CEOs of notable companies like Goldman Sachs and Wells Fargo recommend that those who are at "lower risk" should gradually be making their way back to work as April approaches. They believe that the damage of closing of the economy is worse than losing more lives, and U.S president Donald Trump agrees. However, medical officials like Dr. Anthony Fauci state that the economy needs to shut down further, creating more room for social distancing. At present, the United States is leading in the number of cases of Covid-19 patients, and Dr Fauci believes that the peak of the virus in the country has not yet been reached.
The White House advisors fail to understand that the economy is made up of human lives, and losing those will inevitably result in further economic downturn. Hence, opening up the economy now would not be viable by any means. Many justify this based on the coronavirus bill passed for $2.2 trillion, however it is no justification to re-open the economy and risk more lives.
https://www.theguardian.com/commentisfree/2020/mar/29/bankers-trump-economy-coronavirus-deaths
2 comments:
Misleading comments by the President can surely impact our interpretation of the situation. That being said, the date has extended till 30th april, and New York Governor is taking aggressive steps to slow down the spread of COVID19. Agreebly, many businesses are laying off their workers due to a decrease in sales.this potentially have caused panic among investors. To counter that, the government should increase its expenditure in providing unemployment benefits, and help the economy run as smoothly as it can in this situation.
This brings up an important point that all the stimulus in the economy is sending the opposite message to people who should be staying home. Something as simple as putting more money in people's hands can cause less social distancing. Even though stimulating the economy will help in the long run, I feel as if putting so much effort in late March when COVID-19 has not reached its full peak yet, is too soon to be acting on the economy. More efforts should be put into science and research to help slow down the virus rather than encouraging more people to go outside to help the economy.
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