American Economics Thread


This is sad.
"...Tx Lt Gov Dan Patrick says grandparents would be willing to die to save the economy for their grandchildren "

He's misguided. He's saying that people should ignore lockdown and quarantine in order to get the economy back on track because he thinks that these procedures were made just to save old people. He's saying old people can be sacrificed for the economy. But in fact, if everyone did everything as normal, the disease spread would be so vast so quickly that even young people will die in significant numbers from hospitals being overwhelmed, the same young people who he said he loves and wishes to preserve the economy for.

The best way is as China did; lockdown harshly and grind the economy to a halt for a short period of time to aggressively eradicate the virus and then, when it is gone, pick up the economy aggressively as well. In the grand scheme of things, 2-3 months with the economy halted is not a big deal and certainly nothing compared to unchecked COVID-19 spread.
 
He's misguided. He's saying that people should ignore lockdown and quarantine in order to get the economy back on track because he thinks that these procedures were made just to save old people. He's saying old people can be sacrificed for the economy. But in fact, if everyone did everything as normal, the disease spread would be so vast so quickly that even young people will die in significant numbers from hospitals being overwhelmed, the same young people who he said he loves and wishes to preserve the economy for.

The best way is as China did; lockdown harshly and grind the economy to a halt for a short period of time to aggressively eradicate the virus and then, when it is gone, pick up the economy aggressively as well. In the grand scheme of things, 2-3 months with the economy halted is not a big deal and certainly nothing compared to unchecked COVID-19 spread.
yeapp, New Zealand is exactly doing that starting tomorrow (Wed) for 4 weeks
 
yeapp, New Zealand is exactly doing that starting tomorrow (Wed) for 4 weeks
Meanwhile, in the US...
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‘Our country wasn’t built to be shut down’: Trump pushes back against health experts

“Our country wasn’t built to be shut down. This is not a country that was built for this,” Trump insisted to reporters during a White House press briefing with his coronavirus task force on Monday evening, predicting that “America will again and soon be open for business. Very soon. A lot sooner than three or four months that somebody was suggesting.”

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Trump Is in a Frenzy Over the Economy—Not So Much the Virus

According to two people who have spoken to the president, Trump has demanded officials put together a plan so that the economic fallout of the public-health emergency does not drag on for even “one month longer,” even as his own health professionals warn that the virus’ spread could last far longer than that.

At a White House coronavirus briefing Monday evening, Trump insisted that he’s looking to open the country again in weeks, not months, even as cases of COVID-19 continue to surge across the nation.

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Trump Considers Reopening Economy, Over Health Experts’ Objections

Health officials inside the administration have mostly opposed that idea, including Dr. Anthony S. Fauci, an infectious diseases expert and a member of the White House coronavirus task force, who has said in interviews that he believes it will be “at least” several more weeks until people can start going about their lives in a more normal fashion.

“You can’t call off the best weapon we have, which is social isolation, even out of economic desperation, unless you’re willing to be responsible for a mountain of deaths,” said Arthur Caplan, a professor of bioethics at NYU Langone Medical Center. “Thirty days makes more sense than 15 days. Can’t we try to put people’s lives first for at least a month?”

The United States will need “a couple weeks” to see positive effects from its measures, Dr. Inglesby said, and abandoning them would mean “patients will get sick in extraordinary numbers all over the country, far beyond what the U.S. health care system will bear.”
 
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localizer

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It's gonna get really real guys...
President Trump appears to be revising his plans to end the lockdowns that have crippled the US economy, while promising that the federal government could actually spend much more than the $2 trillion in economic stimulus to prevent a virus-related economic catastrophe, FOX Business has learned.

According to one person at the meeting, the White House indicated that the entire aid package could actually cost between $6 trillion and $10 trillion or more since the Federal Reserve is also pumping as much as $4 trillion through expansive monetary policy.
$10 trillion just for the virus.
 

2handedswordsman

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OMG, 10 trillion to rapidly absorb by wealthiest...There isn't any destruction of production means to pour money to rebuild. Let it be. The King is sitting naked wearing his golden Crown ( ironically also known as Corona ). I wonder the reaction of the people whenever the pandemic cease, realising that it poured money out of thin air to the pockets of elites when millions will find theirselves jobless and ill-cared by the...developed nations.And those states willing to pass the bill of the mess to everyone...while the trillions went to a bunch of bank accounts. Cheers humanity
 

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