Disney is laying off 28,000 workers. American Airlines and United Airlines plan to cut 31,000 workers. Last week's disappointing unemployment report shows that we have a long way to go. Perhaps a lot longer than we think.

I’m going to quote at length from my friend David Rosenberg, who I believe is absolutely spot on:

"You tally up these sectors and before the crisis, they supported 32 million jobs, or about a third of the private sector workforce, and it looks to me as though half of them are not going back to their old jobs.

"And I’m not sure many people understand that amusement parks, airlines, hoteliers and restaurants cannot stay in business at 50% capacity (or even 75% in the case of restaurants).

"… As it stands, the US Chamber of Commerce said that 25% of small businesses have already shut down. Another survey by Ipsos concluded that two-thirds are still nervous about leaving their homes; 59% say they intend to remain locked down on their own until signs emerge that the virus is 'fully contained.' A YouGov/CBS poll concludes that 85% of American households say they wouldn’t get on an airplane even if they could. That’s why the industry needs a bailout!