Restoring The Economy?: The New Normal?: 5 Aspects;
|Restoring The Economy; After The Pandemic;|
Simply pumping - in dollars, is not a long - term solution. One reality is, our economy, had certain weaknesses, before this pandemic, but, were somewhat, disguised, because of the over a trillion dollars, the government pumped - in, via, so-called, tax reforms (a major reason for the nearly trillion-dollar deficit), artificially - low - interest rates, and, a variety of programs, which had the effect, of supporting/ helping the largest corporations, and, wealthiest Americans.
If we hope, to bring the nation back, financially and economically, after this horrific period, we will have to think - outside - the - box, and recognize, the New Normal, at least for the foreseeable future, may look far different. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 aspects, which might have to change.
1. Changing small retail:Many experts predict, a quarter, or more, of existing small retailers, may never reopen, and/ or if they do, it will be short-lived! With occupancies, probably, reduced, and other, safety and public health measures, required, the challenges may become overwhelming!
2. Changes in larger retail:We already know, several larger retail establishments, who, have announced, they have closed their doors, forever, and/ or, entered bankruptcy, and will significantly reduce their operations, and a number of stores, as a result. The cost of doing business, and the ever-expanding scope and expanse of internet businesses (referred to an email), will be challenges, which might change the way, we do business, in the future!
A well - respected, restaurant booking application, states, they believe a quarter of the restaurants, will never reopen their doors! The expanded period of mandated closings, combined with the challenges of the industry, are compounded by the expected new restrictions (occupancy, and others), and some consumer's fear of returning soon!
4. Offices/ commerce:
We can probably expect changes, in the way, many companies, run their businesses. Most models expect less space, and more telecommuting, combined with plexiglass partitions, and other safety measures, and far more Social Distancing. In addition, because of economic and emotional realities/ reasons/ fears, it won't be surprising to see, Split Shifts!
5. Jumpstart the economy:
New York's Governor Andrew Cuomo, suggests, we need to jumpstart the economy, suggesting needed infrastructure-related projects, should be encouraged, etc. How we re-envision life, and the way, we conduct business, will probably have a major impact!
We cannot afford to get this wrong, which means, we can't reopen too soon, improperly, or without away, to prevent this from recurring! Demand sustainable solutions, instead of empty rhetoric and promises. Larger commercial buildings, large shopping malls, and Main Street retail/ commerce, as well as transportation, are among the potentially, greatest challenges!