Omicron variant lockdowns would ‘wreck’ economy, stock market: Steve Moore

Moore: Covid lockdowns are ‘ineffective’ in combatting virus

Economist Stephen Moore argues that reinstating lockdowns would ‘wreck’ the economy and stock markets.

As fears of the latest COVID-19 variant grow, economist Steve Moore argued on "Varney & Co." that lockdowns are not only ineffective in combatting the virus but that they also have "catastrophic" effects on the economy as was seen in spring of 2020.

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STEPHEN MOORE: I'm just praying that we don't make the mistake that we made a year and a half ago or two years ago when politicians panicked around the world, especially in the United States, and we locked down economies, we shut down our businesses and commerce. And it had catastrophic effects on the economy. 

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But the really interesting thing about lockdowns is they had very little impact on reducing the spread of the virus. We hopefully have learned the lesson that lockdowns are just an ineffective way to combat a virus like this. And so we don't know right now how severe this variant will be. But I do think that this would really wreck the economy and the stock market if we saw any kind of protracted lockdown.

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Potential economic impact of omicron variant

Economist Stephen Moore warns against making the same mistake of shutting down businesses.

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