Coronavirus response caused a ‘much bigger economic shock’ than necessary: Niall Ferguson

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Coronavirus response caused a ‘much bigger economic shock’ than necessary: Niall Ferguson
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In a newly released interview, historian and author Niall Ferguson condemns those restrictions as unnecessarily stringent measures that crippled the economy far more than necessary to ensure public safety.

As all U.S. states begin to reopen, the country seeks to undo an economic calamity that caused more than 40 million people to file for unemployment over the past 10 weeks. The downturn coincided with stay-at-home orders that urged the vast majority of Americans to remain at home and required many businesses to shutter.

He defended social distancing precautions but sharply criticized restrictions of individual movement or business operation. “So that's a very, very crude way of dealing with this problem, and it's also extremely costly,” he adds. The Trump administration released a set of conditions for coronavirus containment last month that it recommends states meet before they reopen, including a 14-day downward trajectory in new cases or positive test rates. So far, only three states have met all of the White House conditions for reopening: Illinois, New York, and New Jersey, according to ProPublica.

He emphasized the importance of testing and contact tracing as means for containing the virus, noting that epidemiologists “have said for years that the key in any pandemic is early detection and early response.”

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