UK Sunak plan risks 1930s-style unemployment and is not Kurzarbeit
Chancellor’s cut-price jobs scheme makes the same mistakes as France and the Italy and will not stop an unemployment cliff-edge this winter
Bank of America said the 3m people on the furlough scheme are effectively being written off as "non-viable".
The Treasury seems to assume that they can switch “relatively seamlessly” to other jobs, but no such jobs are likely to exist in a depressed economy starved of aggregate demand.
Ambrose Evans-Pritchard Telegraph 25 September 2020
The legacy of Hartz IV is a lumpen-proletariat of 7.4m people on “mini-jobs”, part-time work that is tax-free up to €450. This flatters the jobless rate, but Germany has become a split society, more unequal than at any time in its modern history. A fifth of German children are raised in poverty.
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