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The current pandemic, not unlike the onset of the Depression, has in immediate and pressing ways transformed our day-to-day existence, leaving growing unemployment figures, failing businesses, falling production, and a rapidly declining economy in its wake. But the current economic crisis, although triggered in the immediate by government-ordered lockdowns meant to curb the spread the corona-virus, wasn’t caused by the lockdowns. Through most of 2019, economists were already predicting an imminent recession. When the lockdown triggered crash and recession, it also triggered a Keynesian moment of fiscal and monetary stimulus that was simultaneously welcomed with much relief by those who have borne the worst of the pandemic’s economic shocks and with deep anxiety by the rich and powerful who have benefited so much from welfare state retrenchment since the early 1980s.
https://socialistproject.ca/2020/06/covid19-view-from-great-depression-of-1930s/ _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: https://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
