We must speed up the recovery to avoid a depression GlobeDebate
How many coronavirus cases are there in Canada, by province, and worldwide? The latest maps and charts
Add to this a cascade of imperilled small firms in the service sector. This vicious spiral must end soon to avoid a repeat of the 1930s catastrophe, from which it took more than a decade to recover. The aim is to repair the economic damage caused by forcing people to stay at home, by covering their wages to some degree. But when the U.S. government, for example, pays out huge benefits to employers and employees, it is essentially having the central bank issue mountains of debt – to the tune of $3-trillion so far this quarter.
The picks and shovels of the pandemic era will be virtual and knowledge-based. We need to invest in retooling individuals for the new digital reality – a reality starkly apparent during this stay-at-home phase.
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