David McWilliams: Pandession Is
on Monday, May 25, 2020David McWilliams Money Quote saying Irish economist that the global pandemic is having new effects on the world economy which requires a new term he has coined – Pandession. David McWilliams said:
“We are not living through a recession. Nor are we witnessing a depression. We are suffering from something new, something I’d like to term a “Pandession”. We have chosen to minimise needless death at the price of huge economic damage. This economic, social and political destruction is the Pandession” — David McWilliams
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In this quote, David McWilliams is discussing the current economic situation caused by the COVID-19 pandemic. He argues that describing it as merely a recession or depression does not fully capture what is happening.
Instead, McWilliams coins the term “Pandession” to define it – a combination of pandemic and recession/depression. He explains that many societies have chosen to prioritize minimizing unnecessary loss of life from the virus, even at the enormous cost of severe economic damage, job losses, business failures, etc.
McWilliams’s point is that the scale of this economic, social and political disruption caused by both the health and economic impacts of the pandemic together is deserving of its own label, which he terms a “Pandession.” The quote acknowledges the immense challenges faced as a result of attempting to balance public health needs against economic stability during a global crisis like the COVID pandemic.