First and foremost, many businesses will die and tens of thousands of manufacturing, retail and service jobs will not return. Many companies were on shaky financial foundations and will be shuttered forever. Many of those businesses are being replaced during the shutdown. Amazon alone is adding at least 100,000 to its workforce; the pandemic has made the shift to online retail permanent and decisive. Medical and legal professionals, bankers and nearly every other service sector have learned to work from home, suggesting a permanent, low-overhead model for many. Distance learning will grow and there will be more focus on telemeetings, as the structure of work changes.
America unexpectedly has been sucked into a space/time wormhole and will emerge in a new economic and political galaxy. But where? The American market is too fast, too efficient, too ruthless for anyone to predict, but some general trends may be emerging.
A new domestic economy will emerge. The market lost trillions of dollars of value in a few weeks. Over that short time, the market exposed enormous industry vulnerabilities and inefficiencies. The decline also provided cover for opportunistic layoffs in many companies. But, at the same time, it uncovered some huge opportunities.