Editor’s note: Walter Williams passed away Dec. 2. This is his final column.
One of the first lessons in an economics class is every action has a cost. That is in stark contrast to lessons in the political arena, where politicians virtually ignore cost and talk about benefits and free stuff. If we look only at the benefits of an action, policy or program, then we will do anything because there is a benefit to any action, policy or program.
What about the benefits and costs of dealing with the covid-19 pandemic? Much of the medical profession and politicians say lockdowns, social distancing and mask-wearing are the solutions. CDC data on death rates show if one is younger than 35, the chance of dying from covid-19 is much lower than that of being in a bicycle accident. Should we lock down bicycles?
Here is a lockdown question for you. Government authorities permit groceries and pharmacies to remain open during lockdowns. They permitted stores likes Walmart, Costco and Sam’s Club to remain open. However, these stores sell items that also are sold in stores that were locked down such as: Macy’s, J.C. Penney, J. Crew Group, Neiman Marcus and Bed Bath & Beyond. The lack of equal treatment caused many employees to lose their jobs, and many formerly financially healthy retailers have filed for bankruptcy.
As political satirist H.L. Mencken said, “The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary.” By the way, the best time to scare people, be wrong and persist in being wrong is when the costs of being wrong are borne by others.
