The coronavirus cure is worse than the disease -- II

The fear that the coronavirus could be worse than the disease is finally breaking through.

Read this in the Wall Street Journal:

As Economic Toll Mounts, Nation Ponders Trade-Offs

Cost of confronting pandemic is millions of jobs, trillions in wealth lost to save potentially millions of lives

The nation’s costly fight against the coronavirus pandemic is stirring debate inside the Trump administration and beyond about how much economic loss the country can bear to save an unknowable number of lives infected by the disease.

Millions of jobs were lost within days and millions more are projected to vanish as whole industries grind to a halt, streets empty and people hunker down at home to limit the spread of disease. Trillions of dollars are projected to be lost in economic output; trillions have been wiped out in stock market value; and trillions in government debt will be accumulated in the months ahead to help support households and businesses struggling to pay bills.

In an earlier post, I examined reports that question whether cost of the coronavirus cure is worse than the the disease because the fatality rate is a complete unknown.

Here I present reports of the dollar and human costs of virtually shutting down the American economy. You'll see that no estimate is cut in stone; they range a great deal, reflexing the unprecedented nature of the crisis.

  • How much damage will coronavirus wreak on the global economy? "Economists have struggled to come up with estimates of the economic damage, but their projections, such as they are, are becoming grimmer." Here's one worst case projection: Gregory Daco, chief US economist at Oxford Economics, believes the US is already in recession and will experience a 12 per cent contraction in output in the second quarter before bouncing back to end the year flat. Such an outcome could lead to about one million job losses, he said.

And more.

dennis@dennisbyrne.net

www.dennisbyrne.net 

My historical novel: Madness: The War of 1812

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Filed under: Economy, Health

Tags: COVID-19

Comments

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  • Sounds like Trump got your message.

    BTW, what do you think about the Lieutenant-Governor of Texas saying the elderly should take a bullet for the economy. There's no heart in Texas?

  • In reply to Aquinas wired:

    All the more reason for tougher gun laws.

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