WH Adviser: Unemployment Will Be In Double Digits By November Election

[bucolic_frolic]

5. Real estate crashes, auto loan defaults, rejected consumerism notwithstanding

Pandemic economic fallout is global. I'm hearing parts of Canada, Australia face grim real estate markets. Commercial real estate everywhere is under full assault as commuters ramp up home productivity. Every business will question why it can't halve its commercial footprint and keep the workforce at home. Workers will do anything for this arrangement as its far cheaper and less time consuming.

Auto loans? A very small percentage of households will downsize the number of cars. The rest will repair and drive 40% fewer miles. The only saving factor for auto manufacturers is that most brands are designed as 100,000 mile throwaways. Planned obsolescence.

Trinket capitalism means little when confronted with matters of life and death. Leaving junk to your heirs is only something you'd do to someone you don't like very much. Retailers will struggle in the new normal. It's not coming back, even when vaccines end the crisis.

So yeah, double digit unemployment? You think?