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Although the US economy eventually will rebound, many American industrialists likely will use the current downturn to come out the other side more profitable–at the expense of American workers, New York Gov Andrew Cuomo (D) predicted.
The US economy is suffering the shocks from the state stay-at-home orders and lockdown conditions which had been in place to try to slow the spread the novel coronavirus pandemic.
The unemployment rate has shot up to 14.7 percent, after more than 20 million Americans lost their jobs.
Before it’s all said and done, unemployment is expected to ultimately rise above 25 percent.
That would be a level of joblessness that the nation hasn’t seen since the days of the Great Depression nearly a century ago.
“The economy is going to come back up. I don’t think it comes straight back up. And I think there will be winners and losers in this new economy,” said Cuomo, who led the Empire State through its period as the epicenter of the pandemic, as hundreds of New Yorkers perished daily. “I think the top end of the economy will be fine. They always are. It always works out for them. You look at the 2008 recession after the mortgage fraud, we did the bailouts. The big banks were the first one to come back fine. But I don’t think the economy comes back for everyone everywhere the same way.
“I think you’re going to see American workers who are laid off. That’s why I’m pushing the Americans First law in Washington,” Cuomo added. “I think you’re going to see corporations use this as an opportunity to, in their words, restructure, to get lean, to show the analysts we can increase the profit. How do you increase the profit fast in a corporation? You lay off workers. That’s what you do. And I think you’re going to see corporations do that.”
Cuomos’ proposed “Americans First” legislation states that a corporation could not be eligible to receive government funding if it did not rehire the same number of employees that the corporation had before the COVID-19 pandemic.
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