Covid unemployment: A new crisis?
How does surging unemployment complicate the global response to the pandemic?
Millions have been left without work as the coronavirus pandemic continues to devastate economies across the globe. This week, there鈥檚 been a sharp rise in the unemployment rate in Britain. This follows recent increases in other European countries. The International Labour Organisation has warned the pandemic is having a 鈥渄evastating and disproportionate鈥 impact on youth employment. In the United States, unemployment remains above 10 percent in black and Hispanic communities. After India鈥檚 lockdown ended, many living in cities have found their old jobs gone - with former office workers, builders, drivers and factory workers left scrambling to find alternative employment. But analysts warn that the longer the crisis goes on, the more jobs simply won鈥檛 return - replaced, they say, by automation or artificial intelligence solutions that don鈥檛 get sick and don鈥檛 need to socially distance. And while this trend existed before Covid, there are signs the virus has brought forward an employment challenge many governments had hoped to address years down the line. So how can governments minimise job losses, help retrain those whose past careers have gone, and make sure younger workers are prepared for the jobs of the future - all during a time of reduced revenue from taxation and ballooning deficits? Dan Damon and a panel of experts discuss what should be done about rising unemployment in the age of Covid-19?
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Contributors
Jeffrey Miron - The Department of Economics at Harvard University and Director of Economic Studies at 'The Cato Institute'
Betsey Stevenson - Professor of Public Policy and Economics at the University of Michigan听
Tim Jackson - Director of the Centre for the Understanding of Sustainable Prosperity at the University of Surrey
Steve Keen - Honorary Research Fellow听at University College London and author of 'Can We Avoid Another Financial Crisis'
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Also featuring ...
Daniel Susskind - Fellow in Economics at Balliol College, Oxford University and author of 'A World Without Work: Technology, Automation and How We Should Respond'
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An employee prepares bottles of beer and cider as she restocks a sales display inside a Naturalia organic foods grocery store operated by Casino Group, in Bretigny-sur-Orge by Reuters
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