 Well, there's a kind of naive view that births result from just putting men and women in a room together. That's not really the way it happens at modern society with a lot of contraception. We do have a lot of unplanned pregnancies and births in this country. It's not that everything is planned, rationally calculated, but there's reason to believe that the planned births would be diminished during the pandemic, because people are deciding to postpone their plans or forgo childbearing now, whatever plans they had now, just seems like a bad time, a crazy time for a lot of people. And then unplanned births are probably also declining because people are moving around less, interacting less, meeting less, spending less time together, all the things that lead to births. So between planned and unplanned, it seems very likely that we're gonna have a decline in births and we already see some evidence for that. There is some evidence from Google searching and there's been some research on this that shows pretty strong evidence that people are Googling for pregnancy-related topics less, also sex-related topics. And there's some things that pregnant people Google for, like morning sickness and things like that. And so just like we can track flu symptoms or disease like the pandemic, like people Googling, oh, what happened to my sense of smell, we can also kind of get an idea about pregnancies from Google searches. If it's preliminary, it's just gonna get us only so far. There is some other evidence, for example, Trojan condom sales went way down in the second and third quarters of this year. Maybe people just throw in caution to the wind deciding, let's have children, but probably not. It's probably more likely they're just having less sex, getting together less. There's also survey evidence and the Goodmackere Institute did a survey in the spring that showed a lot of women had changed their plans and said they were planning to either delay having children or have fewer children as a result of the pandemic. So the evidence is really very strong. The tricky thing is that birth rates were already falling. I already saw birth rates were lower in Florida and California as early as the summer, which seems early for the pandemic to be causing that. But it's possible that it's two things coming together. We already were having falling birth rates on top of falling birth rates in the pandemic. But the reasons may be similar. One reason birth rates are falling in general is because of things like work family balance, the high cost of childcare, the lack of family policies at work that support parenting and all those things are also magnified during the pandemic. Childcare is incredibly difficult to get right now and very expensive. So that could be affecting a lot of people's decisions. It is possible that the declines in summer were related to the pandemic. If you think about it, somebody got pregnant in November or December and then they were gonna be due in the early fall or late summer, it's possible that they had miscarriages or abortions because of the pandemic. So that's a possibility, but we don't have the evidence for that yet. It's just too early to say. When are we going to see this? It kind of depends how it's affecting people. If it's really just people not being together because of the lockdowns, then we expect to start seeing declining births already in November and December. But if it is more eating away at people's confidence in the future, if it's undermining their sense of mastery of their destiny, all those kinds of social psychological elements that affect people's decision making about having children, then it could drag on and we could see births declining throughout, say, 2021. Maybe there will be a sigh of relief and people will get right back to what their plans were, but history shows us that we're unlikely to see a bounce that makes up for the loss that we experienced during the crisis, for example, from the 1918 pandemic or other crises. In the end, when we tally it up, we're going to find fewer children than there would have been otherwise. That seems fairly certain. I am generally in the category of social scientists who are not super worried about declining birth rates. There is an argument that declining birth rates contribute to slower economic growth. I think the way the world is going, well, you should probably figure out how to work around that. Rather than try to increase birth rates, I'd rather see society adapt to lower birth rates and I think we can do that by increasing productivity with technology and changing culture and so on. In the long run, I'm not too worried about falling birth rates, but it is true that falling birth rates do affect society in important ways. One way is down the road, you have fewer workers. That takes a long time to materialize. In the short run, declining births affects consumption in the sense that children are expensive. People spend a lot of money on their children. They need bigger houses and bigger cars. So fewer children does have a negative effect on consumption, at least that's a strong hypothesis. And maybe in the next five, 10 years, you would see some economic effect of having fewer births. I really have come to see this pandemic as a seismic inequality event. Every negative consequence that we see is increasing inequalities that we already have by race and ethnicity, by social class, by gender, in the case of the women lost more jobs than men and all the household and childcare, education burdens, care work. All of that for sure is increasing inequality. We are going to see the effects of state and local government budget crises in the coming years. That will in turn ripple down to schools and other social services and further increase inequality because of who will be affected by that. We already see the education effects with the pandemic increasing the literacy gap and achievement levels for children with less resources for black and Hispanic children. The data's already coming in showing that. So all kinds of inequality are going to get worse. I am optimistic that we will learn from this. One thing I hope we will learn, there's a lesson here in our healthcare system how to run a healthcare system. There are also lessons about schools and education. It's possible we will get momentum in the direction of more sensible policies in areas like education as well as healthcare. I'm kind of optimistic about that. We might look back at this period and say we were underprepared, we were under resourced. The billionaires in this country have seen their wealth increase by almost a trillion dollars just in this year. If you look at the very, very top and that's just resources, the untapped resources that we could be using to solve these problems. So there's a lot we could learn from this crisis. My optimism is that the social learning in this will actually generate some good results down the road. That's the closest I can get to optimism.