U.S. COVID-19 cases have reached over 600,000, with 29,000+ deaths. This is both devastating and heartbreaking. While these numbers continue to grow, another set of numbers steadily increase as well. Over 22 million Americans have filed jobless claims and the $349 billion Paycheck Protection Program aimed at helping out small businesses has run out of money in less than two weeks (https://www.npr.org/sections/coronavirus-live-updates/2020/04/16/835135924/10-years-of-spectacular-u-s-job-growth-nearly-wiped-out-in-4-weeks and https://www.npr.org/sections/coronavirus-live-updates/2020/04/16/835958069/small-business-emergency-relief-program-hits-349-billion-cap-in-less-than-2-week?utm_medium=RSS&utm_campaign=nprblogscoronavirusliveupdates)
President Trump recently claimed that the U.S. has passed its peak of COVID-19 cases, and New York Governor Andrew Cuomo has said that the worst of COVID-19 is behind New York, one of the worst hit states. With this in mind, when will Americans hope to return to work and some sense of normalcy?
While no one wants to rush back so quickly that it causes a second wave of outbreaks, millions of Americans are left with uncertainty as both state and federal governments struggle to compensate for the economic fallout. This uncertainty leaves many asking questions including:
How long will it take the U.S. economy to recover?
How many businesses will be able to recover and how many will remain closed after the
Will state and federal governments increase taxes to make up the cost of unemployment
and bailouts or will they cut taxes to try and stimulate the economy?
Is it a greater risk to return sooner in hopes of jump starting economic growth, or is it
worse to hold out longer to account for public health concerns.
President Trump plans to announce his outline for economic recovery soon. Will this be enough and will state governments comply or pushback as we have seen throughout the criss? While we won't know many of these answers now, a clear plan of action needs to be taken sooner than later if the U.S. wants to move forward.