Political consultant James Carville famously quipped “It’s the economy, stupid.” But more nuance is needed, now more than ever, when talking about “the economy” as a policy or political objective: We care about the economy not for its own sake, but because the living standards and wellbeing of the public are heavily influenced by the economy, in particular the health of the labor market. Living standards and wellbeing are now being threatened by a global pandemic and health crisis, as well as the cessation of economic activity and skyrocketing layoffs ensuing from the coronavirus threat.
Zooming out a bit from the macroeconomic fallout of the coronavirus, I highly recommend this broader, long-form perspective on the pandemic response and possible fallout: