Newsweek stated in an article that an Indiana economics professor predicted on Sunday that the coronavirus pandemic could cost the U.S. $7 trillion, and by June the domestic unemployment rate will be larger than at any point since the Great Depression.
Economists have called for aggressive action by the federal government to mitigate the economic costs of the virus, which would involve the most wide-ranging borrowing scheme since World War II, according to theNew York Times.
Most of you probably know the way our economy is measured is by GDP gross domestic product how much we produce and how much money we exchanged for the products and services we create. So when we are told to go home not to work and to close your businesses this is like a bullet to the head of the GDP and this was not just one country this was Global.
When annual GDP goes down or goes up less than 2% that indicates a recession GDP must be a solid positive number year-to-year to balance taxes debt crime and natural disasters and the normal flexes of Commerce. It has been conservatively projected that the pandemic lock down will take us GDP down by 20 to 40% annually it will be a miracle if a recession is all we endure.
Acorden to Forbes The effect in the U.S. remains unknown, but economists expect a hard hit to the economy, and the timing of the subsequent recovery remains uncertain. The volatile conditions create an opportunity to protect against downside risk and increase income. COVID-19 will continue to effect the markets, but we should all collectively remain vigilant as we navigate through this period of uncertainty together.
Please take a moment to watch the video below. I base this article on his video and he sum up everything on my mind.
Some of you may not agree with him, however I ask you to put your differences aside and keep and open mind and focus on the bigger picture at hand.
Summery:
The coronavirus did not discriminate and neither should we because we're all humans beings and we're all one and we're all in this together. Now this is moment we need to get ourselves together and help each other to pull back this country together better and greater than it ever was.
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