Culture and economics effects of COVID-19

While hoarders may be stockpiling toilet paper and hand sanitizer cities across the United States are grappling with an economic pandemic that threatens not only its consumer based economy, but also the lives of hundred of thousands of  families and individuals, as they grapple with job loss and putting food on the table, while struggling to make rent and mortgage payments. Hit hardest are the working poor, the homeless, and rural Americans whose lifelines are shorter than those who are able to work from home computers, or tablets.  The $2.2 trillion dollar bill passed by Congress, after a spectacular 96-0 vote in the Senate, and later approval by the House of Representatives may give some relief, but many economists feel that this is a short term fix,at best, and the $1,200 dollars that many individuals can get (families will get $2,400) may be a short lifeline, than siome proponents feel. House Speaker Nancy Pelosi, while pleased with the bill, added that there were things that needed to be in the bill, that were not included, such as extended and expansive food stamps.. Many families with children are depending on handouts from local school districts, and  some parents are limiting themselves to one meal a day, in order to amore amply feed their children, exemplifying the necessity of a long-term fix . When factoring in rents, in areas, large and small, those checks may not allow many people to ride out the economic storm, COVID-19 has released. President Trump who signed the bill on Friday, has additionally  expressed optimism that America can be open for business by Easter Day on April 12th; and, some like US automakers such as Ford, GM, and Chrysler have said that they want to reopen shuttered factories by that time, but the United Auto Workers has expressed  reservations, and are waiting to take their cues from health officials before agreeing to having their members return to work. Taking front and center from the pandemic and its economic impact is recession, which seems imminent.  And, with recent joblessness claims that hit 3.3 million, exceding the last record of 695 million in 1982, the US economy is beginning to  teeter on the brink of disaster with layoffs and business closing across the country. While medical researchers and local and state lawmakers issue shelter at home orders, and the increased demand for testing supplies and protective gear, only the efficacy of those measures, and the hope for a vaccine can stem the tide of the virus and its financial  drain on America.. Meanwhile the bill which does provide relief for most people, may, in the long run, not be enough.  While full details have not emerged,especially for the airlines,who have lost over 50 percent of their passengers, there are billions promised for hospitals, and for hard hit areas like Chicago: $9 million for its health department, and $16 million for the Illinois Department of Public Health. While these efforts have been praised by Illinois Senator Dick Durbin, New York Gov. Andrew Cuomo told reporters at a press briefing that the bill’s provision would only be a “drop in the bucket”  for what his state needs. Needs are not just for the urban areas as The New York Times noted recently, but is especially important for low income rural families, “already living on tight budgets with overdue bills, unstable housing, poor health care and unsteady employment often bear the brunt of the pain.” Whether the Congressional bill is enough to reach them, is of grave concern. Furthermore those public school students eligible for the free lunch program are still receiving those meals either in drive through locations, whether  in Texas, Illinois, or Florida, and other states; giving those most vulnerable, especially children, in many cases, the healthiest meal of their day. For others these meals were a way to stretch, and tighten, the household budget, But, the spectre of a grim future for many remains. Hardest hit, as we previously noted, are restaurants with at least 75 percent expected to not be able to survive the mandated closings, since many will not be able to survive only on takeout orders, with a total expected loss of $224 billion in the coming three months” reported The New York Times. In addition, they noted that “large chains and well-funded restaurant groups have the resources to ride out a protracted shutdown, but the individual restaurants that make up about two-thirds of the American dining landscape,” might not survive. Prior to the bill industry leaders had asked for $145 billion in federal aid. The rescue bill would extend unemployment benefits to those who were on, or near the 26 week deadline and provide an extension of 13 weeks, but this is dependent on managing the largest single rescue bill in the nation’s history; and, the huge management of the rescue seems to be imperiled by politics with Trump wanting the special inspector general to report to him, and not to Congress. One particular bright spot is that the bill does provide benefits for freelancers and gig workers, which might be of help to those urban millennials, but offer little relief to those in smaller less urban, and rural areas. -- ReplyForward