Economic Lessons from the Pandemic
This article highlights seven important lessons that Americans should learn from the pandemic. The author considers COVID-19 as the greatest disaster of the twenty first century. Apart from affecting the health of many people and causing massive deaths, it has led to the highest rates of employment after that witnessed during the Great Economic Depression. However, the paradox is that as close to twenty million citizens across the United States of America lost their jobs, the poverty levels decreased. This is attributed to the pragmatic initiatives of the government, especially the Corona virus Aid, Relief and Economic Security (CARES) Act. This piece of legislation provided for a wide array of unemployment benefits to the low-income families as well as the middle income individuals. That is not all, the CARES Act also sent huge checks with the aim of uplifting the low and middle income citizens of the United States during the pendency of this pandemic. Some of these lessons include: the benefits which the big corporations have reaped during this time whereas small and middle sized companies crumbled. The statistics indicate that most people retreated to their residential places and had a bias for the big technology companies like Amazon, Google and Facebook products among others. The other lesson is the perceived safety of residential homes compared to offices. From a study by Gallup, a renowned economist, the electricity bills incurred in the residential places rose sharply whereas the power bills for the commercial and industrial areas dropped drastically. The indeterminate level of success of the Paycheck Protection Program (PPP) is another take away from COVID-19. This program was an initiative of the government aimed at saving small business entities in America but the effectiveness is debatable. Lastly, the pandemic also taught us that motorcycles can also be dangerous; they provided super spreading grounds for the virus.
Economic Lessons from the PandemicNovember 13, 2020 in Uncategorized