4. When Politicians Panicked: The New Corona Virus, Expert Opinion, and a Tragic Lapse of Reason by John Tamney, argues that the severe economic contraction experienced in 2020 was primarily a consequence of politicians' panicked reactions and forced lock

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4. When Politicians Panicked: The New Corona Virus, Expert Opinion, and a Tragic Lapse of Reason by John Tamney, argues that the severe economic contraction experienced in 2020 was primarily a consequence of politicians' panicked reactions and forced lockdowns, rather than the inherent lethality of the COVID-19 virus itself. Tamney highlights Governor Cuomo's March 20, 2020, decision to shut down New York, portraying the economy as a "valve" that could be arbitrarily opened and closed, which led to an immediate and severe contraction that persisted long after.
The book contends that financial markets had already accounted for the virus's severity based on early signals from China, where US companies like Apple, GM, Nike, and Starbucks maintained strong performance, indicating the virus was not indiscriminately lethal. The real market panic, leading to a "very quick correction," occurred when politicians demonstrated their ability to "wreck an economy" through drastic actions like shutting down events such as South by Southwest in Texas. This response is contrasted with the 1968 Hong Kong flu pandemic, which caused 100,000 American deaths (equivalent to 250,000 today) but saw no significant market reaction or political lockdowns, primarily because technology at the time made such widespread closures impractical without risking "mass riots".
Tamney criticizes the government's subsequent interventions, such as the CARES Act and the Paycheck Protection Program (PPP), for being akin to "central planning" imposed on top of political decrees. He argues these programs indiscriminately propped up entities like private schools, Harvard, and the Los Angeles Lakers, instead of allowing market forces to determine which businesses would adapt or fail. This "nationalization of investment" through government checks and loans was deemed anti-investment and merely delayed recovery by diverting capital from those most capable of investing to those most likely to consume, which does not drive economic growth.
The author advocates for economic growth and individual freedom as the most effective responses to health threats. He points to examples like the voluntary disappearance of hand sanitizer and toilet paper before official shutdowns, and an individual living in a tent in Florida to protect his family despite no mandates, demonstrating that people don't need laws to avoid illness. Tamney suggests that a constitutional "right to contract" and return to work should protect individuals from such mandates. He concludes that the resilience shown by private enterprise, such as Pfizer developing a vaccine without "Operation Warp Speed" money, underscores that a healthy economy fostered by freedom is the best defense against disease. The core lesson, he asserts, is "never again take away people's freedom".
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