The halt of the economy
Man, these are some unique times! I wanted to say “scary times,” but I don’t quite have fear. I understand I, along with most of the people I know, will not die from the pandemic. But the fear of death has brought the world economy to its knees.
At first, the Corona beer brand was being negatively affected by the virus because of the same name. Then it spread to Chinese restaurants affected, mainly due to ignorance. Slowly, smaller city events cancelled, then entire sporting leagues, and even borders closed. Finally, Disneyland announced a 2 week closure. (At the time of writing this, Disney World is still open.)
In my lifetime, I’ve never experienced something so impactful. Sure, we had a couple days of on-edge panic after September 11th, but nothing like this. We have people stock-piling toilet paper and hand sanitizer, and many urged to stay home from work.
There seems to be an unemployment and insurance reserve to temporarily help out, but what about the long term plan? I honestly believe if this is a global pandemic, there needs to be a “cushion” from the government and high-end corporate side. What I mean is taxes should be delayed for 6 months, credit card debt should be on hold for 3 months- not completely forgiven, but a cushion for people to survive. Student debt and perhaps even car payments should also follow suit. This should also be first implemented in China and Italy as an example so other countries can follow.
If we’re still a year away from a safe vaccine, and months away from the slowing down of the spread, many people will not be able to survive without some kind of assistance. Houses will go into foreclosure again, and we’ll have the 2006 crisis on steroids.
What do you think should be done?