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The global economy was already teetering on the edge of such a debt crisis before the coronavirus hit. The economic shutdowns have accelerated the damage.
The Federal Budget this year coincided with the release of Pope Francis’ Encyclical Fratelli Tutti. Both are preoccupied with the shape that society will take after COVID-19. It is tempting to compare their different approaches.
A common argument is that publicly-funded artists take unnecessarily from the ‘average Australian’. In the current international crisis, this argument fails to recognise that artists and arts workers are just as deeply impacted financially by COVID-19 as the ‘average Australian’ in other industries.
The response to COVID has invited reflection about the relative value of one human death (and so of one human life) as compared with another. This is a radical question because it makes us ask whether the value of a human life is defined by economic wellbeing and by potential contribution to the economy, or by deeper qualities.
It’s tempting at this point to blame 2020 for the almost comically bad situation we are facing right. But here’s the thing: this isn’t bad luck or even some kind of testament to the power of numerology. This dire situation was entirely predictable and even, sadly, entirely preventable. We walked right into it — or, at least, we allowed ourselves to be led here.
The havoc COVID-19 has wreaked on our economy has been less damaging than for some other countries. While international comparisons may help us feel better about our circumstances, the reality is that Australia’s economy is in trouble and will need more than economic first aid through measures like JobKeeper to get us back on track to recovery.
The pandemic has afforded us a preview of how a crisis plays out when the science is not properly heeded. The overwhelming majority of climate scientists have long been sounding the alarm that the health and safety of large parts of the population are at serious risk, both here and around the world. We are already seeing the damage to health and to the environment that they predicted.
When I read Jess Hill’s piece in The Monthly which calls the coronavirus lockdown a ‘gendered pandemic’, I felt heard. I wanted everyone to read this article, to understand that feminist wins were being erased in the name of a national emergency, and that women were stepping up to the now larger domestic workload with a career cost further down the line.
The pandemic has lit up the areas in which our neoliberal economies are basically unfit for the purpose of providing healthy and safe environments — whether it be privatised aged care homes and quarantine services or ‘the gig economy’, which forces sick people to ‘soldier on’ infecting people as they go. One area that has been rather less considered, however, is disability.
There will be Great Reset in finance and economics. It is inevitable because the shock has been so great. The first problem is what to do with global debt, which was already at unsustainable levels before the virus hit: over 320 per cent of global GDP. The only way to prevent system-wide failure has been to lower interest rates to near zero levels.
The capacity to story our experience is a powerful tool for reflection and understanding. As adults we learn that no story is pure and we are capable of telling ourselves spin, but the shaping of experience into story is the bread and butter of our lives. Narrative, it has been said, is a primary act of mind.
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