Every recession, including this one, is unique. For some of us, however, this does feel like back to the 1980s, which was the last time that mass unemployment loomed, especially for the young.
There are some tentative signs that the lockdown recession may have begun to bottom out in late April/early May.
Nevertheless we could still see a decline in Northern Ireland's GDP of 10% or so in 2020, alongside an increase in unemployment to about 10% with only a very slow recovery thereafter. One of the many great unknowns is what happens as the furlough scheme ends.
First of all, some things Chancellor Sunak did not do. No across the board cut in VAT's standard 20% rate, although the food service and hospitality sector will welcome a six-month reduction to 5%.
It remains to be seen how much of that is used to cut prices and how much to repair profits.
An experiment with "spend it or lose it" type vouchers to consumers is limited to a 50% reduction on restaurant meals Monday-Wednesday in August. So, widespread "helicopter money" is an expedient which remains in the background if consumer spending remains feeble.
For the housing market, the Chancellor cut stamp duty, raising the threshold from £125,000 to £500,000.
This is much less significant here given the much lower average level of house prices: in Quarter 1 of 2020 the average house price was £140,580. The removal of the 2% duty on properties worth between £125,000 and £250,000 would represent a saving to the "average purchaser" of about £312. That probably won't change behaviour by very much.
There is a new job retention bonus to ease the transition out of furlough. Businesses will be paid £1,000 for each furloughed person brought back to employment and kept in employment through to at least January 2021. If, as is likely, this is administered through HMRC then it applies automatically and Stormont is not directly involved.
Inevitably, and rightly, there was a lot of emphasis on trying to avoid the long-term costs associated with a surge in youth unemployment, so £1,000 will be spent on each of 30,000 traineeships in England (targeted measures to promote employability skills).
There are also £1,500 or £2,000 subsidies to businesses taking on apprentices, plus an additional £2bn for a "kick-start" GB youth employment scheme whereby government pays the labour costs (at the minimum wage plus overheads).
This is a work placement scheme with similarities to the Future Jobs Fund of the 1980s. The Executive will get its Barnett Formula share of this and other new funding - and given that the threat of rising unemployment,and especially youth unemployment, is at least as severe here as it is in Britain, they are very likely to replicate the measures across the water.
Significantly, the Chancellor remained silent about the request from all three of the regional or devolved Finance Ministers to get additional borrowing powers.
As a short-term expedient it might seem reasonable to allow them to borrow more and also to switch some of their capital spending into current spending.
However, fiscal rules are there for a purpose. They establish the credibility of government when it is borrowing in financial markets and stop governments from always going for the easy option of populist measures. Rules should not be torn up on a whim.
It probably makes sense for the UK Government to work out and then deliver the over-arching fiscal policy (spending versus taxation) for the whole of the UK. It could become incredibly confusing if Belfast, Cardiff and Edinburgh start their own independent deficit financing policies.
Dr Esmond Birnie is Senior Economist at the Ulster University Business School