Read more on this subject: Economy – Economics USA
News Story Source: https://www.zerohedge.com, by Gail Tverberg
Many people believe that the economy will start going badly wrong when we "run out of oil." The problem we have today is indeed an energy problem, but it is a different energy problem. Let me explain it with an escalator analogy.
The economy is like a down escalator that citizens of the world are trying to walk upward on. At first the downward motion of the escalator is almost imperceptible, but gradually it gets to be greater and greater. Eventually the downward motion becomes almost unbearable. Many citizens long to sit down and take a rest.
In fact, a break, like the pandemic, almost comes as a relief. There is suddenly a chance to take it easy; not drive to work; not visit relatives; not keep up appearances before friends. Government officials may not be unhappy either. There may have been demonstrations by groups asking for higher wages. Telling people to stay at home provides a convenient way to end these demonstrations and restore order.