The COVID War that politicians have been fighting now for one year by locking down entire nations, has wiped out 225 million jobs worldwide… four times more than the Great Recession, according to a new report from United Nations’ International Labor Organization (ILO).
The loss took out 8.8 percent of the economy’s worked hours, using 2019’s fourth quarter as a benchmark, the report calculated. Half the lost hours were attributed to reduced work schedules among people able to cling to their posts.
The lost hours reduced the world’s labor income by $3.7 trillion, equivalent to an 8.3-percent global pay cut and a 4.4-percent drop in the world’s GDP, the report stated.
The ILO’s official unemployment figure rose 1.1 percent, adding 33 million more people to notch a global jobless rate of 6.5 percent in 2020. Unemployment among women last year stood at 5 percent, compared to 3.9 percent among men.
Workers ages 24 and younger lost jobs at more than twice the rate of older workers, setting an unemployment rate of 8.7 percent globally, compared with 3.7 percent for older workers.
Many entry-age workers put off or gave up looking for work, raising the specter of a “lost generation,” the report warned.
Another 81 million people failed to register as unemployed but “simply dropped out of the labor market,” the report said.
“Their talents, their skills, their energy have been lost, lost to their families, lost to our society, lost to us all,” ILO director Guy Ryder said in a statement accompanying the report.
The ILO called on governments to support unemployed populations and to channel funds to economic sectors most likely to create jobs quickly.
However, even in its most optimistic future scenario, the ILO foresees unemployment this year rising by 1.3 percent globally, erasing another 36 million full-time jobs.
TREND FORECAST: As per the hard numbers, those age 24 and younger lost jobs at more than twice the rate of older workers, thus solidifying our forecast for the “Youth Revolution” as a Top Trend of 2021. As Gerald Celente says, “When people lose everything and have nothing left to lose, they lose it.”
And lose it they are: Myanmar, Thailand, Uganda, Spain… they are putting their lives on the line fighting military dictatorships, the royals, and the ruling class. This is class warfare. An “Off With Their Heads 2.0” revolution will escalate as the world sinks deeper into the “Greatest Depression.”
Again, while many old jobs will be brought back, according to the Congressional Budget Office, they will not fully return until sometime in 2024. Thus, there will be few job openings for young people moving into the workplace. Their anger and protests will escalate, and their dreams for a stable future become a living nightmare.
The “Youth Revolution” will also be instrumental in forming new anti-establishment political movements.
