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Quick Monday thread on the COVID-19 economy and where it's going from here:
I'm on The Daily this morning talking with @mikiebarb about the historic unemployment crisis that crashed over America in the last two week: https://www.nytimes.com/2020/04/06/podcasts/the-daily/coronavirus-unemployment-crisis.html 1/
I'm on The Daily this morning talking with @mikiebarb about the historic unemployment crisis that crashed over America in the last two week: https://www.nytimes.com/2020/04/06/podcasts/the-daily/coronavirus-unemployment-crisis.html 1/
Also, I asked more than a dozen top economists how long the economic shutdowns will last, and what it's going to take to get the economy going again. Topline: It's going to be a long, long time before we're back to normal: https://www.nytimes.com/2020/04/06/business/economy/coronavirus-economy.html?action=click&module=Top%20Stories&pgtype=Homepage
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Some of the highlights:
Almost every economist I talked to said we need a dramatic increase in testing to get to a place where policymakers can start to feel comfortable lifting restrictions.
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Almost every economist I talked to said we need a dramatic increase in testing to get to a place where policymakers can start to feel comfortable lifting restrictions.
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Once we have a much better handle on who has the virus, how it's spreading, and where risks appear high/low for the health care system, then experts say we can start *gradually* reopening activity. That's a big distinction. Moving too fast risks a new wave of infections. 4/
In the meantime, experts say, we will need more $$ for small businesses; @ModeledBehavior worries that absent better support, they will begin to reopen in defiance of gov orders, risking more infections.
Gov will need to get creative to get $ to individuals, @drlisadcook says 5/
Gov will need to get creative to get $ to individuals, @drlisadcook says 5/
And @HBoushey says the workers on the front lines now -- nurses, grocery clerks, everyone keeping the economy going through the shutdowns -- need more support, especially on the health front.
It all builds to one big conclusion... 6/
It all builds to one big conclusion... 6/
No matter when public officials lift restrictions, we won't have a "normal" economy until people *feel safe* going about their daily business. Shopping, dining, traveling.
It's not as simple as saying Go!
Reopening the economy starts with getting the virus under control. /fin
It's not as simple as saying Go!
Reopening the economy starts with getting the virus under control. /fin
