These numbers are just the start of the avalanche... There have been a lot of pie-in-the-sky initiatives, especially as the result of the massive cash infusions during Covid.

Now all that easy money is going away.

The current numbers don't mean much, but they're just the start.

That's cyclical, though. The question is always how long the cycle lasts.

True. If recovery is faster than 6-12 months, life is comparatively good.

If recovery starts taking a few years, quality of life drops a lot.

It will probably spill over into the rest of the economy. No matter how generous the severance, a fired worker isn't going to be buying new cars, buying houses, or taking expensive vacations.