It's completely understandable that the doctors and medical professionals in charge are calling for this historic measure. Their job is to solely focus on the horrific virus pandemic and help avoid countless casualties. The situation in China, Italy and other countries was so frightening; it's hard to comprehend that it's really happening.
In our noble quest to eradicate the outbreak, we can’t afford to lose sight of the nonhealth-related problems that could arise. The United States needs to wage two wars: one against the coronavirus and the second to save jobs and our economy.
We
hope that people in high government positions are seriously focusing on
the human costs of massive job losses that will follow this edict. The Wall Street Journal has already reported that the “coronavirus-triggered downturn could cost five million U.S. jobs.”
In addition to the efforts placed on fighting the lethal outbreak, our leaders should be acutely aware of the unintended consequences of the unprecedented lockdown. There will be serious repercussions for millions of Americans. The tragic result will be that businesses will go bankrupt and millions of Americans will lose their jobs.
For example,
restaurants, which have been ordered to close and can only offer
delivery or pickup, operate on a razor-thin profit margin. With the lack
of patrons at their establishments, it's likely that many can’t afford
to pay the rent and all of the other costs due to the huge drop in
customers. This will force many food establishments out of business. It
will entail letting go all of the waiters, waitresses, cooks, chefs and
workers.
Large corporations will feel the pain too. The hotel, resorts, airlines and retail sectors have been hit the hardest and have no choice but to lay off large numbers of workers.
According to top-tier investment bank Goldman Sachs, America is going to feel the largest economic hit on record with a painful 24% plummet in our gross domestic production. Kevin Hassett, a former economist in Trump’s administration, said alarmingly on CNN that if we all remain in our homes for six months, the outcome will be comparable to the Great Depression. Hassett asserts that the next official job report will be “the worst jobs number you ever saw.”
Steven Mnuchin, the U.S. Secretary of the Treasury, issued a dire warning to senators last week stating that 20% of the population could be unemployed if there isn’t a comprehensive $1 trillion rescue package to bail out people and companies.
Americans filed a total of 281,000 new claims for unemployment benefits last week, strikingly up 70,000 from the prior week. The Economic Policy Institute, a nonprofit, nonpartisan think tank, offered a serious warning, “Even with moderate fiscal stimulus, we’re likely to see 3 million jobs lost by summertime.” These figures have been echoed by analysts at Bank of America.
CNBC reports that many workers lack sufficient savings to help them survive a layoff.
Fifty percent of American adults are believed to live paycheck to paycheck. About half of the population lacks an adequate emergency fund to cover expenses for three months without any income coming in. Due to the difficult financial straits, companies may not offer severance packages, which will exacerbate the financial condition of the workers who are downsized.
Roughly 31% of people who owe money on their credit cards and have other debt self-report that they’re not confident that they can make the required payments. Nearly half of those with student loans are not sure if they can pay back their tuition debt, according to a CNBC poll.
Lisa Abramowicz, co-host of Bloomberg Markets, shared her concern over some of America’s forthcoming financial fright in a tweet, "Fed data shows that 40% of US households would not be able to come up with $400 for an emergency expense, and data from 2019 shows that 53% of US households don’t have any emergency savings.”
Dan Price, the CEO of a small firm based in Seattle, made headlines a while ago when he cut his own $1.1 million salary to $70 thousand and raised all of his employees’ compensation to $70,000 as well. He represents the sentiment of a number of small and midsize business owners that believe this downturn will be ruinous for them and benefit the behemoth global corporations, like Amazon and Walmart.
Price tweeted, “I'm CEO of a small company that processes payments for other small biz. Our data shows 50% of small biz revenue is gone already. Meanwhile, Walmart stock is at record high & Amazon is hiring 100k people. No joke: We're on a path toward small business extinction - swallowed whole.” He followed up with, “Democrats + Republicans hold up small businesses as the lifeblood of our country. But we don't have the resources to hire lobbyists. So much political attention has been on big corporations, but small businesses are on their deathbeds - successful American Dreams, shattered.”
In addition to our focus on stopping the coronavirus and finding a vaccine, it's imperative that there is also a strong fiscal program to prevent a vicious prolonged recession or possible depression.
