Each stage of the pandemic revives the question of what is coming next, usually in a more disturbing context. The next major event, I am sorry to say, is the disappearance of what I call ghost capital. According to one estimate, about half of small businesses will be out of cash within a month, and many of them will close. The American economy has been living off the inheritance of its pre-Covid-19 past, and that cannot go on forever.
Consider your local restaurants. I live in Northern Virginia, which is scattered with thousands of dining establishments of many different kinds. Many of them are currently open for takeout and delivery but not for sit-down dining. Even when they are allowed to welcome customers back inside, social distancing will mean they can’t serve nearly as many patrons as before.