It is different from 2000

Today's NYT article states what was pretty obvious, that the problem of the economy this time is not overproduction (as was the case in the early phase of capitalism) or a productivity bubble (as in 2000), but a tightening of finance. Companies do not want to lay off productive workers but to stash cash for later times. There is a sense that this crisis is not going to last much longer. Of course, this is far from certain:

A growing number of employers, hoping to avoid or limit layoffs, are introducing four-day workweeks, unpaid vacations and voluntary or enforced furloughs, along with wage freezes, pension cuts and flexible work schedules. These employers are still cutting labor costs, but hanging onto the labor.