COVID-19 recession

The COVID-19 recession is a severe and global recession. An economic consequence of the COVID-19 pandemic, the first major sign of the recession was the 2020 stock market crash on 20 February.

Quotes

• Capitalists preach "the market" for the working class – stand on your own two feet, don't rely on the government – but themselves sponge off the public big time. Just look at the billions in subsidies and tax concessions the fossil fuel companies, huge enterprises for the most part, extract from state and federal governments in Australia. The vehicle manufacturers raked in hundreds of millions a year from the Australian government for decades until deciding it wasn't enough and went overseas. This is why big companies and industry groups hire armies of former politicians to lobby on their behalf in the offices of premiers and prime ministers – there's money in government coffers and they want it. And while the capitalists talk about "the market" setting wages for workers, in reality, they don't really allow the market to do the job. They use the whole apparatus of state repression, the industrial tribunals, the police, the courts to suppress workers' rights to organise to pursue their demands. But when a crisis hits all the bullshit about the market is thrown to the winds. And that is just what we are seeing now. Faced with the collapse of the capitalist economy, for the second time in a dozen years, with massive bankruptcies on the table and the stock market plunging by more than 30 percent and more to come, fervent advocates of the free market are now embracing government intervention to save their skins.
  • Tom Bramble, "Everyone's a socialist in a crisis", Red Flag (21 March 2020)

See also

• SARS-CoV-2
• Depression (economics)
• Coronavirus disease 2019

External links

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COVID-19 recession

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Diagrams about the socioeconomic impact of the COVID-19 pandemic