With all the COVID-19 news — testing woes, massive confirmed cases, and the staggering number of deaths — the media is focusing on the economy and weekly unemployment claim numbers more so than other indicators. While this data is significant, the pundits are exaggerating its importance. I believe many of the economic woes could have been stopped with a different response by those in charge.
First, when the world realized an economic collapse was imminent, banks should have been compelled to just STOP. If banks froze loan payments and debt service, businesses wouldn't go bankrupt, into foreclosure, or whatever other dire calamity banks force upon their customers at the first sign of economic hardship. There will be unintended consequences of course, but not as catastrophic as what the current system will force. Stock markets could freeze in place and landlords would stop collecting rent because they won't have to make loan payments. Then, the government should institute a basic universal income to all employees, not currently working because of the pandemic, equal to about 75% of their normal wage or salary. The consumer economy would continue to hum and everyone would be able to afford life's necessities.
A pandemic is a terrible thing that wreaks havoc on individuals and families, but eventually the scientific and medical communities will develop a cure and a vaccine to prevent this particular strain from ever killing again, and life will get back to normal.
Viruses do not also attack the economic systems of nations. But governments and businesses are allowing the virus to decimate prosperous times by our attitudes and lack of appropriate planning. There will be another pandemic and another after that, and another. Let's stop being short-sighted. If the economic masters of the universe can't get behind a system that prevents disease-induced economic collapse, we can assume they profit from it.