I was honored to appear on a segment of the Don Proft radio show earlier this morning. The show is a part of the Salem Radio Network. The topic was what America will look like post-pandemic. My piece of the segment begins around the 5:25 mark. As always, all views expressed are my own.
The COVID-19 crisis is fast-moving with information bombarding us in real-time. On this Monday morning, as we awake to more isolation and rising numbers, there is much to consider. In this Article, the author focuses on three economic scenarios: Easter: an optimistic scenario (25% likely) where isolation leads to a slow return to normal by late April; Summer: the main scenario (55%) where improvements begin in mid-summer; and Winter: the pessimistic scenario (20%) where impact lasts into the winter. Given the expansion of isolation through April in the U.S., the optimistic scenario is all but eliminated from consideration.
This Analysis by the Conference Board underscores how the trajectory of COVID-19 and the economic response over the next few months are uncertain. They developed three scenarios for the course of the US economy for the remainder of 2020. Focusing on future scenarios was already a critical imperative given the pace of change; the current pandemic just underscores the point. The analysis authors from the Conference Board are: Bart van Ark, Executive Vice President & Chief Economist, and Erik Lundh, Senior Economist. Here is an executive summary from the report:
In 2018 I shared a video that I use in presentations titled The Great Reset. The video features economist Tyler Cowen as he describes our current trajectory and the possibility of a great reset. He has talked about strong indicators that this great reset is already underway – and that was before the world began to envision A Post Pandemic Society. Mr. Cowen thinks about these indicators as canaries in the coal mine. As he describes it, miners used to take canaries with them to provide an alarm when levels of toxic gases were too high. The birds were much more susceptible to the gases and would show signs of distress – or even die – before the miners were in grave danger.
Although it’s now popular to ask how life will change after the Coronavirus pandemic, truth is we were already on a path towards massive change. Nationalism was already a growing movement, immigration was already a hot button issue, the world was already moving towards a Post-World War Two order, the negative impact of globalization on jobs in developed countries already had leaders promising to bring manufacturing back, while automation promised a jobless era of localization. The pandemic serves as an accelerant in some instances – and an obstacle in others. But let prognosticators be warned; past predictions of life after pandemics have not Gone Well.
I’ve talked about the Catalysts of a different era. These horrific events of our past were catalysts towards a better future. This horrific event – the Corona Virus – will shine a light on education, health, work, and other aspects of our well-being, while exposing underlying weaknesses. Responding as a global community to these types of events is hard. I’ve asked the question about the catalysts of our future in a recent Poll – please participate and add your thoughts.
This week I attended the Annual Directions Conference held by research firm IDC. Because of the coronavirus, the conference was held online. Here are some of the key messages – a deeper analysis is provided by Michael J. Miller, chief information officer at Ziff Brothers Investments and can be found Here.