Which new reality? The one where most of the population can read and write and where most hold degrees and diplomas? This isn’t the 1900s industrialization era, where employees were picked out of the farm fields to work in factories, having never gone to school. People are smart these days, layoffs aren’t as destructive as they used to be.

Obviously the comparison should be between today and a society of serfs & slaves.

> layoffs aren’t as destructive as they used to be.

Student loan debt cannot be discharged.

Unsecured personal debt is at all-time highs.

Nearly half of Americans have less than $1000 in savings.

You are wrong.

Yeah, no. I’ll take being laid off in 2019 over being laid off in 1919 any day!

Federal student loans are eligible for deferment during periods of financial hardships, including unemployment, for up to three years.

https://studentaid.ed.gov/sa/repay-loans/deferment-forbearan...

> Unsecured personal debt is at all-time highs.

> Nearly half of Americans have less than $1000 in savings.

Those both sound like bad financial planning. Pumping more money into the equation won't solve that.

There's no money left for savings when rents double over 10 years while wages only go up $1-2/hr.