Yes technology is changing out lives and at a rapid pace. In fact even Jerome Powell said he is looking at the labor force participation rate before saying the economy is recovered. I doubt it will recover anytime soon because the lock down has destroyed jobs. This means permanent jobs lost.
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There is definitely a lost generation just like in 2008/2009. I think we will see millions who will never work again simply because of their age and skillset.
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and won't that be really disastrous??
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It obviously will be for those who are in that category.
It will also hurt things in general.
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Yea I think that's the worst part. People will probably give up on the normal job market and it will be super competitive for the rest of the labor pool. There needs to be new jobs created but this will be in a different spot and I don't know how many people are willing to start over and learn from scratch.
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