The economy versus our lives? A shortsighted argument

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The GOP, conservative economists, unqualified pundits, and even the 73-year-old president of the United States have suggested that the short-term economic pain we have just begun inflicting on ourselves to slow the spread of coronavirus might cost too much, just to save the lives of a few million of our most vulnerable neighbors.

The University of Chicago economist Casey Mulligan, who served on President Trump’s Council of Economic Advisers, told the New York Times that shutting down economic activity to slow the virus would be more damaging than doing nothing at all. He prefers some sort of weighing of the costs and benefits of saving lives.

To set up a false choice between driving the economy into the ground while saving millions of lives or reviving the economy while sacrificing millions of lives ignores a core fact: the global economic depression unleashed by the deaths of millions in the United States, millions in Europe, millions in Asia, millions in India, millions in Mexico, and millions in Brazil would be beyond our experience or imagination.

Full article at The Guardian

Article submitted by Great Gazoo