Economic Health vs. Public Health
A debate has been raging in this country, regarding the economic toll and public health toll that this pandemic has caused. The arguments range from concerns about an economic depression caused by mandatory government shutdowns, to concerns about our health care system being overwhelmed by sick patients and an untold number of unnecessary deaths occurring due to an unchecked COVID-19 virus.
We believe it is a false narrative to say you must sacrifice public health for the sake of economic health and vice versa. We know that controlling the virus is of the utmost importance and the best way to make sure our economy can heal and grow again, in the long-run. Until a vaccine can be found, the spread of the virus can be slowed by limiting our contact with people and by wearing masks to help protect each other. We have confidence a vaccine will be found and will put an end to this pandemic. To focus on only the economic toll or only the human death toll, ignores the reality that these issues are completely intertwined.
Many businesses will not survive this economic downturn or the mandatory shutdowns. However, many new businesses will rise from the ashes and thrive. The old adage “necessity is the mother of invention” applies here. Looking back at the Great Recession, many new and exciting companies were born during that tumultuous time (Whatsapp, Venmo, Instagram, Dropbox, Airbnb and yours truly, Bear Mountain Capital).
We are in the middle of a delicate balancing act, for which there is no blueprint. In the end, we know a healthy economy depends on a healthy society. Let’s work together to do what we can to help each other on all fronts.