Why The Post-Pandemic Cure Will Be A Bitter Pill To Swallow

Why The Post-Pandemic Cure Will Be A Bitter Pill To Swallow

A state tribute to the victims of the coronavirus at the Royal Palace on July 16, 2020 in Madrid, ... [+] Spain. (Photo by Carlos R. Alvarez/WireImage)



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When will things go back to normal?



Not for a very long time. In terms of economic growth anyway, it's going to take a few years to get back to where we were in 2019. The pandemic was like a world war. This war is not over yet.



Another 1.3 million Americans filed for unemployment, the Labor Department said on Thursday, beating consensus by about 500 thousand. States are returning to lockdowns.



California recently reimposed state-at-home orders in 30 counties. New Jersey recently shut down indoor dining at restaurants.



In the U.S. alone, some 51 million have lost their jobs since the mandatory lockdowns began in March.



"What has to happen now is to move away from the rescue angle and more towards the growth and job protections angle that will be the most consistent in making sure people will not lose even more income, or be displaced post-pandemic,“ says Luiz Demello, an economist for the Organization for Economic Cooperation and Development.



In the U.S., Congress will