This needs to be screamed far and wide from the highest mountain to the deepest sea, at the top of one’s lungs:
There is no reason to think that the bulk of current unemployment is any sense “structural”: if aggregate demand were higher it would melt away just as unemployment in 1982 melted away.
The following paragraph is more problematic, but could become self-fulfilling prophecy:
There is good reason to think that if we do nothing for the next two years and unemployment remains elevated that a good deal of unemployment then will be “structural,” not amenable to being cured by aggregate demand.
There’s a sleight-of-hand implicit in that second graf that I want to talk about, but work is interfering, so please feel free to talk amongst yourselves. Back later.