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Nobel laureate Paul Krugman, who has been highly critical of our country in the past due to the economic crisis, has made positive comments about Greece’s handling of the crown crisis through his article in the New York Times. Greece should leave the euro zone.
Criticizing the Trump administration, Krugman also referred to countries that have managed to break the curve, writing that “it is not easy to break the curve, but it is very likely.” In fact, many other countries, from South Korea to New Zealand and even, believe it or not, Greece, have already done so. “
The article is titled “How to Create a Recession Due to a Pandemic,” and Krugman, among other things, cites the latest unemployment rates in the United States, noting that the US President and his associates are doing everything possible to make another recession possible. . Full scale. However, the columnist does not fail to mention Greece.
“An unemployment rate of 14.7% is very alarming, but the US Bureau of Statistics included a note stating that technical difficulties have caused real unemployment to devalue by almost five percentage points. If this is true, We now have an unemployment rate of around 20%, which would be the highest of all, except for the worst two years of the Great Depression. The question now is how fast can we recover, “says the columnist.
He goes on to say that “if we could control the crown, the recovery could be really fast.” It is true that the recovery from the 2008 financial crisis took a long time, but it had to do with the problems that had accumulated during the real estate “bubble”, especially with an unprecedented level of family debt. There doesn’t seem to be any comparable problem now. However, controlling the virus does not mean “leveling the curve,” which, incidentally, we did: we managed to slow the spread of COVID-19 enough so that our hospitals are not flooded. It means breaking the curve: reducing the number of infected Americans and then maintaining a high-level test to quickly identify new cases, combined with contact detection, to quarantine those who may have been exposed. “
Referring to the case of Greece, he writes that “the collapse of the curve is not easy but it is very possible. In fact, many other countries, from South Korea to New Zealand and even, believe it or not, Greece, have already been successful.
He added that “reducing the infection rate was much easier for countries that acted quickly to reduce the coronavirus, while the rate was still low, instead of spending many weeks in denial.” But even places with severe outbreaks can reduce their number if they stay focused on their goal. Think of New York, the original focus of the US pandemic. USA, where the number of new deaths and daily injuries is only a small fraction of what it was a few weeks ago. But to do that, you have to stay focused on the goal, and that’s not something Trump and his company want to do. “
As he explains, “For a time, it seemed like the Trump administration was finally ready to take COVID-19 seriously.” In mid-March, the government introduced guidelines for social distancing, although without enforcing federal regulations.
But lately, all we’ve heard from the White House is that we need to reopen the economy, even though we’re not close to where we should go without risking a second wave of infections. “
Source: Everyday
