{"id":52769,"date":"2020-04-25T10:01:33","date_gmt":"2020-04-25T15:01:33","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52769"},"modified":"2020-04-25T10:01:36","modified_gmt":"2020-04-25T15:01:36","slug":"david-stockman-on-the-real-reason-why-the-government-shutdown-caused-an-economic-collapse","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52769","title":{"rendered":"David Stockman on the Real Reason Why the Government Shutdown Caused an Economic Collapse"},"content":{"rendered":"\n

David Stockman on the Real Reason Why the Government Shutdown Caused an Economic Collapse<\/a><\/h3>\n\n\n\n
\"Economic<\/figure>\n\n\n\n

International Man<\/strong>: Is the government\u2019s reaction to COVID-19 worse than the virus itself? What are your thoughts?<\/p>\n\n\n\n

David Stockman<\/strong>: I think for once, Donald Trump was right when he worried out loud the other day that the cure may be far worse than the disease.<\/p>\n\n\n\n

Governors\u2014mostly Democratic governors and mayors of major areas of the country\u2014have imposed Lockdown Nation. It\u2019s a complete economic disaster.<\/p>\n\n\n\n

It\u2019s a wrong policy from a public health point of view and an economic point of view.<\/p>\n\n\n\n

It is hitting, like a ton of bricks, a highly fragile and vulnerable economy that was living hand to mouth anyway because of the kind of highly counterproductive monetary and fiscal policies and debt build-up we\u2019ve had over the last 30 years.<\/p>\n\n\n\n

If you look at the data for New York\u2014which is the epicenter of the whole COVID-19 pandemic\u2014it is abundantly clear that COVID is not some kind of latter-day Black Death plague that takes down the young, the old, the healthy, the sick, and everyone in between.<\/p>\n\n\n\n

It is a kind of super winter flu that strikes fatally, almost entirely, the elderly population that is already afflicted with many life-threatening medical conditions\u2014or what the technicians call comorbidities.<\/p>\n\n\n\n

The shutdown, which I call the \u201cplenary lockdown policy,\u201d is wrong. Closing all the businesses except a tiny, arbitrary set of essential operations is courting disaster for no good reason.<\/p>\n\n\n\n

Here\u2019s what the New York data showed us recently.<\/p>\n\n\n\n

New York is ground zero and the epicenter. But if you look at the breakdown of that number by age and by medical condition, it\u2019s startling.<\/p>\n\n\n\n

For those under 50 years of age in the state of New York, the death rate is slightly under 5 per 100,000.<\/p>\n\n\n\n

That isn\u2019t a disaster. That isn\u2019t a plague or a calamity.<\/p>\n\n\n\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

David Stockman on the Real Reason Why the Government Shutdown Caused an Economic Collapse International Man: Is the government\u2019s reaction to COVID-19 worse than the virus itself? What are your thoughts? David Stockman: I think for once, Donald Trump was right when he worried out loud the other day that the cure may be far […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[29011,2120,29428],"class_list":["post-52769","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-covid-19","tag-david-stockman","tag-lockdowns"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52769"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52769\/revisions"}],"predecessor-version":[{"id":52770,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52769\/revisions\/52770"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}