Servers deliver food to a table at a pop-up restaurant set up in Times Square in New York on October 23. Consumer spending accounts for 68 per cent of the US economy. But with Covid-19 still raging, services consumption – restaurant dining, in-person shopping, travel – is unlikely to recover soon. Photo: Reuters Servers deliver food to a table at a pop-up restaurant set up in Times Square in New York on October 23. Consumer spending accounts for 68 per cent of the US economy. But with Covid-19 still raging, services consumption – restaurant dining, in-person shopping, travel – is unlikely to recover soon. Photo: Reuters
Servers deliver food to a table at a pop-up restaurant set up in Times Square in New York on October 23. Consumer spending accounts for 68 per cent of the US economy. But with Covid-19 still raging, services consumption – restaurant dining, in-person shopping, travel – is unlikely to recover soon. Photo: Reuters
Stephen Roach
Opinion

Opinion

Stephen Roach

Despite coronavirus vaccine hope, US must brace itself for a winter of despair

  • Vaccination is unlikely to bring about so-called herd immunity until mid-2021. For a vulnerable US economy entering lockdown again, the case for a double-dip recession is compelling

Servers deliver food to a table at a pop-up restaurant set up in Times Square in New York on October 23. Consumer spending accounts for 68 per cent of the US economy. But with Covid-19 still raging, services consumption – restaurant dining, in-person shopping, travel – is unlikely to recover soon. Photo: Reuters Servers deliver food to a table at a pop-up restaurant set up in Times Square in New York on October 23. Consumer spending accounts for 68 per cent of the US economy. But with Covid-19 still raging, services consumption – restaurant dining, in-person shopping, travel – is unlikely to recover soon. Photo: Reuters
Servers deliver food to a table at a pop-up restaurant set up in Times Square in New York on October 23. Consumer spending accounts for 68 per cent of the US economy. But with Covid-19 still raging, services consumption – restaurant dining, in-person shopping, travel – is unlikely to recover soon. Photo: Reuters
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Stephen Roach

Stephen Roach

Stephen S. Roach, a faculty member at Yale University and former chairman of Morgan Stanley Asia, is the author of Unbalanced: The Codependency of America and China.