https://www.frontpagemag.com/fpm/2020/04/coming-war-between-generations-bruce-thornton/
Short-term thinking has been the bane of democracies since ancient Athens. Regularly scheduled elections and term-limits make it politically expedient, if not mandatory, for politicians to gratify the people’s desires, or assuage their present fears, even if the action or policy creates greater risks later. As Tocqueville wrote, “A clear perception of the future founded on judgment and experience” is “frequently wanting in democracies.” The dangers and discomforts of the present will trump the greater ones of the future.
The current pandemic crisis illustrates this perennial flaw, which hasn’t been mitigated by our greater knowledge of diseases and remedies for them. In the case of the Wuhan virus, we don’t have the requisite data to establish its mortality rate among the infected, or even the number of infected. The various models that project a mortality rate have exaggerated the toll: At this point the number of dead is a few hundred more than the 7400 of Americans who die every day, and much less than the 24,000 to 64,000 who died of the flu this season. Yet most states, seconded by the president’s recommendations, have imposed a radical social-distancing policy, which the president has extended to the end of April.
As a consequence, our economy has taken a historic hit, with 10 million employees laid off and thousands of businesses both big and small (the latter comprise nearly half the private workforce) shuttered. Goldman-Sachs projects GDP to shrink 35% this summer, and others estimate unemployment may reach the 25% recorded during the Great Depression. A booming economy has been stalled as a matter of policy, with consequences such as a significant recession or even a depression, the malign effects of which––depression, divorce, addiction, suicide–– will continue to seriously damage the lives of millions for the foreseeable future.