The sum of all fears: the pandemic is exploding in the Sunbelt. Does anyone doubt that TX and FL are close behind? 1/
The 2nd wave — OK to say that — has already shot down the economic recovery 2/ https://www.nytimes.com/2020/07/01/business/economic-recovery-virus-surge.html?action=click&module=Well&pgtype=Homepage§ion=Business …
Nobody could have predicted all of this. Oh, wait 3/ https://www.nytimes.com/2020/05/11/opinion/coronavirus-depression.html …
Key passage. I wasn't alone in seeing this scenario, by any means. For example, Simon Wren-Lewis was saying much the same thing https://www.theguardian.com/commentisfree/2020/may/11/britain-economy-coronavirus-deaths … But the Trumpists, and, to be fair, a lot of business types didn't want to hear it 4/
I did one radio interview that went something like this:
Interviewer: How should we make the tradeoff between infections and economic growth?
Me: There is no tradeoff — you have to control the virus to have sustainable growth
Interviewer: So how would you make the tradeoff? 5/
You can follow @paulkrugman.
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