The Australian’s Adam Creighton says the economic costs of the coronavirus pandemic “will probably last a generation”.
The ongoing ramifications of the virus for the Unites States and the world will be “extremely bad,” he told Sky News host Chris Kenny.
Mr Creighton said there were predictions suggesting the United States unemployment rate would rapidly rise to approximately “22 million people” over the next few months.
“We’ve never seen such an extraordinary run up in the jobless rate in the United States occur so suddenly,” he said.
According to Mr Creighton, while the “economic devastation have been extraordinary,” it is important to “keep in mind the short term and the long term economic costs of what is happening”.
“I don’t think it is obvious, as some people argue, that we should do absolutely everything to flatten the curve,” he said.
“Everything has a cost”.
Mr Kenny said a “fine balancing act” was needed to ensure “the cure is not worse than the disease”.