Forgive my ignorance here, but won't capitalism sort this all out?
Businesses need to raise prices. Some do and less people buy from them. Some can't make ends meet and close. Now the number of businesses is less. So, the number of open jobs is less. Potential employees now have a lower 'supply' of jobs. The wage for those jobs then falls. Somewhere in there, a new equilibrium is reached and everyone is unhappy for a while.
I'm not trying to discount the emotional pain that comes with this process. Putting your life into something that just blows up is hard. Especially when you had nothing to do with it. I feel for those owners, the situation is the opposite of fun.
But this is how capitalism works. The US is not a planned economy like China. Capitalism is core to the system (bastardized as it is). Markets change and shops close up. It sucks, but this is the process as I understand it. If I'm understanding it wrong, I would very much like to know because then I really am missing something big, and that's not good.
Businesses need to raise prices. Some do and less people buy from them. Some can't make ends meet and close. Now the number of businesses is less. So, the number of open jobs is less. Potential employees now have a lower 'supply' of jobs. The wage for those jobs then falls. Somewhere in there, a new equilibrium is reached and everyone is unhappy for a while.
I'm not trying to discount the emotional pain that comes with this process. Putting your life into something that just blows up is hard. Especially when you had nothing to do with it. I feel for those owners, the situation is the opposite of fun.
But this is how capitalism works. The US is not a planned economy like China. Capitalism is core to the system (bastardized as it is). Markets change and shops close up. It sucks, but this is the process as I understand it. If I'm understanding it wrong, I would very much like to know because then I really am missing something big, and that's not good.