Wuhan Virus
The Economy Won’t Recover Until Americans’ Coronavirus Fears Fade
If the American public stays home en masse even after public officials lift stay-at-home orders, the ‘re-opened’ economy will look nearly as morose as the current one.
By Christopher Jacobs
April 14, 2020
If we reopen it, will they come? That paraphrase of the signature line from “Field of Dreams†illustrates a dilemma facing the Trump administration, along with state and local leaders, as they contemplate when and how to reopen elements of the economy shut down by the coronavirus pandemic.
Just because the Trump administration gives word that individuals and businesses can reopen doesn’t mean that most, or even any, of them will do so.
A dozen years ago, former Sen. Phil Gramm (R-Texas) caused a minor uproar during the middle of the 2008 presidential campaign when he characterized the nation as in a “mental recession.†His remarks drew outrage, but they accurately describe one of the two predicaments the American economy faces: Both the coronavirus and the fear caused by the virus.
Even as the nation’s leaders work to resolve the first problem, they also must work diligently to resolve the second. When restarting economic activity, all Americans have a voice: They can spend, or not spend, money as they please. If the American public stays home en masse even after public officials lift stay-at-home orders, the “re-opened†economy will look nearly as morose as the current one.
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https://thefederalist.com/2020/04/14/the-economy-wont-recover-until-americans-coronavirus-fears-fade/
