Commentary: Rushing to reopen economy could be a disaster
The staggering economic consequences of the social distancing edicts adopted across most of the nation last month have led to a vigorous debate over whether, to use President
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With more than 16 million Americans seeking unemployment benefits after losing their jobs in recent weeks, the argument is worth having. The groans were loud and on point when
By Monday, announcements by Trump and two of his frequent adversaries -- Cuomo and
The big question, of course, is when. Two others are: Are these leaders and members of the newly named
I'd argue that the answers are yes and yes.
There is some genuinely excellent news for Californians. The
But the consensus of a dozen economists interviewed by the New York Times about the idea the economy could be back to normal by early summer was that it reflected "at best mildly informed guesses" by political leaders.
And history has daunting lessons for policymakers. Until there is a vaccine for coronavirus, it will remain something that spreads quite readily from person to person, and the spreaders will often be asymptomatic and unaware of the danger they pose. In history's worst pandemic -- the Spanish flu apocalypse of 1918-1919, which infected one-third of the planet and killed 50 million people -- public health authorities twice believed they had controlled influenza only to see it come roaring back. Both the second and the third waves of Spanish flu were far more deadly than the first.
There is a good reason to think that won't necessarily happen with coronavirus in
It's that Americans -- who are far better informed and much more prosperous than they were a century ago -- aren't likely to salute Trump, Newsom and Cuomo (especially Trump, who depicted coronavirus as no big deal until
We shouldn't just expect millions of Americans to routinely wear face masks in public going forward -- as millions of Asians have for decades -- or to be far more aware of and worried about everyone's coughs and sneezes. We should understand that being in crowded places now seems dangerous to anyone who is following developments -- and many of these people will never stop thinking that way even when national leaders declare the virus crisis to be behind us.
In such a world, coronavirus' second wave isn't likely to be nearly as bad as its first. Unfortunately, in such a world, the broad prosperity of 2019 will seem like a distant dream -- unless humanity comes up with a vaccine, and quickly.
Without one, prepare for a great cratering of society. And, born of poverty, another pandemic -- one of individual depression.
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