Quote:
Originally Posted by SolidSnake84
I guess some of the thought process says that if you shut down all restaurants, schools, hotels, malls, etc... for at least the two years that it takes to get a vaccine out to the masses, is there permanent economic damage done by that point.
|
I think we have already blown past the damage of the recession of 2008 and quickly headed to match the great depression. There are businesses killed off by the last recession that to this day have never come back, one was the limousine building industry I used to sell my own products to.
Over and above the businesses that did not survive this shutdown, the fall out will take out many others as people behave differently out of fear of being in crowds on top of people that change their spending habits. This is the first time in many peoples lives they have been blind sided by loss of income. Most people who have been fired or laid off saw it coming, this crisis was the exception to that rule. I believe it will cause people to increase their cash savings and rainy day fund like never before. Businesses who cater toward hobbies and entertainment are going to take a big hit as people are going to start saving a huge chunk of the money they spent on those items.