On a personal level, everyone can relate to the impact of this pandemic on their day-to-day lives. Schools are closed, restaurant interiors are shut down, and most diversions (like sports and shopping) are temporarily gone – so what does that actually look like from a broader perspective?
The price of gas ($1.19 in Frisco) is the lowest I’ve seen since 9/11/01, and all energy consumption has dropped dramatically:
This chart shows average electrical usage for for New York City; with most businesses closed and temperatures mild, there’s been a 40% decline from average numbers. This, not surprisingly, has been an incredible boon for the environment, as every major city on Earth is currently enjoying far cleaner air. COVID-19 has provided a stark example of both our impact on our environment, and the cost it would require to perpetuate the current breath of fresh air.
But, this is just a microcosm of the catch-22 we face, because putting everyone back to work will ensure far worse spread and negate the “flattening of the curve (to be explored in a later post).” Conversely, the job situation will continue to get worse. I posted a picture yesterday of unemployment claims from the last few weeks, and today there was an update:
An additional 3.3 million filed this week, bringing the total to 17 million. Now, pressure is coming from the bottom up as well, as grocery store employees are getting sick in larger numbers and many of the others are walking away (https://www.washingtonpost.com/business/2020/04/09/66-million-americans-filed-unemployed-last-week-bringing-pandemic-total-over-17-million/ for the first page, and see the Washington Post sidebar for the other).
So what happens next? The situation is unprecedented, so the truth is that no one really knows. The only question is how long we will value the cure over the disease before breaking.
-CHR
