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How American Spending Will Greatly Affect The U.S. Economy After The Pandemic

Posted on by sflint2

By Sean Flint

American Economists have a great worry on their minds at the moment, that being what will our economy look like after the Covid-19 pandemic. With the world currently in danger of having complete economic collapse, economists have one of the most stressful jobs during the pandemic solely due to the fact that their work will determine the lives of future generations to come. If they fail to help bring the economy in the US back to its original state, there will be public outcry and great national debts towards citizens. We as a nation must rely upon and trust economists so that we may get out of this pandemic healthy and strong.

 

Americans over the span of the pandemic have greatly changed their spending habits. Americans were known for always trying to buy the next best thing, the next best iPhone, next best TV, etc. This spending has taken a complete turn around as Americans focus only on buying what they need such as food. The change is drastic as grocery shopping has hit new highs over this time period due to people wanting to stock up on food. Prices on many items in our economy have risen due to the lack of product being sold. If the price wasn’t changed on a product, it was likely produced at a much slower rate for companies to adjust to the current spending period. Americans have tried to focus on helping small businesses grow and stay in business but the efforts have not been very successful. We have companies and businesses failing because Americans simply are doing what they need to do to survive. The American dream is being ripped out of the hands of many people.

When we look at a country like Denmark and its spending, we can see huge spikes of spending before the pandemic. These spikes come around when the average citizen has their paydays. We can now see how these spikes have almost disappeared into small spikes even on paydays. This data can almost be directly correlated with what we see in the US, that being a significant decrease in overall spending which directly affects the economy.

 

Spending as a whole has been in quite an interesting spiral of chaos. We can see that from February 26 – March 10 that spending is increasing, especially in shopping and air travel. Once we hit the dates of March 18 – March 27, the only category out of 6 stayed in a positive growth of spending was food delivery services. This 10 day period was right after the U.S. started shutting down and everyone started to bulk up on foods and necessities. Every other category saw significant dips in spending over just about 20 days.

 

Also with the great number of lost jobs in America, we can see that consumer confidence has lowered quite a bit. This is due to the lack of circulation of money as well as the lack of products being made at this current moment during the pandemic. Why should any consumer believe that products are made just as well as they used to be, considering all of the budget cuts companies have taken so that they can still put out products to the consumer? Car companies have been hit with many complaints about how cars are being manufactured in a “sloppy” way. This is all being said as well as being put on top of the fact that cars are barley being purchased which could explain the sloppy manufacturing but it cannot be an excuse.

 

A substantial concern with the economy is how it will possibly bounce back after the pandemic. Many say that they will keep their newfound spending habits so that they can cut down on losing money in the future. This belief by someone would be correct but the issue with it is that many economist believe that Americans will simply go back into the same habits they had pre-pandemic. If this is to happen, many more small businesses will fail and cease to exist. The only pro that may come out of this is that with many Americans holding onto as much money as possible, spending as a whole may increase. Though many small businesses may fail to ever come back, the rest of the economy may have all-time highs.

 

So how do we as spectators look at this? Do we try to push the government to give these small businesses some help or should we let all of the events play out to then react? If we do choose to help these businesses, are we willing to spend the money to help them, given that the American Government has already taken a massive hit with dealing with its budget? Republicans have tried to push for spending in this area but the democrats won’t let it happen unless they get something that they want. This crisis for small business owners is real and a change must happen for aid to be pushed towards them.

 

If we the public choose to force the government to spend more money now to help during these times, it may not be as bad as many think. Yes, we will have to increase our budget and risk more debt, but the overall effect that the spending could have may just be what we need. If this spending quickens our ability to get over the pandemic, we can simply create more jobs and influence Americans to spend more money they may have saved during the pandemic. By doing so, we can create an economic rebound and grow from there. If we look at what Europe did during the Black Death in the 14th century, we can see that the overall help from people of a higher power brought Europes peasants into a better life you could say. Landlords cut down on rents and agricultural workers were paid more. This allowed for growth. Though doing this in America is not exactly the same, if we go in with the idea to help those in need as well as allow people to have money to spend, we can come back as a healthier nation as a whole.

 

Economists also have acknowledged that there are many more problems than just small businesses. With this pandemic, there have been millions of jobs lost. We need to find a way to bring back our American jobs, by doing so we can focus on that money being made by the people being put back into the economy. No money means no spending, no spending means we lose our once amazing economy. Not to mention that people don’t know what to exactly believe on their TV’s. Who’s telling the truth, who’s lying, and how do we get information that isn’t heavily influenced by a political party? Political tensions have been rising and it has shown for many years now.

 

No matter what we as a nation do to combat these possible problems, they must put parties aside and focus on the citizens of America. We thrive off of working and spending that hard-earned money. Let us work, let us spend, and let us all bring the economy, American jobs, and the lost small businesses back to life.

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40 Comments

  1. I agree with the author’s point of view on how the Covid-19 outbreak has affected small and local businesses due to lockdown restrictions, and Americans new spending habits. During this pandemic, Americans have been spending on what is necessary instead of buying what they want. This change of habit is affecting the economy in a negative way since a decrease in overall spendings is creating a harder and longer economic recovery. The government should focus on getting people back to work and they should also motivate citizens to spend and support the US economy. However, If Congress decides to spend more money on grants and loans for small and local businesses, then the government should make sure that the money given is providing an effective financial solution rather than a social safety net that will generate more debt on a long-term basis.

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