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How to overcome COVID-19 going forward

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Passengers wait in a long line to get a COVID-19 test to travel overseas at Fort Lauderdale-Hollywood International Airport, Friday, Aug. 6, 2021, in Fort Lauderdale, Fla.. (AP Photo/Marta Lavandier)
Passengers wait in a long line to get a COVID-19 test to travel overseas at Fort Lauderdale-Hollywood International Airport, Friday, Aug. 6, 2021, in Fort Lauderdale, Fla.. (AP Photo/Marta Lavandier) · ASSOCIATED PRESS

Where exactly do we stand with the pandemic right now?

A few months ago when vaccination rates were accelerating and COVID-19 cases were plummeting, it seemed we were out of the woods. Offices, colleges and universities, sports leagues, resorts and concert halls were making plans to fully reopen, yes with restrictions, but net-net it looked like the pandemic was winding down and we’d have a pretty normal fall.

Not so fast.

Now we’re seeing vaccinations plateau, the Delta variant rear its ugly head and breakthrough cases come to the fore. The reopening process has stalled or has been thrown in reverse. Confusion and frustration are returning.

On Wednesday for instance, the 121-year-old New York Auto Show, which was to be held from Aug. 20-29, was nixed, after being postponed earlier this year. Here’s the statement:

“It is with great disappointment that the upcoming 2021 New York International Automobile Show at the Jacob K. Javits Convention Center has been cancelled due to the growing incidences of the COVID-19 Delta variant and the increased measures announced recently by state and local officials to stop its spread.”

The show’s management expected 1 million visitors with exhibits from 34 carmakers and more than 100 other vendors. Planned introductions reportedly included the 2022 Jeep Grand Cherokee, Nissan Z, and Subaru WRX.

Consider the economic impact. And that’s just one event. Think of the thousands of wedding planners, school administrators and restaurant owners (never mind the folks who run hospitals and urgent care facilities) trying to make their way through all this.

Yes, Friday’s jobs report for July was strong, (some call them "pre-Delta" numbers), but caution signals are beginning to flash. IHS Markit recently downwardly revised its global GDP growth forecast to 5.8% in 2021, noting that “global economic growth depends increasingly on COVID-19 vaccination progress.”

On Thursday, Amazon and Wells Fargo announced they were delaying their return to work schedules (and they are not alone) because of uncertainty surrounding COVID-19.

Another indicator, the yield on the 10-year Treasury bond that climbed smartly since last fall signaling a pick-up in economic activity, peaked at the end of March. It has since fallen from 1.7% to a low of 1.1%, reflecting investors' newfound fear of a slowdown.

In a sense then, we’re back to square one with COVID-19, once again trying to discern the indiscernible — the course of a pandemic. The implications couldn't be larger.

Which brings me back to my opening question: Where are we exactly? Not the beginning clearly, but are we near the end, or is it really more like the middle?