As the world still isolates, social distances and stays at home – the concerns about the economy are always top of mind. Jobs, investments and paying bills are a daily topic at home and in the media.
The initial spin that there’s nothing to worry about as whatever was lost is bound to bounce back once we’re back to normal is starting to fade.
No one knows when that bounce back will start and the idea of back to normal, what it will look like and when is at best a guess for anyone.
Public health experts are beginning to make predictions about when coronavirus infection rates will peak. Economists are calculating when the cost of continuing to shutter restaurants, shopping malls and other businesses — a move that has already pushed some 10 million Americans into unemployment, with millions more on the way — will outweigh the savings from further efforts to slow the virus once the infection curve has flattened out.
Government officials are setting competing targets. President Trump has pushed his expected date of reopening the economy to the end of April. “We have to get back to work,” he said in a briefing on Saturday. “We have to open our country again. We don’t want to be doing this for months and months and months. We’re going to open our country again. This country wasn’t meant for this.”
Some governors have set much more conservative targets, like Ralph Northam of Virginia, who canceled the remainder of the school year and imposed a shelter-at-home order through June 10. Other states, like Florida, only recently agreed to shut activity down but have set more aggressive targets — April 30, in the case of the Sunshine State — to restart it. April 06 – New York Times
So when will it be back, what’s lost forever and how long to recover are the million-dollar questions. And if you are a journalist covering America’s economy through the COVID-19 pandemic – then let us help with your stories.
Jeff Haymond, Ph.D. is Dean, School of Business Administration and a Professor of Economics at Cedarville and is an expert in finance and trade. Dr. Haymond is available to speak with media regarding this topic – simply click on his icon to arrange an interview.
