I would argue a large part of the economic hardships in the US are not due to lockdowns but due to changing spending habits caused by the virus. There is a large amount of economic uncertainty right now and so people increase savings. Restaurants around me are open right now but I don't go to them as I have no desire to risk getting Covid, I used to spend ~$500 a month eating out. I now spend close to 0. I think many tens / hundreds of thousands of people are doing the same as I am. So despite a non locked down economy, restaurants are going out of business.
Until the virus is cured, people will continue to increase savings where possible as the virus causes economic uncertainty regardless of lockdown status. To think that if we just lifted all restrictions life would go back to normal is not accurate. If we lifted mask requirements in stores, my spending would sink even lower as my risk would go up.
Until the virus is cured, people will continue to increase savings where possible as the virus causes economic uncertainty regardless of lockdown status. To think that if we just lifted all restrictions life would go back to normal is not accurate. If we lifted mask requirements in stores, my spending would sink even lower as my risk would go up.