For once, hopefully, our politicians can stop sniping at each other and join forces to save our jobs and businesses. Currently, there is talk of a huge $1 trillion stimulus package—but as of now, it's still just talk. If they don’t act quickly, even if the outbreak is stopped, we may not have jobs and businesses to go back to after we leave our homes.
In addition to the efforts placed on fighting the lethal outbreak, our leaders should be acutely aware of the unintended consequences of the unprecedented lockdown. There will be serious repercussions for millions of Americans. The tragic result will be that businesses will go bankrupt and millions of Americans will lose their jobs.
Large corporations will feel the pain too. The hotel, resorts, airlines and retail sectors have been hit the hardest and have no choice but to lay off large numbers of workers.
According to top-tier investment bank Goldman Sachs, America is going to feel the largest economic hit on record with a painful 24% plummet in our gross domestic production. Kevin Hassett, a former economist in Trump’s administration, said alarmingly on CNN that if we all remain in our homes for six months, the outcome will be comparable to the Great Depression. Hassett asserts that the next official job report will be “the worst jobs number you ever saw.”
Steven Mnuchin, the U.S. Secretary of the Treasury, issued a dire warning to senators last week stating that 20% of the population could be unemployed if there isn’t a comprehensive $1 trillion rescue package to bail out people and companies.
Americans filed a total of 281,000 new claims for unemployment benefits last week, strikingly up 70,000 from the prior week. The Economic Policy Institute, a nonprofit, nonpartisan think tank, offered a serious warning, “Even with moderate fiscal stimulus, we’re likely to see 3 million jobs lost by summertime.” These figures have been echoed by analysts at Bank of America.
CNBC reports that many workers lack sufficient savings to help them survive a layoff.
Fifty percent of American adults are believed to live paycheck to paycheck. About half of the population lacks an adequate emergency fund to cover expenses for three months without any income coming in. Due to the difficult financial straits, companies may not offer severance packages, which will exacerbate the financial condition of the workers who are downsized.
Roughly 31% of people who owe money on their credit cards and have other debt self-report that they’re not confident that they can make the required payments. Nearly half of those with student loans are not sure if they can pay back their tuition debt, according to a CNBC poll.
Lisa Abramowicz, co-host of Bloomberg Markets, shared her concern over some of America’s forthcoming financial fright in a tweet, "Fed data shows that 40% of US households would not be able to come up with $400 for an emergency expense, and data from 2019 shows that 53% of US households don’t have any emergency savings.”
Dan Price, the CEO of a small firm based in Seattle, made headlines a while ago when he cut his own $1.1 million salary to $70 thousand and raised all of his employees’ compensation to $70,000 as well. He represents the sentiment of a number of small and midsize business owners that believe this downturn will be ruinous for them and benefit the behemoth global corporations, like Amazon and Walmart.
Price tweeted, “I'm CEO of a small company that processes payments for other small biz. Our data shows 50% of small biz revenue is gone already. Meanwhile, Walmart stock is at record high & Amazon is hiring 100k people. No joke: We're on a path toward small business extinction - swallowed whole.” He followed up with, “Democrats + Republicans hold up small businesses as the lifeblood of our country. But we don't have the resources to hire lobbyists. So much political attention has been on big corporations, but small businesses are on their deathbeds - successful American Dreams, shattered.”
In addition to our focus on stopping the coronavirus and finding a vaccine, it's imperative that there is also a strong fiscal program to prevent a vicious prolonged recession or possible depression.
For once, hopefully, our politicians can stop sniping at each other and join forces to save our jobs and businesses. Currently, there is talk of a huge $1 trillion stimulus package—but as of now, it's still just talk. If they don’t act quickly, even if the outbreak is stopped, we may not have jobs and businesses to go back to after we leave our homes.
I
am a CEO, founder, and executive recruiter at one of the oldest and
largest global search firms in my area of expertise, and have personally
placed thousands of
Extraordinary orders locked down America, requiring us to stay in our homes in an effort tstop the rampant coronavirus outbreak. The government, along with top medical professionals, claim that we can avoid the dreaded fate of other countries by hunkering down at home and staying far away from other people. It's completely understandable that the doctors and medical professionals in charge are calling for this historic measure. Their job is to solely focus on the horrific virus pandemic and help avoid countless casualties. The situation in China, Italy and other countries was so frightening; it's hard to comprehend that it's really happening.
