https://issuesinsights.com/2020/08/04/one-swedish-model-to-copy-no-more-covid-19-lockdowns/
We’re getting an awful lot of very bad advice from public officials about how to handle the resurgent coronavirus pandemic. All of a sudden, we’re told, we must lock down the economy again, for our own good. Common sense and experience, it seems, have flown the coop. Just look at Sweden, which avoided a lockdown and slashed its daily COVID-19 death rate.
Minneapolis Federal Reserve Bank President Neel Kashkari is the latest to create a stir by saying he favored a “really hard” four-to-six week lockdown of the economy to get the virus under control and help the economy rebound later.
The only problem is, we already had lockdowns. We were told it would be a couple of weeks, so we could “flatten the curve.” Then, even as the infection rate fell, governors and big city mayors decided to keep their economies shut.
It didn’t work, unless you count destroying people’s dreams, small businesses, jobs and life savings.
Another “really hard” lockdown? Sorry. Recent research shows the lockdowns didn’t do anything but make Americans miserable by killing small businesses by the hundreds and laying off millions of workers.
A Fed president should know better.
As economist Abigail Deveraux, a research fellow at the Institute for the Study of Economic Growth, noted in a report for the American Institute for Economic Research, “it’s obvious that if you restrict and ban certain businesses, they will suffer for it. Some business owners who made it through the first wave of lockdowns are saying their businesses won’t be able to survive another. This isn’t rocket science.”
She has data to back it up here, showing that, as the title of her piece says, “Longer Lockdowns Associated with Much Worse Economic Outcomes.”