Most of you will agree with me that after the coronavirus crisis is over, what we will than consider a normal state will not be the normal of the past. This virus will shatter, to a large degree, global unity and international cooperation. Countries will develop more of a national focus and strive to promote their self interests above international ones. The fear of a follow up bout with the virus, no matter how small, will have nations take drastic actions like closing borders and their citizens will again hoard medical supplies and food. Global economic commerce will also not be the same. During the crisis countries have learned that dependency on a single supplier country for critical goods isn’t such a great idea. It proves that everything which is cheap may not always be a bargain. In a crisis product availability trumps cost! Nations will begin the process of creating local structures to produce critical goods within their own borders. In other words, many companies will have to adjust their business models of parts and product sourcing. I see economies rebounding but at a slow pace and some may even stagnate which depend heavily on tourist Dollars. But we who come through this crisis will emerge being more flexible dealing with change and thus will be able to adapt to the new normal. The possibility is real that the crisis has taught us much about more personal interaction with families and friends
Economic Inequality
The impact to the economy due to the coronavirus pandemic has been crushing to a huge number of the overall population. Unemployment numbers have soared, working hours for many cut, unpaid bills are mounting and concerns for the future linger in everyone’s mind. Like in any economic crisis, the lower end of the working public bears the brunt of the impact. They wonder if and when they will be called back to work, how will they pay for medications, will insurance companies forego co-pays and will food banks continue to offer food. But at the same time. small business owners are faced with decisions if it makes sense to remain in business while large company accountants ponder is this is the time to minimize staff in order to return to profitability quicker. Social aid to those in need is often written off as being too expensive but we always seem to find funds for walls, conflicts and pork barrel projects.Maybe the crisis we face today is one to make us rethink our economic structure. Let’s finally raise the minimum wage to something which is reasonable, let’s really address high prescriptions costs and insurance premiums and the lack of medical coverage for millions. Corporate greed, social injustice and economic inequality can be be reduced if we have the will to do so! You can call it the US contract for economic dignity!