In our noble quest to eradicate the outbreak, we can’t afford to lose sight of the nonhealth-related problems that could arise. The United States needs to wage two wars: one against the coronavirus and the second to save jobs and our economy.
Extraordinary orders locked down America, requiring us to stay in our homes in an effort tstop the rampant coronavirus outbreak. The government, along with top medical professionals, claim that we can avoid the dreaded fate of other countries by hunkering down at home and staying far away from other people. It's completely understandable that the doctors and medical professionals in charge are calling for this historic measure. Their job is to solely focus on the horrific virus pandemic and help avoid countless casualties. The situation in China, Italy and other countries was so frightening; it's hard to comprehend that it's really happening.
In our noble quest to eradicate the outbreak, we can’t afford to lose sight of the nonhealth-related problems that could arise. The United States needs to wage two wars: one against the coronavirus and the second to save jobs and our economy.
We
hope that people in high government positions are seriously focusing on
the human costs of massive job losses that will follow this edict. The Wall Street Journal has already reported that the “coronavirus-triggered downturn could cost five million U.S. jobs.”
In addition to the efforts placed on fighting the lethal outbreak, our leaders should be acutely aware of the unintended consequences of the unprecedented lockdown. There will be serious repercussions for millions of Americans. The tragic result will be that businesses will go bankrupt and millions of Americans will lose their jobs.
For example,
restaurants, which have been ordered to close and can only offer
delivery or pickup, operate on a razor-thin profit margin. With the lack
of patrons at their establishments, it's likely that many can’t afford
to pay the rent and all of the other costs due to the huge drop in
customers. This will force many food establishments out of business. It
will entail letting go all of the waiters, waitresses, cooks, chefs and
workers.
Large corporations will feel the pain too. The hotel, resorts, airlines and retail sectors have been hit the hardest and have no choice but to lay off large numbers of workers.
According to top-tier investment bank Goldman Sachs, America is going to feel the largest economic hit on record with a painful 24% plummet in our gross domestic production. Kevin Hassett, a former economist in Trump’s administration, said alarmingly on CNN that if we all remain in our homes for six months, the outcome will be comparable to the Great Depression. Hassett asserts that the next official job report will be “the worst jobs number you ever saw.”
Steven Mnuchin, the U.S. Secretary of the Treasury, issued a dire warning to senators last week stating that 20% of the population could be unemployed if there isn’t a comprehensive $1 trillion rescue package to bail out people and companies.
Americans filed a total of 281,000 new claims for unemployment benefits last week, strikingly up 70,000 from the prior week. The Economic Policy Institute, a nonprofit, nonpartisan think tank, offered a serious warning, “Even with moderate fiscal stimulus, we’re likely to see 3 million jobs lost by summertime.” These figures have been echoed by analysts at Bank of America.
CNBC reports that many workers lack sufficient savings to help them survive a layoff.
Fifty percent of American adults are believed to live paycheck to paycheck. About half of the population lacks an adequate emergency fund to cover expenses for three months without any income coming in. Due to the difficult financial straits, companies may not offer severance packages, which will exacerbate the financial condition of the workers who are downsized.
Roughly 31% of people who owe money on their credit cards and have other debt self-report that they’re not confident that they can make the required payments. Nearly half of those with student loans are not sure if they can pay back their tuition debt, according to a CNBC poll.
Lisa Abramowicz, co-host of Bloomberg Markets, shared her concern over some of America’s forthcoming financial fright in a tweet, "Fed data shows that 40% of US households would not be able to come up with $400 for an emergency expense, and data from 2019 shows that 53% of US households don’t have any emergency savings.”
Dan Price, the CEO of a small firm based in Seattle, made headlines a while ago when he cut his own $1.1 million salary to $70 thousand and raised all of his employees’ compensation to $70,000 as well. He represents the sentiment of a number of small and midsize business owners that believe this downturn will be ruinous for them and benefit the behemoth global corporations, like Amazon and Walmart.
