John diary Forecast Events
Pandemic to get worst
Thursday, September 9, 2021
Oldman's room of TRUTH!
A pandemic can be expected to
surge yet again in the winter
Approximately 7.5 million people are affected by the end of federal unemployment benefits that extended state unemployment safety nets, with another 2 or 3 million losing the $300 per week federal stipend.
Workers who can't find safe pandemic jobs are now grappling with less money but the same pandemic as they were dealing with last month. What's probably going to happen next on the labor front is ... not much. Again, the data shows that workers weren't being goaded into staying home by the enhanced pandemic safety net; they were just able to eat and stay in their homes while looking for employment in a now much-trickier market. We can expect the economy as a whole to take a hit, including the financials of some of the exact service industries restless for workers. People with no money don't spend money.
If the winter pandemic surge is as bad as it is now looking like it might be, it's possible that Congress may be forced into reinstating benefits to keep the all-heralded economy from again going into a nosedive. Unlikely, but possible. But it's not clear how the current surge will prod vaccination rates—presumably, overfilled local hospitals will help convince vaccine holdouts that the risk they're taking is greater than they once thought it was—or whether the delta variant will give way to an even newer strain that erases past gains.
Ending pandemic benefits while the pandemic is surging to new highs is a ridiculous move. It won't take long for the damage reports to begin rolling in.
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