So many economic ripples with this pandemic. A few we can see with 20/20 hindsight.
Chinese totalitarian government denies any problem until it gets to the point of having to lockdown 10's of millions of people. Factories close, transportation dries up. Oil prices stockpile so prices decline. A Saudi Prince picks a fight with Russia at this time to support prices by cutting production. Nyet. Price collapse. Shale drillers squeezed and suspend exploration. No new drilling rigs manufactured in USA. Steel demand takes a hit and prices fall. Layoffs.
Meanwhile, Chinese tourists and cruise operators keep on trucking. Beautiful Italy stays open for business until it is too late. Cruise lines shut down for several months. Airline travel is suspended and hourly workers are laid off. Less demand for oil - Saudi Prince and Putin remain mad at each other as prices decline further - and the USA shale patch and suppliers suffer more. NHL and NBA shut down. Vendors suffer. Theaters and churches empty out, civic functions are cancelled, and Disney closes.
Younger people who are less vulnerable party like its spring break (which it is) and the universities shut down. Mayors and Governors suspend gatherings at public bars and restaurants. Hourly workers suffer. Mall traffic dries up even further. Hourly workers suffer.
The pandemic peak comes and heath care / first responders are overwhelmed. Supply chains have all been built on the 'China Price'. Key supplies for health care and the economy in general are unavailable. For the unfortunate - People die or suffer lung damage while recovering.
What we are doing now appears to be an over reaction to some. When the peak of the pandemic is past - it may very well seem we did not do enough.
U-shaped.