COVID-19 & the Economy: A Spiritual Analysis

Unless you're living under a rock (which might not be such a bad thing right now), you're aware that a novel coronavirus, officially labelled COVID-19, has sent the world into a frenzy.  Major events have been cancelled, travel bans have been put implemented, and people are stocking up on toilet paper!  Beyond the obvious medical implications of a pandemic like this, people have begun to express concern over the economic impact it will have, especially as the stock market is diving precipitously.  The NBA shut down will itself cost untold millions, and it will affect not only the rich, but your average joe as well.  President Trump has urged Congress to pass legislation to support those put out of work due to COVID-19, but the government gets all of its money from taxpayers, so we're probably just delaying the economic implications. 

I am not a medical expert, nor am I an economic expert, so I really don't intend to comment on either of those fields.  In fact, I've done my best to ignore this issue since it hit the news.  I just wanted to share a couple of thoughts regarding the recent panic, especially regarding the economy. 

1) This is the danger of an entertainment-based economy.  As I listened to Trump speak about the Federal governments attempts to limit the economic impact of COVID-19, and as I saw complaints on Facebook about the economic impact of the NBA closing and the NCAA tournament being cancelled, I couldn't help but to be saddened by the fact that our economy is so fundamentally based upon entertainment.  For every sporting event, concert, or convention cancelled, dozens or hundreds of normal people are financially impacted.  I do not wish to impugn those people, and there is certainly nothing wrong with sports, music, film, etc., but it doesn't bode well for our future as a nation. 

Economically speaking, this is a tenuous situation.  Certainly medical crises pose risks to entertainment-based economies, but so do regular economic downturns.  When there is less disposable income, spending on entertainment falls (hopefully).  To build so much of our nation's wealth on the unsteady foundation of entertainment is surely untenable long-term.  Every time I hear about a football player or a baseball player (especially a baseball player) getting an enormous contract, I think, "How is this sustainable?"  How long can this house of cards stand?

Economic experts have long divided labor into two categories: productive and unproductive.  Some activities are inherently productive because they increase the general wealth of a nation, while other jobs simply transfer wealth back and forth, accomplishing nothing more, nationally speaking, than to circulate money between individuals.  This is not to say that there is anything immoral or unnecessary about unproductive forms of labor (many important and perfectly valid employments are economically unproductive, technically speaking), but an economy that is overwhelmingly comprised of unproductive labor will eventually fall into decline.  Economic experts argue over what kinds of labor should fall into which of these two categories, but I think most would agree that, generally speaking, money spent on entertainment is not the most productive investment of capital.  Sure, that capital can subsequently be invested in more productive forms of wealth, but it certainly loses potential for creating wealth.  

2) What are our priorities?  As one quietly observes the cesspool of human interaction (social media), it is easy to get depressed, especially in times of crisis.  Many people suddenly become experts on issues they have never studied.  Others prefer to deal with crisis through dark humor, often mocking the pain and suffering that others are experiencing.  Through all of the ups and downs of social media, people reveal their true selves.  They reveal their priorities.  This crisis has demonstrated that for many Americans, their priorities are money and entertainment.

When someone's primary concern amidst a crisis (genuine or contrived) is how the economy is going to be affected, I think it is valid to question that person's priorities.  It is not wrong to study or to be concerned about economics, but there are vastly more important things than the state of our economy.  Beyond spiritual matters, human life is itself more important than economic prosperity.  Let me say this clearly: human life is more important than money.  Of course, economic prosperity can be a blessing and leads to greater sustenance of human life, but I don't believe that that is why people are so unsettled.  I think many people are more worried about losing their lifestyle than their lives.

This situation reminds me of the 2016 Presidential race.  Donald Trump and Hillary Clinton were neck-and-neck and so many people were lamenting the idea of voting for Trump.  They did so, however, because they feared the economic implications of four years under Hillary.  I respect every man's right to vote his conscience, but I was saddened that economic prosperity was the highest priority for so many Christians.  Our Savior said, "For where your treasure is, there your heart will be also," and those words are as true today as they have ever been.  It is in moments like these that people reveal where their treasures lie, and I'm afraid that many Americans, Christian and non, are loudly proclaiming that economic prosperity is the most important thing in their world. 

As American Christians, we should reevaluate our priorities constantly.  There is nothing wrong with physical wealth, but we must examine whether or not our wealth has become an idol.  Do we own our stuff, or does it own us?  Are we prepared to live in economically disastrous times?  Are we ready to be uncomfortable?  Could our faith survive a Holocaust or a Great Depression?  If we're honest, I don't think we'd like our answers to these questions.