Article By Robert I. Lerman – www.urban.org
Efforts to limit the spread of COVID-19 have shut down much of American production, led to massive layoffs and reduced hiring, and endangered many American businesses. The scale of the lost output, revenues, and wages is unprecedented.
Replacing workers’ lost incomes through unemployment insurance (UI) and offering concessionary loans to businesses suffering extraordinary revenue losses are needed but have little impact on the declining production of goods and services.
They’re a stopgap, not the solution.
What can be done, especially for businesses and workers not lucky enough to generate production, sales, and incomes through remote operations?
It might sound counterintuitive, but now—during the COVID-19 crisis—is the best time for investing in skills.