Which is More Dangerous for Boulder: Economic Lockdown or the Virus?
Lockdown skeptics are nervous that the economic and social damage that is rivaling the Great Depression as a result of the coronavirus shutdowns may be more dangerous than the virus itself, but experts are saying that there’s not enough information to know how the economics will will affect the world long-term. Additionally, it was clear that there was already an economic downturn beginning before the lockdowns began, and it’s not clear whether shutdowns made this worse.
“None of us [economists] have enough information to know if lockdowns are worth it or not. We are not operating in the realm of perfect information or even much information,” Thomas Hale, associate professor in public policy at the Blavatnik School of Government at Oxford University, told CNN.
“We don’t know much about the epidemiology of this disease; we don’t know how long it will last, how the economy will react — these are all big unknowns — so the best we can do at this point is follow the evidence we do have, be completely committed to following the science and updating our strategies as we get new information,” Hale added.
The economic impacts of shutdowns have been widespread across the United States, and those in low socio-economic backgrounds have been hit especially hard. However, economists warn that reopening too soon may cause another wave of sickness and another more widespread shutdown, which would hurt the economy more than the slow reopening we are currently experiencing.
In Colorado, restaurants have reopened with limited dining capacities to help maintain social distancing. Coloradoans are hoping that this industry that has been especially hard hit will help give the economy a boost as we move back into more normal territory.