World governments are still dealing with the fallout of the Wuhan virus.
New data continues to pour in and influence world leaders.
And one economist gave a scary update about the coronavirus.
The Wuhan virus has now caused over 280,000 deaths, and the response to the pandemic has begun to break down along ideological lines.
Those who want to keep lockdown orders in place are almost invariably big-government liberals.
People who are ready for the country to reopen are liberty-minded individuals or small business owners who don’t want to be locked down and watch their lives and livelihoods slip away.
And a new study out of Sweden shows that the economic impact of the coronavirus shutdown will be more significant than just ones and zeros on a balance sheet.
According to Peter Nilsson, a professor of internal medicine and epidemiology at Lund University, the lockdown might be more deadly than the virus.
Nilsson says, “It’s so important to understand that the deaths of COVID-19 will be far less than the deaths caused by societal lockdown when the economy is ruined…Why? Because of unemployment and all the social problems with it. A bad economy will hurt and kill people in the future.”
Nilsson is absolutely correct – deaths of despair will undoubtedly go up.
This frightening phenomenon occurred after the Great Recession of 2008. Suicides and drug overdoses rose and the life expectancy trend actually reversed.
A similar trend will likely happen as a result of the Wuhan virus outbreak.
Trillions have already been lost from the U.S. economy and 30 million people are unemployed. The UN reported that over 100 million people worldwide could be facing starvation due to the supply chain disruption.
Meat shortages have already begun to crop up in America – in fact, the fast food chain Wendy’s was unable to serve hamburgers at certain locations.
But perhaps one silver lining to the coronavirus outbreak is that the over-reliance on China for essential medications and products proves to be folly.
Bringing back American manufacturing for certain essential products will help protect the U.S. supply chain and recreate jobs in the heartland.
Nilsson’s declaration about the economic impact is buttressed by the fact that Sweden was one of the few countries that didn’t go full tilt with its lockdown procedures.
The country simply engaged in social distancing and encouraged at-risk populations to avoid the public square when possible.
For this reason, Sweden is likely to reach herd immunity quickly and insulate themselves from a secondary outbreak – which is a concern for the countries that did have strict lockdown orders.
The sooner people get back to their lives and get the economy revving, the better we’ll be able to deal with the virus both economically and epidemiologically.