What If They “Reopened the Economy” and No One Came? 0
Ed, at Gin and Tacos, thinks that is a very real possibility.
Here are some bits from his post:
(snip)
The truth is that people are afraid, and with good cause. They are afraid of unnecessary risk.
(snip)
The other reality that is becoming all too clear is that the “slow drain” theory of capitalism and consumer spending is delusional. That is, demand and consumption haven’t been pent up for 8 weeks and once the clog is cleared, it will come bursting forth in torrents. . . . The lack of spending is from tens of millions of people losing their jobs, having their hours reduced, or being in fear of losing their jobs in the near future.
I commend the entire article to your attention.
And, for related reading, economist Austan Goolsbee is not sanguine.