Lessons From the COVID-19 Pandemic and Lockdowns (Guest: Donald Luskin)
Tracking data show the COVID-19 pandemic taught us many things, including: masks work, lockdowns don't, and the American people and economy are amazingly resilient. Prepare for a savings and technology induced boom period.
There are many lessons we should take away from the COVID-19 pandemic and the associated economic shutdowns imposed by governments. First, lockdowns don't work. They didn't halt the spread of the virus, and any many ways resulted in unnecessary suffering and death. It turns out masks do work. The economy declined by a huge amount, yet because the cause was exogenous to the market, and the lack of spending meant people saved more than they ever had, the recovery has been quick and is likely to result in an economic boom. However, the way people work has likely changed forever.