The Roaring 20s were a decade of remarkable growth that followed World War I and the influenza epidemic that killed millions of people around the world. Today’s coronavirus pandemic and the world’s depressed emotional state of mind strikes an unusual parallel to earlier times. Veteran agent Marc Geiger says today’s “claustrophobia economy” of the coronavirus pandemic will be replaced with a second “Roaring 20’s” era of social and economic growth once the pandemic ends. Wouldn’t that would be the bee’s knees!
What prefaced the Roaring Twenties?
The Roaring 20s followed a long period of people being cooped up at home as citizens deferred spending hard-earned voot and gave up entertainment in lieu of work supporting the war. An influenza epidemic compounded the problem, forcing people to stay home for much of the late 1910’s. When the war ended, America transitioned from a wartime economy to a peacetime economy, taxes were reduced and the consumers became giddy with glee. The result was an explosion of innovation and celebration that lasted much of the decade following the war.
What changes did the Roaring Twenties usher in?
The 1920’s are referred to as the Roaring Twenties for good reason. The era saw the transition of automobiles as a luxury good to a mass-produced product and entertainment such as radio and cinema became widespread. Scientific innovations such as antibiotics gave people hope and a feeling of invincibility. Increased consumer spending provided government funds which were used to create new infrastructure such as highways, electrification, and the expansion of telephony.
Cynics disillusioned by the war and influenza epidemic spawned social criticism and free thinking. Birthed from the era were legends such as Ernest Hemingway, F. Scott Fitzgerald, and Gertrude Stein, famous authors that railed against the newfound materialism and individualism that ran rampant during the era. The country elected Warren G. Harding who’s campaign slogan was “a return to normalcy”. Even the 18th Amendment couldn’t stop the party.
Will America see another Roaring Twenties today?
Veteran agent Marc Geiger predicts the end of the coronavirus pandemic will spark an era similar to the Roaring Twenties. People clamoring to put behind the deliriously depressing year of 2020 will be “screaming to get out” of their homes and the return of prosperity will usher in joyous time not seen in more than 100 years. Goldman Sachs’ music specialist Lisa Yan seconds the notion. Yang predicts the live-music industry, which she estimated has lost around 75% of its value in 2020, will recover around 65% of its pre-pandemic value next year and will fully recover in 2022. And when it does recover – oh boy, is it gonna be a party.
“Everyone who’s suffering right now, if you can hold on – whether it’s through financing, debt, equity – the bumper crop will be significant. The market is going to come back at a very, very vast clip,” Geiger added, “and […] when it comes back rate of return will be huge. We’re going to see more blow-outs and sell-outs, and huge consumer interest. It’ll be one of few times in history the customer will buy a beer or a hot dog, and they’ll feel good about standing in line! And that beer will never have tasted so good.”
What an we expect when the coronavirus pandemic ends and 2020 comes to a close?
Here’s how many expect the era to play out: If history repeats itself, the next Roaring Twenties will begin with an attempt to return to normalcy after 2020’s bizarre year of troublesome events. The euphoria will lead to freer thinking which will lead to an openness which will rush in a new era of innovation. Possibly innovative tech such as Virtual Reality will finally gain a foothold or the miniaturization of computers will continue until all of our required computerization fits on the back of our wrist. Possibly we’ll see a stronger, wholehearted move to sustain the planet’s resources, a gung-ho push to fix the planet, pushed along by the electrification of motor vehicles. Maybe we’ll see a return to the outdoor life and an acceptance of “simpler things” over the plethora of material things built solely to make our life easier. But hopefully, just hopefully, we’ll see a decade long celebration of life and a sincere gratefulness that yes, we did survive the year of 2020.