The news is all Kalama, and rightly so, but let me counterprogram and talk about economics. Over the next few weeks I'm scheduled to talk everywhere and nowhere about the post-Covid economy — that is, audiences in various places, but all virtually. What is there to say? 1/

Covid changes both what we buy and how we work. A few things to say about both aspects. First, the pandemic basically forced us to stop spending on some things. But what would we do with the money? Spend on other things, or save? 2/

And oh my God, I managed to misspell Kamala. Can't even blame autocorrect, just sloppy typing. KAM - a -la, Kam - a - la 3/

Anyway: people who couldn't go to bars or take cruises could have just splurged on other things. As it turned out, however, mostly they saved — so far. 4/

That's why it was so important from a macro point of view to provide generous aid to the pandemic-unemployed, and why disaster looms now that the aid has vanished 5/

But in the longer run, even if we don't have a vaccine and can resume traditional activities, people will find other ways to spend their money. Here's a historical example: what happened to tobacco spending when health concerns led to much lower smoking? 6/

Tobacco products were a big part of consumer spending, and mostly went away 7/

But the savings rate didn't rise; people just found other things to buy. The same will eventually happen for whatever activities we can't resume post-Covid 8/

We'll also change the way we work. Still not clear how much remote work will take over; on one side it has received formidable infant industry protection, giving employers an incentive to make it work. But the downsides also becoming apparent over time 9/

One thing I worry about is how much of a long-term blow we're delivering to the most effective mass transit system ever devised — the elevator 10/

One thing is clear: we will adapt. That's what modern societies do, given even slightly competent leadership. Oh, wait 11/

Oh, and since I managed to get Harris's name wrong through sheer fat-finger incompetence, I guess I should sign off as Pual Kurgman 12/