“Just as the coronavirus-induced recession was a necessary economic response to the worldwide panic over a virus, the millions of broken windows during the George Floyd protests raise hope for an unprecedented jobs recovery,” Keynes said.
“Other economists expected the U.S. to lose anywhere from 2 million to 8 million jobs in May, but when I saw the massive nationwide destruction I knew the recession was over,” Keynes said.
Over 97% of economists had expected unemployment to rise to Great Depression-era levels of 20% or higher. Instead, American employers hired more than 2.5 million workers and the unemployment rate dropped to 13.3%.
Mark Zanzibar, a construction worker from Portland, Ore., whose house was burned to the ground last week, said Keynes has given him hope.
“The bad news is that my house got destroyed,” said Zanzibar. “The good news is that I now have a job making houses.”
“This economic recovery is like a V2 rocket,” Keynes said, referring to the V-shaped economic bust that hit London during World War II. “But that can be followed by a boom that quickly erases the losses of a recession. America should have nationwide race riots like this every year.”