The Covid-19 Pandemic has hit America hard in more ways than one. Millions of people have been infected and thousands have died. But this has also impacted our economy because of stay at home orders and social distancing guidelines. Some may ask why should the American public be so concerned about the unemployment rate due to the Coronavirus? Isn’t this just temporary because of social distancing and quarantine? This problem is not just a temporary one. According to the New York Times[1], “The Organization for Economic Cooperation and Development said this week that high unemployment would probably persist in the United States and other developed countries at least until 2022.” This mass unemployment is worse than that of the Great Recession[2] and the damage it is causing will have lasting effects. The unemployment rate should be concerning not just because of the amount of people, but also because of the range of people it is affecting. In another New York Times article[3], Diane Swonk, the chief economist at Grant Thornton in Chicago, said “This is the deepest, fastest, most broad-based recession we’ve ever seen.” With an impact as shocking as this one, this mass unemployment is not just a temporary problem that will go away once the country reopens. This will take years to completely restore our country to where we were economically before this pandemic struck. This article also pointed out that all different sectors and industries are being affected from hotels, to restaurants, to mass retailers, to even white-collar strongholds, like law firms. Covid-19 has caused so many people to put their work on hold which in turn put a massive strain on the economy. Not only is it largescale businesses being affected, but also many small businesses are struggling to pay their bills. When small, local businesses cannot stay afloat and pay their bills, local economies then begin to greatly suffer. The government has given those who are unemployed an extra $600 a month on top of regular state unemployment funds. This program is ending by the end of July. Without these extra funds, the economy will suffer even more because payments will not be able to be made. Houses will go into foreclosure and people will be left now not only unemployed but also homeless. The Heroes Act is a temporary band-aid for a deep economic wound. This is a multilevel problem that ranges from the local level all the way up to the federal and international levels. Having a vaccine does not mean that the impacts the virus has had on the economy will magically disappear.
[1] Cohen, Patricia, and Ben Casselman. “Hiring Outlook Remains Dim, With ‘Scarring in the Economy.’” The New York Times, 9 July 2020, www.nytimes.com/2020/07/09/business/economy/unemployment-claims-coronavirus.html.
[2] Kochhar, Rakesh. “Unemployment Rose Higher in Three Months of COVID-19 than It Did in Two Years of the Great Recession.” Pew Research Center, Pew Research Center, 30 June 2020, www.pewresearch.org/fact-tank/2020/06/11/unemployment-rose-higher-in-three-months-of-covid-19-than-it-did-in-two-years-of-the-great-recession/.
[3] Schwartz, Nelson D. “’Nowhere to Hide’ as Unemployment Permeates the Economy.” The New York Times, The New York Times, 16 Apr. 2020, www.nytimes.com/2020/04/16/business/economy/unemployment-numbers-coronavirus.html.
I think this is a critical issue that a lot of people don’t want to recognize. A vaccine has been looked at as the light at the end of the tunnel, the hail mary pass, and the end all be all; however, it is not. We will be dealing with the fall out from this pandemic for years to come.
While this post focuses on the long-lasting damage the COVID-19 pandemic will have on the economy, I couldn’t help but think about how this pandemic offers the chance for beneficial change. The last few months have forced Americans to reexamine the health care system, which could lead to a system that will better serve Americans in the future. It has demonstrated that America was not prepared to handle a pandemic and will force the nation to reevaluate its policies to prepare for the next pandemic. Just as Taiwan’s government learned from the SARS epidemic and revamped its policies allowing them to be far better prepared for the COVID-19 pandemic, America could learn from its current failures to save lives in the future. Hopefully, some good can come out of this tragic crisis.
It’s true that the pandemic has revealed some critical flaws in our systems. While vaccines are a step forward, they aren’t a cure-all. We’re going to be dealing with the repercussions for a while. However, amidst the challenges, there’s an opportunity for positive change. Just as other countries learned from past epidemics, we can use this experience to improve our healthcare system and be better prepared for the future. Maybe there’s a silver lining in all of this. By the way, if you’re looking for guidance during these uncertain times, you might consider exploring some free online psychic readings —they could offer insight and clarity.
How in your opinion do you think people, or the government can impact the issue of unemployment? Because it does not really depend on the governmental officials whether to end the quarantine or not. Other factors affect this issue, such as the number of infected people and the spread of the coronavirus. Moreover, I believe that especially during this pandemic there have been a huge breakout of the online jobs. People started to innovate new works and began to engage in the virtual occupations. The pandemic may have shown another side of the world and businesses as it gave more opportunities to those who could not go to work or have a job in person, especially old people or invalids. COVID-19 may have created unemployment, but it also allowed the public to open and introduce to themselves the new form of the employment and it may have even reduced someone’s spending, as people don’t have to drive every day to work and pay for gas. Plus, as the new era begins, online jobs and robots are taking over the works of people. So, this pandemic may be counted as a warning for those who have never had to work from home or even from the other countries. As all the jobs are online right now, those who live in other countries had gotten a chance to have a job in the foreign country and make more money with other businesses that may not be available in their own country. Another question is why do you think the development of the vaccine won’t help to resolve the issue of unemployment? If the vaccine will be developed, the quarantine will end sooner, and people will be able to come back to their previous schedule. Jobs and business will continue to grow, and people will have their jobs. But I personally still believe that not all jobs are at risk because of the pandemic. Those who have their businesses can still work from their homes, and those who lost theirs now are having more opportunities as they can start an online one, such as Amazon.
For myself personally, reading that high unemployment would persist until at least 2022 was terrifying. The range of people it is affecting not only in the United States, but the entire world is frightening. This issue is something that people need to take more seriously and understand that we are currently making history. The economy is currently worse than any recession that we have had. I agree that with the extra $600 a week, people may have been able to make it by. But, now that this is over, it’s hard to maintain a normal lifestyle. Personally, paying an outrageous rent in Boston, bills, and being able to purchase food has become a struggle. It has involved some serious budgeting and cut backs which have lightly helped. I also understand that without the $600, the economy will suffer because of bills that are unable to be paid. Living in the Boston area is expensive! I am having difficulties staying afloat and I’m only taking care of myself. I can’t imagine some families who have multiple children or parents to take care of. With the money that we are receiving now, I don’t believe the economy will be able to bounce back if nothing can be paid for.
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