by James Rickards
The U.S. economy lost 140,000 jobs in December. Only about 55% of the jobs lost in March and April have returned. That’s a significant number.
Americans and others around the world who make their living as bus drivers, bartenders, waiters, hair stylists and boutique store clerks, among thousands of other jobs, make up 50% of all jobs and 45% of U.S. gross domestic product.
This is the part of the economy affected by the lockdowns. They are being destroyed.
When the pandemic passes, and we are able to look back on the experience without fear or political bias, it will be clear that the lockdowns were one of the greatest economic blunders in history. Lockdowns do not stop the spread of the virus, but they do destroy the economy. This is not merely a matter of opinion or conjecture.