How Can I Help the Economy During the Coronavirus Pandemic?

            With the coronavirus rampaging through the world, the United States is feeling its effects more as each day passes. I awoke this morning to learn that April 2020 General Conference for The Church of Jesus Christ of Latter-day Saints will indeed be something to remember. We learned that conference will be held, but the only people attending in person will be the speakers, their wives, the choir members, and any technicians required. The membership of the Church of Jesus Christ will view conference virtually. This change does not affect me much because I almost always watch virtually.


            We were told last October that this conference would begin a year of commemoration for the First Vision of Joseph Smith and would be one to remember. I considered several times buying airline tickets and attempting to get conference tickets. I never contacted the airlines because I received a negative answer when I prayed about the idea. Now I understand more clearly why. 


            The change in general conference is not the only change. Missionaries will be taught virtually instead of spending three to six weeks in the missionary training center. Large groups are discouraged or outright banned, so stake conference may also be different. Twelve temples have been closed due to the coronavirus and a dozen or more missions have been affected. The schools and universities in the Church Education System are making plans to teach virtually. The Church of Jesus Christ is not the only one making changes.


            The NCAA basketball tournaments will be held without spectators. The NBA suspended its season when one of the players contracted the virus. School districts are struggling with the question to close schools or not. All kinds of businesses are affected.


            With daily reports of the numbers of people confirmed as having the coronavirus and the numbers of people dying from it, we sometimes hear of the numbers who have survived it. However, the news of how quickly it spreads can be daunting. 

Many people are cancelling vacation and other travel plans. The government tells us plainly that we should not take cruises. The travel industry is taking a big hit with airlines, cruise lines, hotels, restaurants, and tourist attractions suffering. More employees are working from home where they have no need for coffee from Starbucks or lunches downtown. With the parents staying home, there is no need for childcare services … and the list continues of businesses and individuals who are losing money.

For all these reasons, I appreciate an article containing a list of actions that individual Americans can do “to minimize the economic impact even as we follow public health guidelines.” Natalie Gochnour, an associate dean in the David Eccles School of Business at the University of Utah and chief economist for the Salt Lake Chamber, offers these suggestions.

1. Follow the guidance of trusted sources: In a public health emergency the sources of choice are the Centers for Disease Control and Prevention and the [State] Department of Health….

2. Stay engaged with the economy: Look for ways the economy can work for you even with uncertainty. With 30-year mortgage rates at 3%, it may be a great time to refinance. With stocks plummeting, it may be a good time to buy. With international and domestic travel limited, consider a “staycation.” …

3. Keep the long term in sharp focus: The short term will pass…. There is a lesson [in our history]: Markets correct, recessions end and prosperity returns.

4. Prepare so you don’t have to panic: … Look for ways to diversify income sources and manage costs. Save for a rainy day. Reduce debt. Have a plan.

5. Be confident in [America’s] core strengths: I can’t think of a better place that [America] during a public health emergency….

6. Give of your means: Downturns impact people disproportionately. Some work in stable industries, others do not. Some have the means to save and invest, others do not. Some have food security, others do not. Some have the resources to stock up needed supplies, others do not. Downturns re a time to “lift where you stand” and help others by looking after your neighbors, donating to charities and serving those in need.

            All six suggestions are good ones and encourage us to search the current “clouds” for the silver lining. Pessimistic attitudes and negative comments do not help a situation. We all need to look for ways that we can do our part to help our nation come through this difficult time. I like suggestion number six because it suggests ways that we can put our Christian teachings into action to others as we help ourselves and our nation.