To listen to Donald Trump or Josh Frydenberg one would think that COVID-19 causes widespread permanent job losses. It doesn't.
Gross mismanagement of the pandemic or of the economy -- or both -- has caused permanent job losses, or at least severe long-term hardship for workers. We know this from observing countries affected by the pandemic which have kept their economies running and job levels steady.
Austria’s jobless rate was 8.5% last December, before the pandemic devastated Europe. It rose for a few months then recovered. It was 8.4% in September -- Austria employs 23,800 more people now than last December. Belgium’s jobless rate was 5.2% last December. It rose for a few months then settled, and was 5.1% in August.