The coronavirus crisis in the United States quickly went beyond a public health emergency to become a dire economic threat.
It’s not hard to see why. Coronavirus has led governments to urge residents to stay out of physical offices, work from home if they can, avoid restaurants and other in-person services, not gather in groups of 10 or more, and otherwise make choices for the sake of public health that dramatically reduce economic activity.
But the situation is graver than just shutdowns spurred by public health concerns. In addition to the supply of workers and goods falling, demand has …