Cost of confronting pandemic is millions of jobs, trillions in wealth lost to save potentially millions of lives
The White House is discussing easing social-distancing guidelines as early as next week amid a broader debate over how much economic loss the country can bear to save an unknowable number of lives threatened by the novel coronavirus pandemic.
President Trump has told people that he wants to reopen the economy as soon as possible but his interest runs counter to the advice of public health experts, including in the administration, who have warned that the guidelines remain necessary.
Millions of jobs were lost within days and millions more are projected to vanish as whole industries grind to a halt, streets empty and people hunker down at home to limit the spread of disease. Trillions of dollars are projected to be lost in economic output; trillions have been wiped out in stock-market value; and trillions in government debt will be accumulated in the months ahead to help support households and businesses struggling to pay bills.
“WE CANNOT LET THE CURE BE WORSE THAN THE PROBLEM ITSELF,” President Trump said in a tweet late Sunday night. He went on to suggest he might dial back a federal push for the nation to practice social distancing for 15 days.
Jon Hilsenrath, Stephanie Armour – Wall Street Journal – March 23, 2020.
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