https://www.manhattancontrarian.com/blog/2020-4-15-what-is-the-proof-that-this-covid-19-thing-really-is-a-crisis
We are in the midst of an event that is completely unique in the history of our country, and as far as I can tell, in the history of the world: namely, the intentional suppression by governments (in the U.S., both federal and states) of a very large percentage of economic activity, in an effort to control a dangerous disease. There are estimates that the U.S. economy could decline by as much as 38% from its recent peak as a consequence of this great economic suppression. In a matter of just a few weeks, tens of millions of people, many of low to moderate income, have been suddenly thrown out of work; hundreds of thousands of businesses have closed, of which an unknown number may never be able to reopen; and trillions of dollars of value have been lost in the stock market.
Surely this kind of devastating government response would not be undertaken unless this disease represented a true crisis, and unless there was also solid evidence that the economic suppression would quickly end the crisis. But how do you distinguish what constitutes a “crisis” that warrants such a drastic response, versus something that is part of the normal and ongoing pain of human existence? And even if this is a bona fide crisis, why do we think that suppression of economic activity will improve the situation?