“Vaccinations can take us only so far, because variants outside the United States are being uncovered” — Paul Ebeling
The diplomatic, financial and logistical challenges of quickly vaccinating the developing world are daunting, and in the EU, bureaucratic bungling has put the vaccination process well behind the US and UK. And a lot of the world is a ready host to develop strains that could outsmart our ‘vaccines’.
COVID-19 has been detected in more than12 species including minks, great apes, lions, tigers, cats, dogs, and pigs. The potential for a new strain that can spread to humans, outsmart public-health agencies, and spread globally is real.
International travel may be limited for several more yrs.
And with Mr. Biden’s policy catch and release for illegal aliens and asylum seekers permitted, plus the realities of globalization, new strains of COVID will find surly their way into the United States.
Commercial contact with most of the world will be limited to ‘zooming’ and vacationing will be limited to the United States, less perhaps the UK, Canada, and a few other places that approach 80% vaccination and continue tough protocols for workplaces and public gatherings.
It is not yet known how workers will react when back at their office desks. Many will never return because they can thrive working from home and telecommunicating.
Some people will rely on smartphones for personal finance and amusement but will not embrace collaborative technologies and AI to save travel time and streamline human interaction. But we may be on the edge of a productivity breakout that ends yrs of slow economic growth.
Thursday it was reported that Nonfarm business sector labor productivity increased at a 5.4% annual rate in Q-1, while unit labor costs decreased at an annual rate of 0.3%
History tells us that prolonged pandemics radically change social arrangements. The Black Plague created labor scarcity, caused the peasantry to overturn the feudal order and set Europe on the path to a modern economy.
Overall the country will enjoy some renewed prosperity but Americans will not be able to fully return to what most consider a normal live for some time to come notes Peter Morici an economist and emeritus business professor at the University of Maryland.
Have a healthy day, Keep the Faith!