COVID-19 is now a burden for many countries around the world. The virus, which started in Wuhan, the capital of Hubei province in China, is a threat to the global economy.
The United States is one of the nations that have hard-hit by this pandemic and is now struggling with a declining economy. The stay at home orders offered by the state government has now forced the closure of nonessential companies in 42 states while drastically impacting the U.S. economy.
According to new data released on Thursday, unemployment claims were over 6 million for the second week in a row. Meanwhile over 16.8 million have been applied for the state unemployment insurance system.
And this number could go further because other states in the country are yet to test the water. On Thursday, we saw Chicago impose a ban on the sale of liquor to stop the continuing violation of the ban on large gatherings.
The ban remains in effect until April 30. Its primary purpose is to reduce the many cases in Chicago, which account for nearly half of all Illinois cases and more than 70 percent of the deaths. This is a high rate since the population is only 30 percent of the entire population in the state.
On Wednesday, the city’s mayor, Lori Lightfoot, made it clear that the curfew will be in place because too many individuals and companies have violated the order to stay at home.
On Tuesday, the official also condemned the gun violence law, in which seven people died and 14 were injured. Such an act is unforgivable during this period when the country is a fighting coronavirus.
Supt Charlie Beck, in his commentary on the incident, accentuated that the beds now taken from those who were injured during the gun violence could be someone’s grandmother, someone with pre-existing conditions, someone at risk from this virus.
Nationwide, the rate of job applications is many times higher than the worst record set during the 2008 financial crisis.
While unemployment has tripled in Illinois, New York, and California were the first countries to take rigorous measures to combat the coronavirus. In other smaller countries, the cases are even more dramatic.
Although some big names like Walmart and Amazon have announced plans to hire economists, this won’t bring any compensation for the lost jobs.
At this time when there are curfews and other stringent measures in the U.S., incomes are evaporating and economic damage is likely to increase as consumers now make up most of the U.S. economy.
It is believed that even after the end of this existing crisis, which has brought the whole world to a standstill, it will not be easy to make everything normal again. According to the chief economist at RSM, Joseph Brusuela’s statement, which was published on Twitter, it will require more time to make everything normal.
The virus is no joke to the economy and countries such as china who appears to have contained the situation should help other countries.
Lena Wood graduated from John Carroll University in the year 2002. She born and grown up in Dallas but later she moved to Cleveland for Studying. Lena has written for several major publications including Community Newspapers and News Desk. Lena is a community Reporter and also Covers National Topics.