- Nov 9, 2015
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This might be unpopular but I have been thinking (probably too much) about the longer term effects of our response to the virus. Both personally and for the local and national economy.
Some thoughts follow:
Personally I have lost a lot of my wealth on paper and probably will lose some of my income as well. This, for me, means pulling back on most spending that is not essential. The stress from daily updates is not really helping some of my medical issues.
In our area tourists are a large part of our economy in the season. I would suspect that some of them who don't own property will in the future stay home more and travel less. Some who own homes might have to sell them, others that might have bought them won't. Developments that previously seemed very good might be not so good or canceled. We have a resort under construction by an airline, it is already suspended and I suspect might be canceled.
In the larger picture consider the travel industry:
I believe strongly that air travel will be reduced for at least the near term (six months to a year) and probably longer. This will mean that some airlines will go bankrupt and others merged. It will also mean layoffs through the system as business is less. Direct employees as well as indirect ones will impact the economy negatively.
Hotels and restaurants will also be negatively affected. Some smaller ones won't survive even the current conditions, and many are closed with layoffs of their employees. This will resonate with other portions of the economy especially tax revenues.
I could go on but I wanted this post to get others opinions, so comment as you desire.
We could have a thread on what might have happened if we took other less impactful actions (that politics won't allow) and one for the potential impact of that 2T stimulus bill that somehow our servants can't get done.
Thanks
Some thoughts follow:
Personally I have lost a lot of my wealth on paper and probably will lose some of my income as well. This, for me, means pulling back on most spending that is not essential. The stress from daily updates is not really helping some of my medical issues.
In our area tourists are a large part of our economy in the season. I would suspect that some of them who don't own property will in the future stay home more and travel less. Some who own homes might have to sell them, others that might have bought them won't. Developments that previously seemed very good might be not so good or canceled. We have a resort under construction by an airline, it is already suspended and I suspect might be canceled.
In the larger picture consider the travel industry:
I believe strongly that air travel will be reduced for at least the near term (six months to a year) and probably longer. This will mean that some airlines will go bankrupt and others merged. It will also mean layoffs through the system as business is less. Direct employees as well as indirect ones will impact the economy negatively.
Hotels and restaurants will also be negatively affected. Some smaller ones won't survive even the current conditions, and many are closed with layoffs of their employees. This will resonate with other portions of the economy especially tax revenues.
I could go on but I wanted this post to get others opinions, so comment as you desire.
We could have a thread on what might have happened if we took other less impactful actions (that politics won't allow) and one for the potential impact of that 2T stimulus bill that somehow our servants can't get done.
Thanks