The French economist and philosopher Frederic Bastiat described the economic principle of a cost-benefit analysis in his 1850 essay entitled, “What Is Seen And What Is Unseen.”
The historian Amity Shlaes applies Bastiat’s principle to the public health response to the Coronavirus, “For every action we take such as shelter in place, there is the unseen person who loses their job, or maybe their business and their livelihood.”
Our community has put forth extraordinary efforts to flatten the curve but as we push down the curve, like a large balloon, a new curve is created. In this case it is an unemployment curve. And to flatten this curve with Shelter in Place mandates, we have come remarkably close to comprising our Constitutional rights as guaranteed in the Bill of Rights. The Bill of Rights LIMITS what the government CAN DO, preserving liberty for the people.
The International Monetary Fund released its economic outlook and it should not come as a surprise to anyone that shutting down our twenty-two trillion-dollar economy will create the worst recession since the Great Depression if it prolongs much longer. Riverside County will likely see an… Read More