Economic impacts of COVID-19

Trista Truong, reporter

Due to the coronavirus outbreak, the nation’s economy suffered, and still suffers, a major impact. The virus, also called COVID-19, forces states to go into a voluntary lock down. Nearly 3.3 million Americans applied for unemployment benefits, quadrupling the previous record set in 1982. Businesses have been shut down, causing the economy to stagnate. Revenues show signs of plummeting at restaurants, hotels, movie theaters, gyms, and airlines. Individuals across the U.S. believe the nation will soon move into an economic shutdown.

The United States now holds the record for the most reported coronavirus cases, with around 81,321 people affected, far surpassing China and Italy. Dr. Anthony Fauci, leading expert of infectious diseases and member of the White House’s coronavirus task force, says the pandemic could kill 100,000 to 200,000 Americans and infect millions more, leaving many worried for an extended quarantine period. Job losses could come to a total of about 47 million. 

“The coronavirus pandemic has halted my working experience which makes it hard to gain experience in the field and get my name out there in the community,” senior Ivan Welborn said. 

Experts estimate the unemployment rate to possibly hit 32%, passing the unemployment rate of the Great Depression. However, the Senate’s coronavirus “Relief Bill” allows workers to apply for unemployment aid. The bill, worth roughly $2 trillion, intends to speed relief across the U.S. economy. Congress hopes it will keep businesses and individuals afloat during the long quarantine. 

“The pandemic has affected my job because I was going to work for the U.S. Census, but because of the virus, the Census has been delayed and whether or not I’ll be able to earn the same amount of money as before. I was supposed to earn around $4,000 with the Census and be able to pay for a semester of housing and food at college with it,” senior Myriam Rodas.