Price tweeted, “I'm CEO of a small company that processes payments for other small biz. Our data shows 50% of small biz revenue is gone already. Meanwhile, Walmart stock is at record high & Amazon is hiring 100k people. No joke: We're on a path toward small business extinction - swallowed whole.” He followed up with, “Democrats + Republicans hold up small businesses as the lifeblood of our country. But we don't have the resources to hire lobbyists. So much political attention has been on big corporations, but small businesses are on their deathbeds - successful American Dreams, shattered.”
In addition to our focus on stopping the coronavirus and finding a vaccine, it's imperative that there is also a strong fiscal program to prevent a vicious prolonged recession or possible depression.
For once, hopefully, our politicians can stop sniping at each other and join forces to save our jobs and businesses. Currently, there is talk of a huge $1 trillion stimulus package—but as of now, it's still just talk. If they don’t act quickly, even if the outbreak is stopped, we may not have jobs and businesses to go back to after we leave our homes.
In addition to the efforts placed on fighting the lethal outbreak, our leaders should be acutely aware of the unintended consequences of the unprecedented lockdown. There will be serious repercussions for millions of Americans. The tragic result will be that businesses will go bankrupt and millions of Americans will lose their jobs.
Large corporations will feel the pain too. The hotel, resorts, airlines and retail sectors have been hit the hardest and have no choice but to lay off large numbers of workers.
According to top-tier investment bank Goldman Sachs, America is going to feel the largest economic hit on record with a painful 24% plummet in our gross domestic production. Kevin Hassett, a former economist in Trump’s administration, said alarmingly on CNN that if we all remain in our homes for six months, the outcome will be comparable to the Great Depression. Hassett asserts that the next official job report will be “the worst jobs number you ever saw.”
Steven Mnuchin, the U.S. Secretary of the Treasury, issued a dire warning to senators last week stating that 20% of the population could be unemployed if there isn’t a comprehensive $1 trillion rescue package to bail out people and companies.
Americans filed a total of 281,000 new claims for unemployment benefits last week, strikingly up 70,000 from the prior week. The Economic Policy Institute, a nonprofit, nonpartisan think tank, offered a serious warning, “Even with moderate fiscal stimulus, we’re likely to see 3 million jobs lost by summertime.” These figures have been echoed by analysts at Bank of America.
CNBC reports that many workers lack sufficient savings to help them survive a layoff.
Fifty percent of American adults are believed to live paycheck to paycheck. About half of the population lacks an adequate emergency fund to cover expenses for three months without any income coming in. Due to the difficult financial straits, companies may not offer severance packages, which will exacerbate the financial condition of the workers who are downsized.
Roughly 31% of people who owe money on their credit cards and have other debt self-report that they’re not confident that they can make the required payments. Nearly half of those with student loans are not sure if they can pay back their tuition debt, according to a CNBC poll.
Lisa Abramowicz, co-host of Bloomberg Markets, shared her concern over some of America’s forthcoming financial fright in a tweet, "Fed data shows that 40% of US households would not be able to come up with $400 for an emergency expense, and data from 2019 shows that 53% of US households don’t have any emergency savings.”
Dan Price, the CEO of a small firm based in Seattle, made headlines a while ago when he cut his own $1.1 million salary to $70 thousand and raised all of his employees’ compensation to $70,000 as well. He represents the sentiment of a number of small and midsize business owners that believe this downturn will be ruinous for them and benefit the behemoth global corporations, like Amazon and Walmart.
Price tweeted, “I'm CEO of a small company that processes payments for other small biz. Our data shows 50% of small biz revenue is gone already. Meanwhile, Walmart stock is at record high & Amazon is hiring 100k people. No joke: We're on a path toward small business extinction - swallowed whole.” He followed up with, “Democrats + Republicans hold up small businesses as the lifeblood of our country. But we don't have the resources to hire lobbyists. So much political attention has been on big corporations, but small businesses are on their deathbeds - successful American Dreams, shattered.”
In addition to our focus on stopping the coronavirus and finding a vaccine, it's imperative that there is also a strong fiscal program to prevent a vicious prolonged recession or possible depression.
For once, hopefully, our politicians can stop sniping at each other and join forces to save our jobs and businesses. Currently, there is talk of a huge $1 trillion stimulus package—but as of now, it's still just talk. If they don’t act quickly, even if the outbreak is stopped, we may not have jobs and businesses to go back to after we leave our homes.
No comments :
Post a Comment