The fallout of the coronavirus panic has been a large “self-quarantine” where major businesses and public spaces have been shut down. Concerns over how this might affect our economy long-term have been asked by many, every day. But Mike Pence spoke about this recently. He gave his prediction, providing hope in a time of uncertainty.
We can all agree that the response to the coronavirus has been intense. Some might so too intense. But regardless, much of the country is witnesses a dramatic change in daily life. Restaurants have closed their public spaces. Major events and public gatherings have been canceled. And the travel and tourism industries are suffering the most.
The biggest impact this disease will have is on our economy. Right now, we don’t know how long this outbreak will last. Shutting down major parts of our society is not a lasting strategy. It won’t be long before we have to go back to work, just because life must go on. But how will the fear and insanity hurt our economy?
Vice President Pence spoke about this very concern last night. He gave his thoughts on the current situation and predicted what will happen, once the coronavirus worries are gone.
And when we are through the coronavirus, as the president said again today, we know this economy will come roaring back, Sean. And all the fundamentals are there, and the best thing we can do for the economy is what the president called on every American to do yesterday in the 15 days to slow the spread.”
“And as the President said, when we defeat the coronavirus in the United States, this economy will come roaring back.” [Source: Daily Wire]
Mike Pence reiterated what we’ve been hearing over the last few weeks. He encouraged Americans to take the (some might say extreme) precautions the government has been demanding. But after we come out of this crisis he predicted—along with the president—that the economy will come roaring back.
Right now, that’s hard to imagine. Under President Trump, we enjoyed unprecedented prosperity, with jobs flooding the country and wages rising. But thanks to the panic sparked by the coronavirus, all of that seems to have been reversed. In just a few short weeks, it seems as if our entire economy was frozen in place.
But can it come roaring back once the panic and fear subside? The economic problems facing us weren’t caused by war or a major disaster. Our natural resources weren’t hit—nor are we looking at tremendous, physical damage. Everything was functioning as normal, until the media whipped up the panic.
Once the virus is in our rearview mirror, there will be many Americans eager to go back to things as usual. They will not only return to work, but they will want to do all the things they can’t do right now. That includes going on trips, attending concerts and events, and even simple things like getting a damn cup of coffee.
It’s safe to say that we’ll see a quick jump in activity once the crisis is over. That will certain help the economy rebound. But for that to happen, Americans need to feel confident about spending money. Right now, they have no problem going into debt to buy toilet paper. But will their bank accounts holdout until the virus is gone?
The government is bending over backwards to provide hourly workers with a safety net, right now. Congress is willing to spend ungodly amounts of (our) money to help some over the hump. That might be enough to keep us going for the future.
But will everything come roaring back, as Pence predicted? I guess we’ll have to wait and see.