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I don't think anybody is trying to "engineer a great depression"... That is really dark & cynical... I think what we have is an inability to function between states, cities & federal gov. If we were coordinated at federal level with contact tracing this wouldn't be an issue.
My governor did a livestream and was giddy about the "opportunity" to implement the Green New Deal. LA is shutting down for three more months, despite no surge in cases. Hospitals are on the verge of bankruptcy because they're empty. It's a policy choice.
We can conclude that "it's worth it," but the status quo policy will ensure Great Depression-level unemployment in the next month or two. If leaders think that's justified to defend against the virus, they should say so explicitly.
I guess I'm in the camp of "let's do serious testing & digital/phone-based contact tracing" -- like Korea, Hong Kong, Israel etc. And let's get back to work ASAP.
Interesting... I just don't think people are fabricating a great depression... I doubt anybody wants that... I think people are buying time without knowing the consequences. When the stock market tanks and white collar people lose their jobs this sentiment will change.
Yeah, I agree with the last part. Policymakers don't have a clear feeling of the economic impact because their peer group—white-collar, information economy—hasn't started seeing huge consequences yet. Their policies will change when their fear-calculation changes.
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