By Immanual Jacob and Rosie Swidler
Coronavirus, as with any major global event, has stunted the economic growth of the world. However, this is where any similarities end. As opposed to merely interrupting economic activity, the virus has resulted in the upheaval of the very financial systems that is supposed to protect us.
This year alone, small businesses have experienced a 20% decrease in revenue since January.
New businesses have also sprouted up at a slower rate, but lockdown has been a hotbed for new ideas and creativity. The rate of growth is projected to skyrocket past recent years.
Record layoffs and unemployment numbers have prompted action from the federal government- in accordance with The Coronavirus Response and Relief Supplemental Appropriations Act of 2021: an automatic payment of $300 per week is allocated to anyone qualified for unemployment benefits.
Low Income families have truly felt the brunt of the pandemic; a combination of unemployment and limited relief from taxes have propagated hostile economic circumstances for less fortunate families across the United States. To combat this, metros, most notably New York City, have introduced supplementary legislation including grace periods for rent payments.
Empirical studies have all pointed to recession-esque conditions in our economy, however many relevant statistics have written another story about economic recovery. The GDP had experienced its largest positive change between quarters nearing the final days of the Trump administration. Slowly but surely, the tone of government action toward the pandemic has shifted from that of mitigation, to steady growth. As a nation that was built on both crumbling defeats and glorious highs, there are better days to come. There is still light at the end of the tunnel and keeping with the spirit of our nation, recovery is imminent.