Introduction
As of May 2020, over a million cases and nearly sixty-thousand deaths.
What does this indicate? What steps are we going to take? When will this suffering end? Unfortunately, not many have answers to these questions, and solutions aren’t going to come soon either. The coronavirus has become a global pandemic in a matter of weeks. It has caused outrage and fear paired with innocent lives lost. Though people want someone or something to blame, there are simply too many factors; it isn’t a one man show.
Many have criticized the federal government regarding their response in prevention and mitigation. But is that really true? Or are the common people at fault? All we know for certain is that as a group, as a community, as a nation, we could’ve taken additional steps sooner in order to prevent this tremendous wave of deaths. Our people are dying, states don’t have enough supplies and funding, and it is devastating that the US economy is on the verge of collapse. Millions upon millions of jobs are either lost or at a high risk. Since it will have recurring effects over the next few years, addressing our economic problem is immensely critical.
Jobs and Millennials
Undoubtedly, unemployment is one of the largest fears and contributors to this steep decline of the economy and GDP of the United States. People are genuinely scared and afraid, and they have a right to be. Corporations and small businesses have had massive layoffs because the Coronavirus has led to social distancing and self-quarantines; in addition, because of the lack of economic activity, goods are neither produced nor sold. Not all types of work can be done online and, worse, there are people who need money on a weekly basis in order to sustain themselves and their families.
When this is compounded together, it results in a massive GDP decline. As shown in the graph, about 40% of the country cannot take an unexpected expense. This demonstrates the increasing importance of the urgency with which we need to act. People may not be able to pay for essentials unless they are given opportunities to work and provide for themselves and their families. However, until the quarantine is lifted, which may be after a long time, the entire country is at a standstill and the economy will continue to decline. Unsurprisingly, the loss of jobs and decline of the economy has been a large concern for our President. To show his commitment to this issue, President Trump had made a promise that he would get the people back to work by Easter, but it was simply a daring proposition. The President clearly does not want the economy to take a steep decline after a long period of steady growth: President Trump tweeted, “We can’t have the cure worse than the problem.” It is clear that he has concern for the economy, but it may not be appropriate to make any impulsive decisions right now. The country has not seen a decline in the death toll or the number of people infected.
For many, the idea follows that with age there will be a higher risk of death from the illness. This is because millennials and children have strong immune systems, so they won’t contract the disease as easily. However, new reports suggest that millennials may not be that invincible. In a recent report made by the CDC, 20% of people aged between 20-44 have been hospitalized and 2-4% have had to receive intensive care (as of April 23rd). This is a startling fact because many experts in the beginning said that it was implausible for the virus to infect children. On the other hand, now, the elderly, adults, and children are all considered to be in danger.
Travel Industry
According to CNN, the travel industry is at risk of taking a huge loss: “[The travel industry] is one of the largest industries in the world, with $5.7 trillion in revenue. It is responsible for an estimated 319 million jobs, or roughly one in 10 people working on the planet. And no sector is more at risk from the novel coronavirus. The travel industry has already taken a huge hit due to travel restrictions and canceled trips for both business and pleasure, but that's just the beginning. It could be the worst crisis for the industry since the September 11 terrorist attacks on the United States, according to some experts.” Undoubtedly, the travel and entertainment industries employ millions of hard-working individuals and now this colossal amount of people can lose their jobs. Not many industrial sectors can boast the fact that they employ 10% of the world. In addition, other industries have been hit hard as well because travel is no longer possible. A huge part of the global economy is going to have a steep decline in sales and value, but what is the solution? Travel has essentially been banned by the administration, which is good because we need to take immediate measures in order to prevent exponential infection. Since China is a step ahead in this process altogether, it is important to look at them as an indication of where the US economy and industries might head toward.
China has been trying to solve this problem since the start, but it does not seem that they have successfully prevented a downpour of issues. In this graph (as of March 2020), it is clear that China has not been able to prevent and contain the virus because of the immense concern of contracting the virus by using public transportation or stepping foot outside. Passenger volume has dropped, which is to no one’s surprise.
