the math is more complicated than that. The unemployment, debt, homelessness and permanent loss of wealth would be staggering. If you are retired, are you going to be able to survive on10-20% of your current income? most seniors would be facing a future like that. Their kids and grand kids might be out of work, too, perhaps for years. Own a small business now? You would likely be shuttering it. With the amount of leverage today’s economy is built upon, the unwinding of it would be something the likes of which we have never seen. Tens, maybe hundreds of thousands of suicides. We might eventually get back to a normal life but it would take years. And who knows, maybe the public dissatisfaction with our new status quo would turn us toward a completely different way of living.
there may be real trade off decisions coming down the road.