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COVID-19 Hurt the Economy – And Is Continuing To

COVID-19 Hurt the Economy – And Is Continuing To

The Center on Budget and Policy Priorities reported in July that the severe and unprecedented size of health, humans and economic crisis caused by COVID-19 put the economy in a deeper crash than the 2008-09 Great Recession.

Currently, 49 million people have applied for unemployment claims compared to 8.3 million in the Great Recession in 2007-009. Current estimates forecast unemployment averaging 10.5% over 2020 and 7.65% in 2021. That will be the highest unemployment since the 1930s.

So – with jobs ‘shut down’ to stay home and LIVE SAFELY – what can happen now if jobs are ‘shut down’ again to reduce COVID-19 exposure? Growing unemployment – again – and severe economic impact.

”Politically, there’s a lot going on, with the fall election is causing greater stress and accusations that reduce bi-lateral accomplishments,” noted Safe America CEO Len Pagano. Whomever is in office will face economic hardship by trying to put everyone into a ‘safe quarantine’ – and while keeping safety as our #1 priority, there’s no question that plummeting jobs is also hurting millions of people – who cannot find it easy to survive financially.”

Pagano shared this insight, hoping that like World War II, both sides might seek to ‘unite’ and work more together without acrimony.

”We need to bond together more – seeing a common agenda,” Pagano observed. “Like Black Lives Matter (BLM), we need better leaders – to advance decisions that may be tough to conclude – but will ultimately save lives.”

Pagano noted that the ‘WorldSafe Fall Forum’ on Nov. 7 may discuss this issue – seeking a role to advance leadership. To attend, contact Joe Caprara at (770)-384-7937.