John E. Riutta
It’s pretty simple really. When people don’t have jobs they spend less. When they spend less, businesses sell less. If businesses sell less, they reduce how much they produce. If they are producing less, the don’t need as many people working for them so they lay off staff and don’t hire. And if they lay off staff and don’t hire, people don’t have jobs. If there was ever the perfect example of a vicious circle, you’d be hard pressed to find one more vicious than this.
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