Economic Challenge: 2nd Wave of Covid

Hell0,

The article I chose to discuss ic called "The second wave's economic challenge" from The Hill, published on September 23, 2020 by Desmond Lachman.  It discusses how the impact the economy could face if there is a 2nd wave of covid which we now know is currently happening across the world. 

Upon reading this article, it's clear that economies across the world simply can't afford a second lockdown, especially with countries (some more than others) still dealing with issues from the first lockdown.  In the article, it states how despite America having only 4% of the worlds population, we had more than 20% of the worlds covid-19 mortalities.  As we know, this was a virus that many coutries knew little about or how to even treat it.  If the American economy had any reason as to why it ended up the way it did, my opinion would be that the American government didn't handle the virus correctly from the start.  It's great that many governments tried to stimulate the economy by providing financial stimulus packages to people but in the case of the U.S., we were unable to come to an agreement on a 2nd stimulus package before the election, as many hope it would come in time.  I suppose that isn't necessarily a bad thing as the 1st stimulus package felt rushed to get the economy back on track and was short lived.  Unemployment was still rising and despite American gaetting checks, that did not solve the problem of many households still struggling, especially when some household members wer not eligible.  Providing a 2nd stimulus with a well thought out plan may be the way to efficiently have a much more stable economy during these had times.

To conclude, we see that countries in Europe are becoming epicenters again for the virus as schools and businesses are beginning to shut down again.  As the U.S. and other countries are seeing this unfold, I would only hope that they see that this is a time to work together and try to find the best way to combat he virus.  No country wants to see the same thing all over again that they went through when it hit the hardest in Marcgh or April 2020.

 

Link to article: https://thehill.com/opinion/finance/517735-the-second-waves-economic-challenge

 

E-mail me when people leave their comments –

You need to be a member of UNH Economics Collective to add comments!

Join UNH Economics Collective