Should the United States shut down again for six weeks? One Federal Reserve official thinks so.
According to Minneapolis Federal Reserve head Neel Kashkari, the best way to support the economy and halt the resurgence of the coronavirus pandemic is to close the coutnry for up to six weeks.
Co-writing an op-ed in The New York Times with Michael Osterholm of the University of Minnesota, they contended that the March lockdown was ineffective because it did not go far enough. Therefore, the best way to get a handle on COVID-19 is a six-week lockdown, “and get it right this time.”
To be effective, the lockdown has to be as comprehensive and strict as possible.
If we aren’t willing to take this action, millions more cases with many more deaths are likely before a vaccine might be available. In addition, the economic recovery will be much slower, with far more business failures and high unemployment for the next year or two.
Ultimately, they write, you do not need to trade off between health and the economy, noting that “history will judge us harshly if we miss this life- and economy-saving opportunity to get it right this time.”
Today, there are 4.95 million coronavirus cases in the United States, with a death toll of 160,000.
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