The economy has enjoyed a significant, albeit only partial, recovery since the Covid-19 pandemic hammered it in March and April. Two immediate policy choices will determine if the rebound persists: the extension of relief to households and businesses, and appropriate regulation of holiday entertainment and travel.

Instead, policymakers and business leaders seem to be chasing the chimera of an untrammeled return to pre-pandemic normality instead of dealing with the reality of a looming second wave. That way lies economic disaster...

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