1) I hate to do this on a Saturday, but I'm not quite sure people understand how much trouble the economy is in. To begin, all these cancelled events lead to cancelled hotels, flights, meals, etc. You know this, but you may not realize the tax revenue generated from these things.
2) So not only are workers in the hospitality and travel industries struggling, but so will the municipalities which depend on the tax revenue those industries generate. This means either local governments will either make giant cuts, or go deep(er) into debt.
3) Additionally, consumer confidence has plummeted. No one is out car shopping, hanging out at malls (and buying), or buying anything other than consumables. This lack of sales tax is also a problem, and exacerbates the problem.
4) Hiring and spending feezes have already began at both small and large businesses, as we get closer to new college grads flooding the job market in May. Usually these grads rely on hourly (hospitality or gig economy) wages, when they can't find work in their area of study.
5) Those jobs and gigs currently do not exist, and won't exist for some time. First student loan payments for new college grads are typically due 6 months after graduation. As you can imagine, the math and timing there is a problem.
6) Pension funds and endowments rely heavily on yield from T-bills and corp bonds, which are currently experiencing brutally low rates. This means pension systems could fail, even more than usual. And university endowments could suffer, thus increasing the cost of college.
7) Yes I'm concerned about the virus & its impact on humanity. But the economic impact of this period in history is still being widely ignored. Buy all the TP you want, yet if you're not spending time putting together a plan for financial preparedness, you're gonna get swallowed.
