Thought Experiment: Imagine that everyone in the country took a two-month planned vacation at the same time, with the exception of essential services. Would the country experience a depression or bounce back quickly after vacations end?
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And China does the same I think
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Scott, If your economy had decades of experience for a months long shutdown, perhaps. But suddenly and without planning, lunacy. Fail to plan is planning to fail.
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How many stop going out of the house and stop spending money? Are restaurants closed? Vacation destinations? Sporting events? Their timed vacation is that vacation, only for some and its not a shutdown. Money is being spent.
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No, the Europeans are paid for their time off. Americans aren't.
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Which government are you speaking of?
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Happens in beach communities during the winter. (and 2 weeks around the holidays).
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Which European countries does this happen in? As someone who lives in the UK I'm curious.
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As I live in Europe, I can answer that question. Not much happens, except for the holiday business and restaurants. In September everything resumes. The main difference is that restaurants are all closed except for take away food.
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