Opinion | The US economy has gone from recession-proof to recession-bound in a month. By pearkes.
That is set to change. The number of Americans who have tested positive for COVID-19 is rapidly rising despite a combination of under-preparedness, incompetence, and The coronavirus shock is different
While most people in this country do not face mortal risk from the virus, over-reaction or at the very least prudent measures to stop the spread of the virus in an effort to protect more vulnerable community members will substantially reduce economic growth. Slowing the spread of the virus will require mass behavioral changes from society as a whole, and those haven't started to take effect yet; too many Americans still think COVID-19 is being blown out of proportion. When they do realize that behavioral changes are necessary, specific sectors of the labor market will suffer dramatically, leading to ripples of lost income and demand across the country.
Last week, the OPEC oil cartel tried to cut output in the face of falling demand, but Russia refused to join the bloc's commitment to pump less. As a result, Saudi Arabia announced over the weekend they would increase production and try to undercut other producers.
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