We destroyed the greatest economy in the world over a deep state induced flu panic.
Nothing is over until we say it is...
It will come back with a roar.
We destroyed the greatest economy in the world...
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No. The greatest economy in the world sought shelter from the storm.
The infrastructure is still there. The human capital is still there. The market is on life support with monetary grants/loans/whatever regulations can be used to prevent destruction.
Stock market has recovered a lot already. Trump negotiated a deal to support our domestic energy industry. Our telecomms are set to go forward without Chinese involvement.
Some workers are still out there, working. I had an opportunity to shop in a low-case county last week. Sneeze guards in place, but an upscale grocery was fully-stocked, only 2 people were wearing masks, only a handful looked spooked and the general attitude was upbeat and normal. This store had extensive deli options that apparently were filling the restaurant gap.
Some workers are working from home via the internet. Whatever they do is getting done.
Brick and mortar business is on hold (where the physical plant still exists) and eeking out a thin revenue stream via Internet/delivery/drive-thru/pick-up.
Workers who filed taxes and retirees and those on some government support payments are being compensated for the interruption in income while their creditors are not able to destroy them with penalties/interest/evictions. And any creditor that does is risking huge animosity that will hurt them more than a shut down. These payments will be repaid through future taxes as business ramps back up. In the meantime, consider the payments a shot of adrenaline to the economy.
Businesses have options of forgivable loans to make payroll/furloughing workers so they can receive unemployment with upgrades while collecting compensation.
There are creative workarounds in place. We’re looking for a new house and have been able to tour 4 unoccupied properties so far, after a surreal closing in the parking lot of the title company. I’m holding a shipment for an account until they re-open the loading dock and the buyers are back to work.
Some people are illegally performing personal services (hair cuts/massage/house cleaning) while taking precautions. Good, bad or indifferent, their businesses continue on.
I believe I read that 24% of all business, mostly hospitality/personal services/entertainment were in danger of never re-opening. Once demand returns, I expect these to come back as before.
The economy took a hit. The demand is still there. The ability to fulfill demand is still there. The re-opening will be slow, probably glitchy and involve some re-ordering of the economy and society.
The economy will survive. If necessary, Trump will bull through another personal compensation payment package that the progs will find it difficult to oppose (though they’ll try to add in a Christmas Tree for themselves)(they’ll mostly fail).
Subsequent waves will forever change the reality of paid sick leave. A lot of life will continue to be virtual, for a while.
A lot of corruption and malign intent has been exposed beyond the ability to be memory-holed. Soft and spoiled Westerners have had their defining generational experience. I expect severe political realignments and a move towards individualism that will wipe out decades of prog incrementalism.
It isn’t the best of all possible situations, but it was/is a trial by fire and from my isolated position in a case-free county, it looks like the USA will survive and go on to thrive.
Every Eeyore can wring their hands as the rest of the world rolls up their sleeves.
Was it overkill to shut everything down? We’ll never know until the 2nd and 3rd waves hit. I’m betting those subsequent waves may not even be noticed by the majority of the country.