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If there are 'mass layoffs in hundreds of sectors of the economy at once', then the economy immediately goes into Great Depression 2.0 or worse. Consumer spending is two-thirds of the US economy, when everyone loses their jobs and stops having disposable income that's literally what a depression is

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This will create a prisoner’s dilemma for corporations then, the government will have to step in to provide incentives for insanely profitable corporations to keep the proper number of people employed or limit the rate of layoffs.

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