By Dominic Yates, UW-Stout reporting intern
Four UW-Stout faculty panelists took to the online stage Thursday evening to discuss what an extended COVID-19 quarantine will mean financially, for citizens and governments alike.
The presentation, hosted by the university’s Honors College and the social science department, drew some 55 online attendees.
Craig Ferguson, associate professor of economics and the Honors College director, reassured the audience that the situation is by no means hopeless. He said a quick economic turn-around after quarantine is not out of the question.
“We could see a really quick recovery, potentially,” Ferguson said. “Most of the jobs that are closed are things like restaurants and retail, and those should be able to bounce back, hopefully. I know I will still be hungry when we’re allowed back out, and I will want to go back to that Waterfront deck as soon as it’s nice outside.”
Historical context
While most of the conversation revolved around the present situation, Chris Marshall, a senior lecturer in history, helped put the COVID-19 pandemic into a historical context.
Marshall said that although the economy is not necessarily thriving, it is definitely not at a point which the country has never seen, as many politicians are saying.
“You hear a lot of politicians saying that this is an unprecedented crisis, and we have no toolbox to deal with this. This is completely untrue,” Marshall said. “At the peak of the Great Depression we hit 25% unemployment, and I don’t think that’s going to happen in these circumstances.”
Gene Gutman’s presentation helped explain the difficulty of meeting demands for things like masks and ventilators. Gutman is associate professor of supply chain management and director of the supply chain management undergraduate program at UW-Stout.
“Supply chains run under normal demand, what people would expect to happen on a daily basis. And when we’ve had this huge surge in demand for masks and ventilators and all this other medical equipment and devices, the supply chain can’t scale, which means it can’t ramp up large enough and fast enough to meet the demand,” Gutman said.
Global strategies
Tina Lee, associate professor of anthropology and program director for applied social science, informed the audience about global strategies being used to help keep economies afloat.
“One of the interesting things we’re starting to see,” Lee said, “other countries around the world are passing a lot more robust policies to try and make sure that people stay connected to particular jobs, and that they continue to have enough of an income to support those still working in retail and things like that.”
Stout sophomore sociology major Dylan Neilson, who attended the online meetings, said the panelists helped in both reassuring and informing him.
“It’s reassuring to see such intelligent people breaking such a complicated situation down,” Neilson said. “I feel like it helped me learn a lot more about the situation. Staying informed is important, and the presentation taught me a lot that helped ease my mind.”
Financial perspective is relevant
Thomas Pearson, a professor in the social science department and assistant director of the Honors College, said in an e-mail that the financial perspective on COVID-19 is extremely relevant in this country today.
“It is relevant because unemployment is skyrocketing, poverty is expanding dramatically and we are entering the worst economic crisis in generations. Many of the economic policies favored in this country over the past 30 years are poorly equipped to deal with the crisis and to shield people from the tremendous hardship that is mounting,” Pearson said.
He added that the pandemic is exposing problems that are “deeply rooted” in America’s economic system, such as “wealth inequality, racial disparities and the fact that so many people lack even a basic social safety net.”
Pearson also mentioned that the Honors college will host another online panel before the end of April.
“We have at least one more in the works, tentatively scheduled for April 23, 7-8 p.m., featuring UW-Stout’s Chancellor Katherine Frank and other leaders of local organizations impacted by the crisis,” he said.
Dominic Yates is a UW-Stout junior majoring in Professional Communication and Emerging Media.