To think that the economy won't just bounce back in three months?

[CloudsCanLookLikeSheep]

I am really worried about the long term effects of all this on the economy. BJ has sugarcoated it saying things will just bounce back when this is over and people start getting back to normal life. I think that's overly optimistic in the extreme. The normal flow of money has been seriously disrupted. Even those furloughed will be on 80% of pay not 100% and most people will be wary of spending on anything more than essentials during these uncertain times.

There may not be 'systemic' issues in the economy at the start but there sure will be in a few months time .Many people will default on debts and bills. Many companies will go out of business and it's all a big chain reaction.

We've never dealt with anything like this before in modern times, even during the spanish flu pandemic businesses weren't disrupted like this as there wasn't a welfare state so people had to keep earning.

I think the economic impact will take years to recover from and there will be no bounce back recovery, AIBU?

We will be paying for this for the rest of our lives.

YANBU. The world will change.

I can't imagine that anyone thinks the economy will bounce back after this is over. I think that the world as a whole will go into a major recession which will take years to recover.

BJ has spent his whole political career sugar-coating the indefensible and lying, why should this be any different?

BJ has sugarcoated it saying things will just bounce back when this is over and people start getting back to normal life.

He’s not exactly known for telling the truth, is he?!

It will not bounce back. This will takes decades to recover from. We can look forward to job losses, inflation, increased taxes, cut backs, repossessions etc. It will be worse than the 80s.

Nope. And a sensible balance needs to be struck between the potential loss of lives from CV and the potential loss of lives from the economy collapsing.

What sandman said!

I am very weary about the future, I retrained after the last recession into hospitality 🤦‍♀️🤦‍♀️ Prob have to retrain again!! So every penny is being counted right now.

I believe that the economy tanking and the hardship it will cause will be far greater than the damage covid 19 will cause. I am also greatly concerned about our loss of liberty.

YANBU sadly. This is very likely to be the end for lots of retail and restaurant chains and airlines. Plus Intu, who own some of the biggest shopping centres in the country, are on the verge of going bust. Just in the last few days, Brighthouse and Carluccios have called in the administrators so that could be the end for them, unless they get a buy out, which is currently unlikely. Lots of big retail chains have stopped paying their rent, putting the landlords at risk too.

There is systematic problems already in the system. These sorts of businesses have unimaginable amounts of debts. Hundreds of millions, or billions that they have spent the last few years constantly refinancing, saved by historically low interest rates.

But it has to be paid back some time and the lenders are likely to start refusing to refinance businesses that have massive holes in their incomes. And it's a 'rock and a hard place' situation - if they borrow more money, they're likely to just have problems in a few months time, if they don't they're gone.

Plus the amount of debt that the government is building up to help pay for all this mess means that taxes are likely to go up signficantly, which doesn't help anyone, businesses or individuals, especially in a time where there's fewer profitable businesses and people who have jobs/sufficient income so they don't need benefits.

Completely agree with @TheSandman

It will be awful, and I'm willing to bet more people will lose their lives through the mental health effects of this than the actual virus

@TheSandman. I very much doubt any other leader would be talking differently right now. The idea that any leader is going to tell people to lockdown and when it’s over the world economy is going to be fucked for a decade, we will be paying huge taxes if we’re lucky to have a job and that we will never recover in our lifetimes would just send an enormous number of people into an abyss of depression and suicide.

People need something to look forward to and a reason to carry on trying. Stop making it political, the alternatives available would have disastrous so we just need to get on with it.

I very much doubt any other leader would be talking differently right now. The idea that any leader is going to tell people to lockdown and when it’s over the world economy is going to be fucked for a decade, we will be paying huge taxes if we’re lucky to have a job and that we will never recover in our lifetimes would just send an enormous number of people into an abyss of depression and suicide.

This. A politician would have to be insane to put out a message of despair when people need the prospect of hope to get them through the crisis.

Boris Derangement Syndrome has claimed another victim, it seems

YANBU at all. In layman's terms, we be fucked.

I believe that the economy tanking and the hardship it will cause will be far greater than the damage covid 19 will cause. I am also greatly concerned about our loss of liberty.

I agree ☹️

It's going to be really, really bad.

YANBU, the world will change, for the better.
Cheap holidays and everybody holidaying abroad will hopefully be a thing of the past.
We'll be much poorer, in recession and appreciate life much more.
Hopefully a lot of capitalism and commercialism will be gone and parents will see the value in spending time with their kids rather than working all the hours God sends for materialism.
Well, I can dream, can't i?

I very much doubt any other leader would be talking differently right now.

You're probably right in that I doubt there are any with their hands on the levers of power should be saying, "We're all doomed everyone for themselves!" But when you have a leader with a track history of lying his arse off and joshing his way through crises of his own making it's hardly going to inspire confidence when he puts on a cheery face and whistles in the dark.

At least he's not as suicidally 'upbeat' (i.e. shitting himself) as Trump is with his 'beautiful Easter' bollocks.

This pandemic is going to radically restructure the world in a way we can't imagine. Just as we couldn't imagine the vast changes the internet would bring when we (old farts like me) were excited by Usenet and Yahoo Messenger, when talking to someone in a different time zone by plain text, in real time down a 56k modem was an amazing feat of technology.

It's going to change the way we interact with each other on a micro and macro level. The Web and the Internet are going to play an even BIGGER part in our everyday lives than before - god help us all.

YANBU. Our generation and the following will be repaying the accrued debt for the rest of our lives. I too believe the economic decimation will be far worse than the immediate health crisis.

No it won't bounce back. There'll be a recession, probably a few years long. However, there would be severe economic implications for 80% of the workforce catching the virus in one go, before you even mention the social costs or how you continue to operate with no functioning healthcare system. There was never any way that a situation like this wouldn't overwhelm the economy.

I think we have to consider this as being like a war situation. Although at least this wasn't deliberately created by humans in the way that war is.

I really hope ballance can be found.

Cheap holidays and everybody holidaying abroad will hopefully be a thing of the past

Countries like Spain and Greece depend heavily on tourists from other countries going on holiday there and spending money. If that stops, those countries will be in a very bad way for pretty much ever.

It's not people who fly for the odd week or two in another country that are the problem, more business travellers that fly round the world every week when they could video conference.

Plus the carbon impact of having even one child is massively more than several holiday flights a year so maybe the parents spending time with the kids that they chose to have need to have a look at themselves before criticising others.

. However, there would be severe economic implications for 80% of the workforce catching the virus in one go, before you even mention the social costs or how you continue to operate with no functioning healthcare system. There was never any way that a situation like this wouldn't overwhelm the economy.

But isn’t that what we have now? 80% of the workforce are out, in one go.

I’m much more concerned about the economic effects than the virus itself, and the mental health effects of such a crash