We know we have to shut some things down but the question of when and for how long is highly important. The virus was so novel we needed to just act on it without thinking through things because the information we had was ambiguous.
That leaves us considering the possibilities of future plans. Sure we are going to experience significant change and gravitate more of our business online but we will likely need a more strategic plan by Congress and/or White House how to deal with these things in the future.
No one knew what this virus was but we might want to consider future emergency plans based on what we learned here. Such a plan could have an impact on panic, animal spirits and help minimize future GDP plunges.
Fundamental questions like, How long do we shut down airports and travel when we first find a novel virus? Should we localize shutdowns quickly and keep as much of the economy going? Sine we know we can limp along with partial capacity businesses should we implement emergency operating requirements?
It is likely that in the near future we will need to think about have along term emergency plan. We should take what we learn hear and then apply it to future situations. Develop and draft a plan that will help us take emergency protocols that give use the most immediate options as well as provide a little time before making more concrete decisions.
Cox, J. (July 39th, 2020). Second-quarter GDP plunged by worst-ever 32.9% amid virus-induced shutdown. CNBC. https://www.cnbc.com/2020/07/30/us-gdp-q2-2020-first-reading.html