Life has radically changed due to COVID-19. Restaurants are shut down, our favorite spots inaccessible. Even parks are closed to reduce viral transmission. Many people are told to stay indoors and as time goes by our houses begin to feel like jail cells. This is not the end of the world though. Humans are a resilient species. Furthermore, we should be wondering what does life after COVID-19 look like? How will this change the economy?
A Species Isolated
As we practice strict social distancing, it becomes the new normal. So people speculate – Once we open up the economy, will we venture out again? Will we try to make up for lost time? Go out to bars and restaurants in a frenzy because we’re social creatures? Or will we continue to be guarded? Will we keep that social distance, even after this virus is gone?
My opinion is we’ll have a slow recovery, long-term economic impact, but we will rebuild, eventually. My reasoning is simple – We’ll be more cautious, more wary and guarded. Many businesses are filing for bankruptcy and people are losing access to resources.
We are not the same as we were going in. We’ve become more aware, looking for things that might put us at risk. The uncertainty still lingers the back of our minds.
I’ll stay out of that aisle, that person’s coughing.
I should stay in tonight, instead of going to the crowded nightclub.
Our perspective has shifted. We used to hug and show affection now we’re wary about giving people a simple handshake. COVID-19 has the world in its grip. In less than 2 months, everything has changed.
Recovery
This time has been traumatic. On the news we see mass graves being dug, body’s in the streets, people crying as someone they love goes to the hospital… and never comes back. It’s tough to watch but it isn’t the end, human beings are tough. We’ve survived some of the worst atrocities imaginable. World war I, World war II, terrorist attacks and mass shootings. It’s in these times we can band together and do incredible things. If this virus teaches us one thing it’s that we must not take the peaceful, abundant times for granted. We must not go through life the way we have bickering about silly things.
Economic Impact
We tend to think of the US in terms of the economy and as the world’s largest economy, everything that happens has a rippling effect worldwide. It’s taken a huge hit, economists say it’s as bad as the great depression, potentially worse. We have many advantages versus the 1930s, though. People can work at home, some on their phones. The people want to work and companies are innovating to keep many working remotely. Too many industries are in pain.
As of today, over 26 million people have filed for unemployment, rising daily. The stock market is wildly unpredictable, slightly rebounding after historical lows this past week. Oil prices dropped to negative $40 per barrel, they have to pay people to come pick up the barrels. Like a train, the U.S. Economy was stopped in its tracks, on a slow crash course. Many state and local governments are under mounting pressure to come up with a plan to reopen the economy. Some predict famine if we don’t open soon as food banks run out of food and supply lines get disrupted. On the flip side, more time is needed to keep Coronavirus at bay until we get a viable treatment or cure.
Health
The health of the people is even more important, without people there is no economy. Experts and doctors are saying that a large swath of the population likely already got the virus but presented no symptoms. After COVID-19 passes we’ll hopefully have a better immunity, a better strategy for dealing with these bugs. Most of us are healthy, self-isolating in our homes but rural areas like New York where the population is most dense see more and more unrest. I know the chances of getting sick if you’re under 40 are very low, but it does happen. People are doing the right things to protect themselves and their fellow humans, even if the initial response was slow.
Emotional scarring
This time will be remembered for many years to come. This is difficult for the entire world. Now isn’t the time to point fingers and place blame. People are angry and I understand both perspectives. It’s a very difficult choice for the government but a decision must be made. When do we open up the economy versus long term lock down? I wouldn’t want to be put in such a tough spot, but that’s why we elected them.
After COVID-19
People will get back to work, more than likely by summer. With the stimulus checks, we are artificially propping up the economy and it’s a good thing. If we can keep it together for a little longer, industries will start opening up and the heart of the country will beat once more. It will be difficult for a while. If we can avoid a second wave of Coronavirus, many more businesses can keep their doors open.
Medical scientists, the nurses, and doctors on the front lines are the true heroes in this and we must find ways to be productive during this crisis. Making masks or volunteering are a couple of ways we can help. We must move forward with reality, as it is. Accept and change. Believe that we’ll fight this off. Things won’t collapse. We have strong, caring people in this world. So, let’s be there for each other as much as we can and rebuild together.