Many commentators about today's (this hour's) job release are saying it's not good. They're correct, but comparisons to the Great Recession can be misleading. (1/6)

Although the sheer number of jobs lost from COVID is worse than during the GR, the types of jobs lost are very different. As many, many people have pointed out, this recession has devastated low-wage jobs, and only scratching higher-wage jobs. (2/6)

In terms of overall economic activity (GDP), that has different implications from the GR, where output and employment were both slow to recover. GDP and aggregate income may continue to recover, even as employment lags. (3/6)

Of course, much depends on how growing COVID mortality affects consumer and investment behavior. So far, not nearly as bad as in the spring. That could still change. But lots of reserve cash among the wealthy makes it easier to spur a recovery. (4/6)

This matters because there's more financial scope to help those who need it most: workers in food/accommodations and other sectors again partially shut down, renters and homeowners facing eviction/ foreclosure, and many small businesses near bankruptcy. (5/6)

Yes, the federal government should pass more stimulus, but states and private actors (including foundations benefitting from the stock market) *also* need to step it up because they CAN, much more so than 11 years ago. (6/6)