9-9-20 economic scarring from covid-19

A retired Ripon College economist says there is truth in a new study that suggests the pandemic has generated fears that are likely to have a long term scarring effect on the economy.   The study says while the virus will eventually pass, vaccines will be developed and workers will return to work, an event of this magnitude could leave lasting effects on the nature of economic activity.  Economist Paul Schoofs says that makes another economic stimulus package all the more important. Schoofs says the concern is that many of the temporary job losses and furloughs  could become permanent.  “When you’ve just come through a period like now we’re in the middle of where so many businesses had seemed to be successful are now having the rug pulled out from under them unexpectedly, that does get into the mindset of the typical person,”  Schoofs told WFDL news.

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