No doubt the economy has seen better days. COVID-19 has eviscerated it. Job losses are popping up all over, along with temporary furloughs for those lucky enough to stay employed. The government is doing its best to prop things up.
How bad is the economy in the United States? Headlines1,2 read “worst economic decline on record with the nation’s gross domestic product contracting by 32.9% amid virus-induced shutdown.” Some have even gone on to say the economy is “a very deep and dark hole”2—a depressing thought as we continue to see the number of cases and deaths rise in certain areas of the country.
In reality, the hole isn’t that deep, nor is it so dark. It’s true the economy took a hit; many dermatologists could see it happening firsthand as we shuttered practices and let go of staff. But an almost 33% decline? If we look at the whole picture, we would see that the economy declined at an annualized rate of 32.9%, and over one quarter, that’s a less than 10% drop. That’s not to say a 10% drop in the economy is fun or a walk in the park. But our economic outlook may not be as bleak as we currently think.
Our patients might think their dermatologic disease is a deep, dark hole as well. But recent advances in the diagnosis, treatment, and management in numerous conditions, as well as a step back to see the whole picture of a disease, should have dermatologists and patients thinking otherwise. Some therapies are seeing their indications expand, such as dupilumab (and ixekizumab and ustekinumab) for children (page 42), as we discover how far their efficacy can go. We’re exploring a more convenient administration of phototherapy at home, especially important in the age of COVID (page 28). And unlike 10, 15, or 20 years ago, we’re using Psoriasis Area and Severity Index 90 or 100 as a benchmark for therapy success (see the August 2020 special issue for Psoriasis Awareness Month for more).
Whether an effective treatment or cure or the state of the economy, a solid, objective evaluation of the whole picture is critical to shaping our outlook. If we just crunched the numbers, we might be counting our blessings.
References
1. Riotta C. US suffers worst economic decline on record in second quarter as GDP contracts by 32.9%. The Independent. July 30, 2020. Accessed August 4, 2020. https://www.independent.co.uk/news/world/americas/us-economy-gdp-latest-coronavirus-trump-pandemic-a9645881.html
2. Cox J. Second-quarter GDP plunged by worst-ever 32.9% amid virus-induced shutdown. CNBC. July 30, 2020. Accessed August 4, 2020. https://www.cnbc.com/2020/07/30/us-gdp-q2-2020-first-reading.html
