Yesterday news arrived that Governor Polis has closed the schools for a further period. It seems as though this works and like the social distancing, is going to be painful. My daughter, for example, is facing reduced hours as are others who are close to me. I'm sure that you already know people who are experiencing reduced hours at work. Colorado Governor Jared Polis announcing new Covid-19 efforts. Photo: Official Polis Facebook Page It is probably worth looking back at the Panic of 1893, 1874 and also the Great Depression for some lessons in this. Instead of a run on the banks we are experiencing a run on toilet paper. But otherwise the panic among people about their future is very much in evidence. Economists define an economic depression as unemployment of more than 15 percent. I submit that we are there now, due to layoffs, reduced hours and other effects in the labor market. It isn't over yet and I worry that worse is ahead. Worse, the Federal Reserve is focu...