getgrizzy said:
Where do you draw the line? That's good, logical question iltc has. A lot of people are asking the same thing.
The problem with that question is the answer evolves with coronavirus. It's not much different than asking how much rain is going to fall during the oncoming storm. The people (experts) predicting (forecasting/modeling) these things narrow down their predictions as the storm evolves and draws nearer.
Early on there were predictions (based on models) that said 2 million deaths (actually up to 2 millon). Those models also had very low numbers, which don't really catch anyone's eye or make the news. Everyone sees the high end number. Just like a snowstorm forecast (based on a model) predicts 6-12 inches and when you hear it word of mouth it's always 12 inches. I can't tell you how many times people have told me the forecast says a foot of snow tonight, but what the forecast actually said was "up to a foot of snow in the mountains tonight." You then get 2 inches in town and then you hear someone say, "the weatherman is an idiot!"
Right now the number is 82,000, but no one looks at the part that says as high as 82,000. There's always a range. Probably around 40,000 to 82,000.
Anyway, I don't think you can draw a line until you see significant improvement. I would guess that will be around the end of April, if things go as expected. There's supposed to be a peak (the first peak) near mid-April and then it's supposed to start receding. There will be another peak, probably in the late fall. Who knows what it'll be like. There's a vaccine, but it's 18 months away.
My question is, are people "panicking" about the economy just like this virus? I hear people say the damaged economy is going to be a hundred times worse than the virus. Is that hyperbole? It could happen and I'm sure some models showing that, but what makes those guesses any more accurate and less panic-inducing than what's happening with coronavirus?
Thanks for the post GG. Solid thought behind it. I agree with lots of what you said.
In simple terms I’ll say it’s certainly possible that some are panicking about the economy. And I’ll concede that guesses about the economy are no more founded than guesses about the virus. You just take all the info you can find and make your own assumptions.
Currently the numbers say that in the US, .056% of our population have gotten the virus. We all agree it’s likely more because many have been said to have little or no symptoms. Based on these numbers it’s something like .001% of our population have died. So while I’ll concede there are probably far more cases in this country, all that is going to do is lower the percentage of deaths. And to be clear, I’m not acting like these deaths don’t matter. They most certainly do.
I’m not going to pretend to have concrete numbers in regards to the economy. I’m not that smart. I’m a layman. I do know that we set a record for people filing unemployment last week, over 3 million people. That number is higher this week. I know plenty of people have not been able to work for 2 weeks, and for most that will be extended to a minimum of 4 more weeks. That’s a month and a half minimum that families don’t have money coming in. We’re already seeing the toll it’s taking on the economy. That will only get worse every day people can’t work.
Then you add in the depression, mental health, and desperation that comes with lack of money. Italy is seeing it today as we speak. Crime rising, robberies, looting, etc. This is to be expected when people have no money for over a month. So it’s certainly a consideration.
I assume that every business, big or small, struggle when forced to be closed. Obviously the length of closure impacts the struggle. Can businesses survive if they’re closed a month? How about 3, or 6, or a year? I’d suspect that most can’t. That obviously will remain to be seen when we’re on the right end of this thing.
I just think we need to be careful is all. We seem to making some major sacrifices right now that could really effect people’s livelihoods later. And without trying to sound insensitive, the numbers are the numbers. I can give you a list 10 deep right now of things that are going to kill way more people in this country than the virus. As it is I can almost assure you (I’d bet my house) that suicides will far surpass corona deaths in this country thus year. And those numbers will most certainly rise if people are losing their jobs, losing their homes, losing their ability to make a living because of a virus.
It’s a lot to chew on. Answers aren’t easy. And while I personally think Trump is a wank, I think he’s doing ok on a job no one would want right now. Appreciate the banter.