, Columnist
How the Covid-19 Recession Is Like World War II
In this war, a virus has attacked and a significant portion of the economy has been redirected.
Wartime production.
Photographer: Hulton Archive/Hulton ArchiveThis article is for subscribers only.
The Covid-19 collapse of the worldwide economy is prompting comparisons with earlier major economic adjustments. And while there is lot of discussion about the Great Recession of 2008, the current crisis has more in common with World War II.
For the U.S. in World War II, an enemy attacked and a significant portion of the economy was redirected to a wartime effort. With Covid-19, a virus has attacked and a significant portion of the economy has been redirected to enforced leisure at home. Time at home is better than having to fight on Pacific islands, but in some ways the economic effects are similar.