University:
California State University, Northridge
Course:
ECON 409 | Introduction to Econometrics
Academic year:

2021
Views:

487

Pages:

2
Author:

Charlee Buchanan

The Effects of a Pandemic on the Economy Due to the coronavirus out brake businesses have been forced to let some employees work from home while also letting go of other employees due to being unable to pay them but at the same time of losing their jobs some workers have also been unable to get their unemployment insurance benefits that were secured to them by the government when they lost their jobs due to the pandemic. Moreover, the only people who qualify for those benefits are only people who were laid off by their work without faults and people in those ranges have more than doubled during this season but the workers who were fired or quit do not qualify for these benefit and are unable to have a steady income to support their families. Therefore, this has led to many people not being able to get their unemployed insurance benefits as the pandemic moves to rain havoc on the economy which is moving downhill quickly. The impact of not getting the benefits the unemployed workers need could lead to even worse public health cases because they won’t have the income, they need to get affordable health insurance or even to qualify for Medicaid. And while unemployment has become a commonality in this new normal, the labor market has dramatically decreased as the US has entered a recession which forced the government to sign a stimulus package bill, a tax incentive of 2trillion dollars to help respond and avert a financial crisis. Economic growth has been stunted as some businesses have had to close businesses stopping all activities to slow the widespread of the pandemic and in doing so the gross domestic product (GDP) has been declining. For example, since the closing of restaurants the mass produces of ingredients which restaurant use to buy has had to be discarded by farmers as with no buyer the suppliers are having to throw away their crops which have low shelf life due to no one buying the produce farmers are also having a hard time to stay open. Whereas, grocery shops are being troubled with panic buyers which has cause demand to soar while supply runs dry. The pandemic has revealed many problems in the system which need be amended in the case of another worldwide out brake and this can only be done my more policies that can patch up the loopholes that have been shown in the system through this pandemic. The policies that are put in place need to be able to help businesses and workers to hold their places which could prevent the mass unemployed people to depend on the government for daily necessities while also helping the economy stay steady.

The Effects of a Pandemic on the Economy Assignment

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