The US now has the highest number of Coronavirus cases, surpassing China and Italy by miles. Out of nearly 900,000 cases worldwide, the US has close to 200,000 of them. The country has all but ground to a halt, with more and more workers either out of work, striking, or working remotely from home. Now, let’s take a look at how the US is handling Covid-19’s financial impact.
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What is The Us Economic Relief Package to Fight Negative Financial Impact?
The first, and most obvious, step that was taken was the implementation of an economic relief package. The government has ultimately taken it upon themselves to print $2 trillion to support the economy. However, the cash payouts to families, and corporate bailouts for casinos, hotels, airlines, Wall Street firms, and even aerospace businesses, could ultimately total $6 trillion, according to White House advisor Larry Kudlow. There are also loans and grants going to small businesses, hospitals, states, cities, and real estate companies.
American taxpayers can expect to receive $1,200 per person, $2,400 per couple, and $500 for each child. The amounts reduce or are waived for higher income earning households.
While this bailout is historic, some critics are arguing that it isn’t enough. In June 2019, the national median price for a one-bedroom apartment was just over $1,200. If someone’s rent was sitting at around the national medium, and they lost their job during the outbreak, how could they be expected to cover rent with the bailout.
Is There a Looming Housing Crisis in The US?
In reality, the Federal government should announce a rent moratorium for the duration of this economic and health crisis. Landlords seem to be the only investors who believe that the return on their investment is guaranteed.
For those living paycheck to paycheck, nothing is guaranteed. Landlords should wake up to the fact that they truly seem to be the only investors in the world who expect the returns on their investments at all times. If someone can’t afford to eat, how can they afford to pay rent?
This is why a moratorium on rent and evictions must be announced, to prevent the US from tumbling further into a housing crisis. Already, there are more empty houses than there are homeless people in the USA – and it’s the “greatest country on earth.”
Now that we’ve had a look at how the US is handling Covid-19’s financial impact, it’s pretty clear that they’ve covered the basics – but what will the human cost of this crisis be?
A Global Economic Recession Is Imminent for The USA
Despite the government’s attempts to stave off a recession, one is almost certainly imminent. So, how is the US handling Covid-19’s financial impact? Apart from the bailout, not many measures have been put in place to support people, rather than just businesses. The US government seems to function almost as a high-functioning sociopath – there’s just a total lack of empathy there. When you place the value of profit over the value of people, you have a broken system.
