THE CRUMBLE OF THE AMERICAN EMPIRE: THE EFFECT OF THE CORONAVIRUS ON THE AMERICAN ECONOMY
Vivian Benishek
Head of Business and Finance
America is at a standstill. It has become evident that the businesses we love and the economy we have created have come to a burning halt. Despite your political affiliation, it is evident that the current White House administration of Donald J. Trump administered a delayed response to the coronavirus pandemic. Stocks have plummeted, taking numerous investors down with them, and crude oil has not been this low since 2002. Meanwhile, the average price of gas has plunged to $2.77 per gallon in California and, currently, 111 people have lost their lives due to coronavirus in San Diego County. Even though Congress successfully passed a $2 trillion stimulus bill in late March, many business owners are still gasping for air in the turbulent waters of this financial struggle. Unfortunately, the following individuals won’t receive a coronavirus stimulus check: college students, disabeled people whose parents support them, seniors living with their kids, immigrants without a Social Security number and babies born in 2020.
The restaurants, stores, parks, entertainment venues and shopping districts we love and appreciate have now been closed. Business owners are faced with the biggest enemy of all - uncertainty. Many don’t see the light at the end of the tunnel and some are losing the businesses they fought so hard to create. This unprecedented enemy has ripped through countries around the world and shattered almost every economy in its path. The crisis’ unpredictability and no final “end” date forms an unsettling feeling in families around the world. According to the U.S. Department of Labor, 26.4 million people have signed up for unemployment insurance in the past five weeks. This number both shocks and pains me. Despite this tragedy, many employees are feeling a newfound sense of pride and responsibility for their professions. For instance, workers at a Lysol factory in New Jersey reported that they feel more purposeful as they serve on the front lines and provide cleaning materials to customers across the United States. Big box retailers like Target and Walmart have stepped up their game to provide an environment that is adequate for both the shopper and cashier. It has been established that the mental health and well-being of employees should be the top priority across the board. Overall, COVID-19 is every business’ worst nightmare come to life, as it lurks in the shadows and devours its prey without warning.
So how can we, loyal clientele, help small businesses?
Let them know what resources and supplies you need.
Donate and help finance their business plans.
Leave a positive or uplifting review on their website.
Use social media platforms to spread the word and draw attention to their business.
Following safe COVID-19 protocol, see if you can volunteer or lend a helping hand.
That’s it for this briefing. See you next time!
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