Comment by loeg

People are paid at different rates, but the thing to understand is that there are lot more people not getting paid professional athlete salaries. They matter in aggregate. Hypothetical hits to 20-50% of labor are significant and cannot be compensated for by any amount of white collar productivity.

2020 was hugely disruptive and the stock market did tank for a while. But the actual impact on labor was relatively modest? Cashiers and retail workers largely continued to do the same jobs, which are necessary for a functioning economy. Hospitality and travel are what got hit (and covered by PPP).