Unemployment rates have soared in the past few weeks to a record high of 3.3 million Americans filing claims. The labor department considered the rise to be an economic catastrophe, in that the unemployment rate rose from 281,000 to 3.3 million in the span of one week, the highest amount in the U.S. Department of Labor’s recorded history.
The Covid-19 pandemic has impacted America’s economy in almost every aspect like a domino effect. As more cases are confirmed as positive, more members of society are forced to self-quarantine in the name of flattening the curve. Laid-off employees struggle to pay for rent, and business owners are forced to close, putting pressure on the government to help stimulate the economy, i.e. providing the American people with a stimulus check.
Luckily, the government is sending out emergency bridge loans for small businesses to keep their companies running and their employees intact. The governor of Florida announced that he will be granting $50 million to support small businesses with an aid program as the pandemic continues to wreak havoc. The government encourages small businesses to apply quickly as the funds are already running out.
With the uncertainty of how long we will be under quarantine and how long the government can provide American’s with money to not only get by but to keep the economy running, all we can do as a society is what the World Health Organization tells us to do. WHO experts believe the best we can do is to continue with social distancing, which will prevent the spread of coronavirus. If we quarantine and practice social distancing for enough time, people with the virus may no longer be contagious, and the spread will halt.
The U.S. now has more cases of coronavirus than any other country in the world, including China and Italy. This increase in cases means an increase in demand for medical attention. The supply simply does not exist at the moment, so we must all practice social distancing, washing our hands, etc. to prevent hospitals from overflowing with contagious patients who need ventilators to survive the virus.
Government pressure will become more severe if the virus continues to spread and more people are out of work, so do your part and flatten the curve.