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‘Life may change for us all': How we respond to the coronavirus crisis will be defining, historians say

Added 03-29-20 03:04:03pm EST - “The coronavirus has quickly become a defining moment, historians say, but whether it is a new 9/11 or a looming Great Depression is partly up to us.” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “‘Life may change for us all’: How we respond to the coronavirus crisis will be defining, historians say”. Below is an excerpt from the article.

When historians mark the start of this nation's coronavirus nightmare, they will cite Jan. 21, 2020, the date a Washington state man in his 30s who had visited Wuhan, China, was confirmed as the United States' first COVID-19 case.

Since then, this global crisis has mushroomed into a national defining moment with as yet untallied cultural and economic repercussions. No one questions whether we will be talking about this for generations. If there is debate, it is over the proper historical comparison. 

Is this like the 2008 financial crisis, 9/11, World War II? Or perhaps, as some economists predict and news that 3.3 million people applied for unemployment last week suggests, will this be remembered as a period of deep loss and poverty, something like the grim 1930s when unemployment hit 25%?

“This will be very economically disruptive, and an analogy to the Great Depression is the closest to what we may face,” says Stanford University economics professor Matthew Jackson. “These huge events can have profound changes on the views and beliefs people have.”

That we are in for difficult months and perhaps years ahead seems commonly accepted, as virus deaths mount, hospitals are overwhelmed and a decimated service-based economy spurs a $2.2 trillion wartime-scale bailout package in Washington, D.C.

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