The compounding problem with a suffering travel industry is that it affects several other industries as well. Restaurants, retail onsite shopping, hotels, are all affected by a negative hit to the travel industry.
Many small countries/states rely on tourism for their economy, which is on complete shutdown due to social distancing. More people are filing for unemployment than ever before and it seems that we may never regain foot. No one knows where America may end up after this fiasco, but there may be ways to steer towards the road of improvement.
Solutions
Testing. Why is it important? Testing is the best way that the government and its agencies can gauge the level at which the coronavirus has spread and use that information to make decisions. This was shown clearly when Bill Gates said this in an interview with the Washington Post:
“It begins with testing. We can’t defeat an enemy if we don’t know where it is. To reopen the economy, we need to be testing enough people that we can quickly detect emerging hotspots and intervene early. We don’t want to wait until the hospitals start to fill up and more people die. Innovation can help us get the numbers up. The current coronavirus tests require that health-care workers perform nasal swabs, which means they have to change their protective gear before every test. But our foundation supported research showing that having patients do the swab themselves produces results that are just as accurate. This self-swab approach is faster and safer, since regulators should be able to approve swabbing at home or in other locations rather than having people risk additional contact. Another diagnostic test under development would work much like an at-home pregnancy test. You would swab your nose, but instead of sending it into a processing center, you’d put it in a liquid and then pour that liquid onto a strip of paper, which would change color if the virus was present. This test may be available in a few months.”
From May 1st, a few months may seem long, but it is actually a substantial progress. Of course America may not be testing as many people when compared to other countries, but in a country with a land so vast with hundreds of millions of people that could be potential victims, any improvement is significant. The ability to test at home is life-changing during such times because people don’t want to leave their house unless it’s absolutely essential (usually food or other essentials).
Other important parts that need to improve in order to reopen the economy is contact tracing and developing some type of antidote or vaccine. In the same interview Bill Gates continues,
“The second area where we need innovation is contact tracing. Once someone tests positive, public-health officials need to know who else that person might have infected... interview everyone who tests positive and use a database to make sure someone follows up with all their contacts… it would be an improvement over the sporadic way that contact tracing is being done across the United States now. Naturally, anyone who tests positive will immediately want to know about treatment options. Yet, right now, there is no treatment for COVID-19... [There are] several...promising candidates...on the horizon. One involves drawing blood from patients who have recovered from COVID-19 making sure it is free of the coronavirus and other infections, and giving the plasma (and the antibodies it contains) to sick people. Another type of drug candidate involves identifying the antibodies that are most effective against the novel coronavirus, and then manufacturing them in a lab.”
Taking these new treatments into account, it seems that it is plausible that these new solutions open the door and provide hope for a reopened economy. If, as a nation, we can work with one another to use methods such as contact tracing and study new drugs or antibody solutions to the virus, then we will move forward. All it takes is hard work and hope to rebound in a way never seen before.
Conclusion
The Coronavirus has weakened each and everyone of us and our economy. Adversity pits us against one another, so we need to avoid it to our utmost ability, but the challenges and hardships are unavoidable. However, in times like these, our true morals, and our true community is tested, and we witness people who have truly risen to the occasion; we see countless volunteers at hospitals and EMT staff working 24/7 to help the people in need. It is commendable and goes to show the true will of our people. Regardless of race, sex, and gender, people are helping one another in a way never seen before. From an economic standpoint, interest rates will drop and people will rush back and start to invest again during this market low. It is simply a matter of time before the country is back on track, and with new solutions proposed that involve contact tracing, drugs, etc. it seems that we have the right to have hope. Nevertheless, we must do our part and make sure that after this quarantine is over, the country is ready and united, so that we can reestablish the largest workforce, industries, and economy in the #1 country: America.
Sources: KPMG, statnews.com, CNN Business, The Washington Post
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