Written by: John B.
Tomorrow is scary, trust me. The coronavirus has utterly destroyed, or shall I say still destroying, the United States’ economy. With the United States having a centralized economy in absolute lockdown, the fears of a global recession, or even depression are seen on the horizon by many. The colossal spike of unemployment and the destruction of business has led many to be uncertain about tomorrow’s economy.
Not seen since the Great Depression, American is dealing with an existential threat that hasn’t been dealt with within over a hundred years. With the quarantining of society, non-essential employees working through hair salons, food establishments, Gyms, and other labor related jobs are being laid-off or furloughed for the foreseeable future. Living in a quite wealthy area, many Pewaukee residents are blind to the fact that much of America’s middle/lower class is struggling. Assistance through
Being hand in hand with unemployment, businesses are also being greatly affected, too. In an urgent effort to lessen the effects of the coronavirus, many businesses have been forced to “close the doors.” In addition to lay-offs and furloughs, many businesses are still not being able to make ends meet. The second quarter of 2020 is dreadful for business across the board: small business to even billion dollars companies. With many American’s being up-tight with cash, consumer spending is at an all time low, leading to a low in business earnings reports. To sum up America’s financial system, if no one spends, no one earns. Furthermore, Americans are fearing for the worst and it is most definitely showing. With exception to in-home entertainment, like streaming services, consumers are reluctant to how long this situation will continue. This means areas of dining, shopping, and entertainment are all seeing a substantial withdrawal of customers. Furthermore, consumer spending has decreased by 7.5 percent in the month of march and a consumer spending decrease totalling even greater in April.(BEA). Consumer confidence has been thrown out the window for the thought of an uncertain future. Times like these make economic output look very frightening for consumers as well as businesses. Link to Video.
What does this mean? The loss of countless jobs and crippling loss of economic output will plague America for the coming months, to even a year. With public safety as a most, state lockdowns will continue until the Covid-19 pandemic is contained. This state of isolation will continue to devaste our economy to an irreparable state, leading further into economic decay. Tomorrow’s Economy is scary, and is imperative to understand what tomorrow looks like to be a better informed citizens.
I think you're topic of choice is really interesting, as no one is quite sure what tomorrow will look like as things are ever changing. I think that you made a really good point to bring up the fact that people in wealthy areas, such as Pewaukee, don't fully see the impact COVID-19 has been having as this is the reality. It's important to recognize this so more can be done to help.
ReplyDeleteThis is a very relevant topic now and I think it draws attention to how many people are suffering financially during this time. I knew that a lot of people were unable to work because they were considered "non-essential" but I feel that after seeing your graph it brings a lot more things into perspective. There are so many people unemployed right now and it is creating a struggle for everyone. A lot of people who probably thought they wouldn't have to worry about their job, might now be because of this virus. This article recognized the hardships that so many people are experiencing.
ReplyDeleteThis is a very relevant blog post, seeing as how we never know what tomorrow will look like. I wake up everyday wondering when life will return back to normal, and in these times it's so uncertain as to when everything will be right again. It's sad that we can't go out to eat, go shopping, or spend time at places like parks or concerts, but I hope people realize that this is not for nothing. We are trying our best to contain the virus and lessen the spread, and I want everyone to realize how important this is. This post highlighted how much of an impact this is having on society, and how it is more important than ever to follow guidelines and stay safe!
ReplyDeleteI think this topic was very important, and interesting to read about as well. You did a good job shining light on the fact that some people are really suffering financially during this pandemic. It was also beneficial that you brought up how people who do live in wealthy areas don't full see the impact of this pandemic. There are a lot of un-employed people right now and people who do live in wealthy areas such as Pewaukee don't see the full impact of that. Overall, good job on the article.
ReplyDeleteA great topic for the times we are going through right now. Also, good information and showing what has been happening to other people around the US who aren't as fortunate as us. Covid has taken a lot of jobs from people, however, that will probably soon change. This isn't going to be lasting too much longer as most states are starting to drop their quarantine such as Wisconsin has. This is going to cause people to slowly get jobs back. It won't happen right away but it's already starting to become better slowly.
ReplyDeleteI knew that the economy has been doing poorly but I failed to see it from all the perspectives as to why the economy is in shambles. You did a great job shining a light on many of the causes behind the scenes. Unfortunately, I don't think we will be out of this as soon as some people hope. Before we begin to rebuild the economy we must end the pandemic. However, it is likely that COVID-19, like many other viruses, will never get a vaccine. People don't want to accept that the best way to rid of the pandemic is by waiting for the healthy people to get the virus and become immune to it to then establish herd immunity. If we hold our breathes and wait for a cure, it may be too late to save the economy.
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