at Cornell University who is a principal researcher on the JQI, said job seekers could demand risk premiums at workplaces where they face exposure to the coronavirus, or take equity stakes in struggling companies to help keep them afloat.
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