We are in a recession. California just closed down. You might get arrested there if you are out in the street.. People in my town are open carrying. Manufacturing is closing down. New York is about to close down. Whole industries and companies have closed and laid everyone off. The projections for “the curve” flattening also contain, “reinfection”. We won’t get out of the free fall until there is a vaccine. That just stops the free fall! Not the downward economic effects.
We will not “return to normal” meaning pre-Chinese flu normal. I think we will see fundamental changes in society as a result of this pandemic, a relatively mild pandemic. Because
A,) people will be waiting for the next one.Especially millennials burned now by two unprecedented economic disasters.
B) some institutions have failed. Particularly universities. Tossing everyone in dorms off campus and into the street was egregious behavior. At MSU they would not let renters pick up their personal belongings.
C) Generational war will accelerate. My great pension and SS income will be obvious in the upcoming depression. This will lead to caps on both, and distributions to the other generations of “guaranteed income”.
And a lot more. I hope to hear your predictions. Remember the greatest generation aversion to debt, waste, throwing anything away? Current young generations are going to absorb this for the rest of their lives.
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