We shouldn’t even be locked down over a virus with a 99.5% survival rate. So many good people I know have lost their jobs and businesses because of all this hyped up nonsense.
It’s not the fatality rate of the virus that is necessarily most concerning. It’s that a substantial portion of the people who
do survive are being left with ongoing, perhaps permanent, damage to lungs or other organs, such as their heart, kidneys, or brain. Even people who were supposedly “asymptomatic” have been
shown to have lung damage.
And even if the world governments were to eliminate all lockdown measures, that still would not make the economy recover. There is a pretty good argument that severe lockdowns may be the
only viable path to economic recovery.
If all of the lockdowns ended tomorrow, that doesn’t mean people would immediately return to all the activities they were doing before. The virus is still here, and people are still scared.
Bob Shiller, Nobel Prize winning economist and former president of the American Economic Association, has argued that recessions are largely psychological in nature. The following is a quote from an
article he wrote before the pandemic started, talking about recessions in general, but which is just as applicable to the current recession:
“If enough people begin to act fearfully, their anxiety can become self-fulfilling, and a recession, sometimes a big one, may follow.”
As long as people are still scared, the economy will not recover. Even if 10% of people chose to stay home out of fear, that would have a devastating effect on many businesses that operate on thin margins, and the ripple effects would be economically catastrophic.
People are afraid because of a very real threat, and will continue to be afraid for as long as that threat remains. Thus, the only way to really make the economy recover may be to eliminate the threat.
Many countries around the world have been able to effectively eliminate the virus from their communities through aggressive action, such as lockdowns, social distancing, mask-wearing, testing, and contact tracing. The United States, on the other hand, has demonstrated it is either incapable or unwilling to do any of these, and as a result the virus continues to ravage its people, its people remain scared, and its economy remains in tatters.
So counterintuitively, lockdowns (real lockdowns, not pseudo-lockdowns like they had in the U.S.) may be the most effective way to get the economy working at full capacity again.