This is a crisis like no other, and there is substantial uncertainty about its impact on people’s lives and livelihoods. The Worst Economic Collapse in history has started. When the financial media speaks of a V-shaped recovery, they are referring to Wall Street, not Main Street. Not just the US, but many countries now face multiple crises—a health crisis, a financial crisis, and a collapse in commodity prices, which interact in complex ways. There is considerable uncertainty about what the economic landscape will look like when we emerge from this lockdown. The rising wealth concentrations will increase social tensions, and this social instability can cause further hardships for the populace. It’s vital for a society to do what is right and not do things like make the stock markets go up. A recipe for disaster: Fleeing tax base from income and property taxes. Public pensions, with impossible promises and expectations. Many double pensions being collected from former government employees who milk the system. Political gridlock that blocks any real resolution. Massive unemployment due to forced lockdowns or ridiculous restrictions by unlawful executive edict. A tidal wave of bankruptcies looming in both personal and businesses. Hesitation to establish and grow the new business due to high crime and all of the above.
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