May 1st has always been recognized internationally as Workers' Day/May Day/International Workers' Day/Labor Day depending on the country. This Day commemorates the historical struggles and gains made by workers and the labor market in different countries. Never has the world been brought to its knees in rising unemployment in such a short period (a quarter of a year). Workers in developed countries are filing for unemployment benefits while those in the developing and least developed countries are battling with social unrest. The glorified average American worker has lost faith in job security. The average worker in developing countries is questioning if he was ever employed. The mandatory lockdown has led to salary reduction, deferment, and ultimately loss of jobs. The agitation of global workers does not in any way call for celebration. May 1st, 2020 would go down in history as a day of celebration without a cause to celebrate, a public holiday celebrated in lockdown.
The link between unemployment and the economy is increasingly becoming clearer. As millions of workers lose their jobs, the economy is dealt a blow due to a fall in demand and supply. When workers become unemployed, their purchasing power is limited, leading to a reduction in their demand for goods and services. Consequently, there is a proportional decrease in the supply of goods and services whose resultant effect is an economy on life support. The repetition of this cycle drags the economy into phases of repression and depression until it is bailed out by ‘economic experts.'
Historically, the underlying causes of unemployment were a combination of both structures and systems. Presently, rising unemployment is spearheaded single-handedly by the Coronavirus invasion. As millions of workers around the globe adhere to the lockdown, so does their jobs face an imminent threat of indefinite lockdown. COVID-19 has placed all workers on a standstill as they are forced to stay at home and observe social distancing. The usual celebration of jubilant workers marching down the streets in some countries has been postponed. Workers around the globe are having a solemn rethink of their employment status.
However, it seems that the only workers whose jobs are not on the line are the health workers. These workers are at the forefront of this pandemic, risking their lives in attending to patients of the virus. They are also leading in the area of Research and Development (R&D) in a race to find a vaccine for the cure. To this effect, they deserve our gratitude and assigning May 1st 2020 as Health Workers Day in lieu of COVID-19 is not too much an honorarium.
In conclusion, could this be the right time for workers and upcoming workers alike to rethink the ‘false hope' laid in job security? Could this be the time that the idea of entrepreneurship is taken seriously? Could this be the right time to emphasize the need for economic diversification? Could this be the time workers realize that they need financial freedom, not more jobs? Could this be the right time to enroll in sustainability courses? Could this be the time…? Only time will tell!
Question of the day: What will 2020 hold?
Best Regards.
The Green Team.