Across Canada, as COVID-19 cases surge, there’s talk of locking down again or of tightening second lockdowns. Of course, we haven’t even settled whether lockdowns were the proper solution in the first place, given the enormous collateral damage in unemployment, bankruptcies, and the physical and mental health of millions, amid a virus that overwhelmingly targets the elderly and vulnerable.
Not to worry, we’re told, these new lockdowns are less severe than the first round.
Unfortunately, economic theory suggests that repeat lockdowns can cause far more damage, even if they’re less strict. A recent survey from the Canadian Federation of Independent Business found that over half of small businesses in Canada are worried about surviving a second lockdown.