Share this Story: Will the roaring 20's return again or not
Will the roaring 20's return again or not
Colin MacKay
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The Spanish Flu was a worldwide pandemic in 1918 with tens of millions of deaths. The first known case of the flu is believed to have been Fort Riley, Kansas. Military personnel were then shipped overseas and the flu spread. Eventually, this flu ended in 1919 because people died or became immune. After the flu departed, people gathered and socialized. The roaring 20's began and kept going for almost a decade until the stock market crash of 1929. The economy grew due to advances in electricity, enabling washing machines and refrigerators to become part of everyday life, and radio began in earnest. In 2019 a novel coronavirus, named COVID-19 spread quickly around the world, mainly from people carrying the virus via aircrafts. Advances in science facilitated a vaccination to limit the spread of the virus. Not as many people have died worldwide, but this pandemic is far from over across the globe. In Canada though, we move closer to herd immunity with each passing day. Economic experts believe there is pent up spending waiting to happen. Historically, will the roaring 20's return again or not.
In Belleville, people are looking forward to enjoying new movies at theatres, listening to a fantastic act at the Empire theatre, or heading out for a meal at numerous restaurants. New bars may pop up in town for young people to go out and dance the night away. All of these activities require money. During enhanced restrictions these options were not available, hence many people saved money. These activities also have a socialization component that has been sorely missing during the pandemic. pandemic. That is an optimistic quick overview of our present situation.
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However, workers within the service industry tend to be younger, and they were hit hard by this pandemic. They may not be rushing out to spend. Instead, they will be attempting to pay off debt. Women, in particular have lost work, and have also been the majority of caregivers for those that became ill. While they may be willing to go out for a meal, they certainly will not be doing it often.
The way people work will certainly be a challenge for employers. Many workers preferred working from home, and didn't miss the daily grind or commute. Will larger offices still be required? Will a hybrid of working from home and office become normalized? These are unknown at the moment, but change will occur. Available office space could be converted into much needed affordable housing. To a person, city councillors and mayors of the area much prefer in-person meetings because it offers an opportunity to not only discuss issues, but a chance to get to know people better via socialization.
The common bond that all of us seek is social interaction with others. Those with money will return to restaurants and theatres. And, spending will increase as people seek 'freedom' from enhanced restrictions placed on them by governments trying to decrease spread of a highly contagious virus. Others, less fortunate, will struggle.
Economic growth is necessary for 'roaring' twenties of this century. Advances in artificial intelligence, such as self-driving cars and trucks could be a possible start. Cars lead the way for economic growth in the 1920's. Electric advances in cars and trucks has already begun and will continue. Infrastructure for electric vehicles is advancing. Belleville city council is already considering adapting its buses for electrical.
Economic growth and social interactions will return once enough people become vaccinated. The economy will open up sooner rather than later. Those with money, will seek out socialization via restaurants and concerts. However, the advancing disparity will not permit a complete 'roaring twenties' vibe. Disparity has always existed, even in the 1920's but 100 years later it has become a chasm.