About 80 percent of the country is going to take a hesitant approach, and that has huge implications for our economy moving forward…
COVID-19 has turned all of our lives upside down, and most people are quite eager for a return to normalcy. But as you will see below, fear of the coronavirus is going to prevent the vast majority of Americans from immediately resuming all of their normal daily activities once the coronavirus restrictions have been lifted. Every day there are more stories in the news about prominent individuals that have died from the virus, and the chilling testimonies of those that have wrestled with the virus and survived are extremely sobering. Yes, most people that catch this virus will ultimately recover, but the fact that tens of thousands of Americans are dying is seriously scaring a lot of people. And even though the “shelter-in-place” orders appear to be slowing the spread of the virus to a certain extent, the official U.S. death toll has actually doubled over the past week…
U.S. deaths from the novel coronavirus topped 25,000 on Tuesday, doubling in one week, according to a Reuters tally, as officials debated how to reopen the economy without reigniting the outbreak.
The United States, with the world’s third-largest population, has recorded more fatalities from COVID-19 than any other country. There were a total of nearly 597,000 U.S. cases – three times more than any other country – with nearly 2 million reported cases globally.
And according to Worldometers.info, more than 2,200 Americans have died over the last 24 hours, and that would make this the deadliest day of this pandemic so far.
So it is easy to understand why so many people out there are deeply afraid of this virus. Most of us don’t want to die, and COVID-19 can kill you.
In recent days, there has been a whole lot of talk about “reopening America”, and many are assuming that life will start to look somewhat normal once that happens.
But Gallup just conducted a survey in which they asked people if they would be “resuming their normal daily activities” once the restrictions are lifted, and these were the results…
Americans remain hesitant about resuming their normal daily activities amid the COVID-19 outbreak according to a Gallup question first asked in late March and repeated in early April.
When asked how quickly they will return to their normal activities once the government lifts restrictions and businesses and schools start to reopen, the vast majority of Americans say they would wait and see what happens with the spread of the virus (71%) and another 10% would wait indefinitely. Just 20% say they would return to their normal activities immediately.
In other words, about 80 percent of the country is going to take a hesitant approach, and that has huge implications for our economy moving forward.
Of course all of the coronavirus restrictions are not going to be lifted any time soon anyway, and this is something that I discussed yesterday.
Today, California Governor Gavin Newsom set forth six specific conditions which must be met before the restrictions will be lifted in his state…
- The ability to monitor and protect our communities through testing, contact tracing, isolating, and supporting those who are positive or exposed.
- The ability to prevent infection in people who are at risk for more severe COVID-19.
- The ability of the hospital and health systems to handle surges.
- The ability to develop therapeutics to meet the demand.
- The ability for businesses, schools, and child care facilities to support physical distancing.
- The ability to determine when to reinstitute certain measures, such as the stay-at-home orders, if necessary.
Needless to say, California may continue to be locked down for an extended period of time to come.
But the longer that these shutdowns persist, the more impatient many Americans are going to become.
Already, we are starting to see protests pop up all over the nation. For example, just check out what is happening in Michigan…
At least 15,000 cars and trucks are expected to descend on Michigan’s state capital on Wednesday to protest what they’re calling Gov. Gretchen Whitmer’s tyrannical new guidelines to slow the spread of the novel coronavirus in the state.
The so-called “drive-by” demonstration – in order to maintain social distancing — aims to bring traffic to a gridlock in Lansing and protest the “Stay Home, Stay Safe” executive order by Whitmer, a Democrat, mandating what businesses could stay home, what some businesses could sell and ordering people in her state against any gatherings – no matter the size or family ties.
I am seeing a lot of anger out there right now. Business owners, workers and entrepreneurs are not being allowed to make a living and provide for their families, and I can certainly understand their frustration.
And the longer that things are shut down, the worse this economic downturn is going to become. At this point, the IMF is projecting the worst performance for the global economy since the Great Depression of the 1930s…
The global economy will this year likely suffer the worst financial crisis since the Great Depression, the International Monetary Fund said Tuesday, as governments worldwide grapple with the Covid-19 pandemic.
The Washington-based organization now expects the global economy to contract by 3% in 2020. By contrast, in January it had forecast a global GDP (gross domestic product) expansion of 3.3% for this year.
Actually, I believe that the IMF’s projection is way too optimistic.
If global GDP only declines by 3 percent in 2020, that should be considered a rip-roaring success.
Now that the U.S. has become the epicenter for this pandemic, our nation is being hit particularly hard economically, and we are being warned that more than 2,000 cities “are anticipating major budget shortfalls this year”…
More than 2,100 U.S. cities are anticipating major budget shortfalls this year and many are planning to slash programs and cut staff in response, according to a new survey of local officials released Tuesday, illustrating the widespread financial havoc threatened by the coronavirus pandemic.
The bleak outlook — shared by local governments representing roughly 93 million people nationwide — led some top mayors and other leaders to call for greater federal aid to protect cities now forced to choose between balancing their cash-strapped ledgers and sustaining the public services that residents need most.
Of course this is just only the beginning of the end. All of the economic and financial bubbles are bursting, and this is going to cause severe distress on the national, state, local and community levels.
And as long as COVID-19 is still spreading somewhere, fear of the coronavirus is going to cause a lot of people to greatly alter their normal economic patterns.
So the truth is that we have a very long and very painful road ahead of us, and the months to come are going to make the last recession look like a Sunday picnic.
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