While mitigation measures are critically important in public places during a pandemic, it's debatable if a total lockdown helps save more lives than just a set of meaningful socio-economic restrictions. I believe that the former would do more harm to the physical and economic lives than the latter. Then again, such restrictions must not only be well thought out but also be uncompromisingly implemented.
Here are five basic socio-economic ideas that can hopefully help strike a balance between the two opposing spectrums.
#1 Relocating Sit-down Dining and Movie Theaters to roof-tops of commercial buildings, including multi-story parking structures. The operators need to buy or lease air rights. To weatherize the place, all the operator has to do is install a retractable or permanent metal roof and durable awning windows around the existing parapets, with some cosmetic changes or upgrades. The sitting arrangement should have a social distancing built-in. The restaurants currently located inside hotels can also consider relocating operations to the hotels' roof-tops, thus enticing at least the hotel residents to dine in. Even after the pandemic, this concept might retain significant economic value. Religious congregations could follow this format until the dust settles.
#2 Converting the Cruise Ships to Passenger Ships. It may take years before the cruise lines recover from this doldrum (see the picture at the bottom of the post), so the cruise operators may consider making a navigational change to an old-fashioned passenger ship to avoid having to scrap the fleet and layoff the entire crew. The ship operators need to open up the three upper decks for more open-air space and install more technologically advanced internets so the passengers can comfortably perform office work while traveling. Unlike cruise lines, the ticket prices should include only breakfasts, letting passengers pay for the other meals according to their choice. To start with, the operators can try the US-Europe and US-Caribbean routes. Of course, they must initially qualify for the stimulus money to make the switch. This switch may have long-term economic value. It would be a great alternative to international air travel, especially for those afraid of air travel.
#3 Switching to Solar Roofs. It's about time that our homes are more energy-efficient, switching to eco-friendly roofs with solar panels. Post pandemic, a sizable percentage of new homes should be built with all-solar panel roofs. Even when the existing houses with traditional roofs constructed with shingles, metal, concrete tiles, etc., require new roofs, homeowners should be encouraged to switch to all-solar panel roofs. It will not only save homeowners a ton in energy costs but will also be environmentally cleaner. It will also give a significant boost to the economy. This move should primarily be funded by the infrastructure stimulus, which is way overdue. Both existing and new homeowners opting for it will get a sizeable tax credit.
#4 Reinventing Student Loans and Phasing out H1-B Visas. We need a 5-to-7 year moratorium on all student loans except STEM education to make our education more labor-force friendly. In addition to STEM, the renewed student loan programs should include para-medical and counseling services like nursing, physical therapy, family counseling, etc. All financial aid must also go to those students only. Even the new STEM teachers will be big beneficiaries. Meanwhile, we have to gradually phase out the H1-B Visas -- preferably in the next five years -- to protect our new STEM graduates from the highly unfair foreign competition. Therefore, by the time these new STEM students graduate, the new H1-B would be non-existent.
#5 Introducing Universal Basic Income (UBI). The federal government must introduce UBI to protect citizens, especially the poor and middle-class, from unprecedented calamities in the future. The government needs to introduce a middle-class friendly, progressive consumption tax on durable goods at the national level to fund the proposed UBI. For instance, a middle-class family spending $3,000 on a pair of washer-dryer will not pay this additional sales tax, but a wealthy family spending $15,000 on a smart pair will pay this extra federal sales tax. Additionally, the introduction of UBI will help replace the existing welfare system, including Medicaid, paving the way for "Medicare for All" economically feasible.
It's high time that we think a little outside-of-the-box to avoid much socio-economic misery tormenting humanity.
Stay safe!
-Sid Som
homequant@gmail.com
https://www.insider.com/abandoned-scrapped-cruise-ships-illustrate-struggling-industry-2020-11
No comments:
Post a Comment