Shared from the 3/24/2020 The Providence Journal eEdition

EDITORIAL

Planning for the next phase

State Treasurer Seth Magaziner made an odd pronouncement the other day. He revealed that Rhode Island is “weeks, not months” away from running out of money to pay its bills and provide services. It was accompanied by a declaration that he is working on the problem, though he didn’t have the answers. Among other things, he said, federal taxpayers will have to bail out the state if Rhode Island is going to make ends meet. While Mr. Magaziner was able to grab a headline, it is hard to see how he accomplished much more than sow panic. We look to leaders in such crises not to merely point to problems, but to have realistic plans to deal with them. His comments, though, did serve to highlight one of the issues we are facing in the coronavirus crisis. Shutting down people’s ability to work and interact as human beings may buy some time. But it is extremely costly, and it is (obviously) an unsustainable answer to the coronavirus. It can only work for a time. That is because the government generates no money. Though politicians like to say “government” is paying for this or that, it all comes from us. If we don’t have the money, government doesn’t have the money. Slowing the spread of coronavirus is a crucially important endeavor. Our society should and must place a high premium on minimizing fatalities and helping hospitals prepare for a severe strain on the health-care system. Thus far, leaders at the state and federal level have been commendably focusing on this task, relying on the fact that our red-hot economy prior to the crisis gave us some leeway to shut things down for a while to slow the spread of the virus. But, as the politicians themselves admit, the period for doing that cannot go on forever, whatever the medical experts might wish. A working economy is crucial to ward off a complete economic collapse. Hunger, homelessness, horrific stress and a breakdown in aid for the needy might decrease life expectancy and harm people’s health even more than the coronavirus. That is why there will eventually have to be a balance. For the immediate future, it is vital that Rhode Islanders keep working together to take precautions, wash hands and minimize contacts that can spread the disease. The short-term effects of this shutdown period could be painful and very costly, but not insurmountable. But, even as they are emphasizing the importance of the shutdown, our political leaders should be working — employing teams of experts — to plan the next phase. How do we get the economy moving again in such a way as to minimize danger to vulnerable people? How do we make sure we can process unemployment claims quickly and keep money flowing to the needy? What state spending will be cut to make up for the loss of revenue? Priorities must be set. How do we reopen the casinos — a vital source of revenue to the state — with stronger safety measures in place? Planning is essential to minimize the damage of the virus to our society. Leaders should also be ready to explain to people that nothing in life is without risk. The best we can do is minimize risks and focus on the greatest good for all Americans.

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