There was a lot of support for people hit by pandemic layoffs 3 years ago. Some was from government programs, some from companies trying to help, and some from initiatives like this.
Despite the current tech recession being something of a covid bullwhip, I'm seeing none of that support outside the tech community. Unemployment claims are up 500% [1] YoY for high earners. At least in California, unemployment benefits cap-out at $450 per week, so this hits hard.
At the individual level, it's obviously painful. What isn't clear yet is the macro impact of all these high-wag jobs going away.
25+ years ago, I collected unemployment in Michigan. I was earning around $38k, and was surprised to learn of a cap. I think the unemployment cap was $200/week (or similar). I was telling a family friend that I’d been let go, and needed to file for unemployment.
“Oh that great! You get like 80% of what you were making, but no commute, you can watch tv, it’s great!”
I was panicking because it was something like an effective 60% cut with that cap. I realized at that point how far apart our experiences and work actually were. I started to explain the cap, then realized I’d be tipping my hand as to how much I was earning.
Looking back, he might have just been trying to make light of the situation a bit. I don’t think so, but it’s possible.
Despite the current tech recession being something of a covid bullwhip, I'm seeing none of that support outside the tech community. Unemployment claims are up 500% [1] YoY for high earners. At least in California, unemployment benefits cap-out at $450 per week, so this hits hard.
At the individual level, it's obviously painful. What isn't clear yet is the macro impact of all these high-wag jobs going away.
1: https://www.bloomberg.com/news/articles/2023-04-20/top-earne...