Karl W. Smith, Columnist

Yes, the U.S. Could Survive a Coronavirus Economy

Even economists tend to underestimate just how dynamic and adaptable businesses and consumers are.

March 24, 2020 at 10:00 PM UTC

Karl W. Smith is a Bloomberg Opinion columnist. Previously, he was vice president for federal policy at the Tax Foundation and assistant professor of economics at the University of North Carolina.

Socially distant negotiating.
Photographer: SAUL LOEB/AFP

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As Americans and their elected officials struggle to deal with the economic devastation wrought by the coronavirus, there is an unheralded ray of hope: the dynamism of the U.S. economy.

There are understandable calls for complete income and payroll support for workers and businesses suffering because of the Covid-19 outbreak. After all, none of this is their fault. Even more important, a strong economic rebound depends on the continuation of relationships between employers and employees that in some cases have taken decades to build.