The Impact of Covid-19 on the American Economy

 The Impact of Covid-19 on the American Economy

Covid-19 has changed the way of life for everyone. Whether positive or negative, every person has had to make changes over the past year due to the pandemic. Companies have shut down, businesses have been birthed, and even jobs have been lost. Over the past year, Covid-19 has played a huge role in the American economy. According to The United States Census Bureau, there has been a 51.5% decrease in the employment-to-population ratio in the United States in April 2020 (Udalova et al., 2021). The effect of Covid-19 has disturbed economic affairs, created a critical health crisis, and even created societal disturbances within the economy.

According to the Office of the United States Trade Representative, the United States is known as the biggest trade country in the world. As a result, many implements have been taken into effect due to Covid-19. In an interview with David Dollar and Anna Newby, Newby explains that “…the recession is more serious in the United States than in some of our trading partners. We can get into talking about some specific trading partners, but in general, the recession is worse here, so the compression of imports is greater than the decline in exports. But I wouldn’t get too excited. I think in the first half of the year, the trade deficit went down by about 20 billion dollars. That’s basically a rounding error in our GDP, so I wouldn’t get too excited. The other thing I would say is we don’t really want the trade deficit to go down because we’re in a serious recession. As we come out of the recession, probably our trade balance will go back to about where it was. It’s been about three percent of GDP, that deficit, for a few years. Most economists are not too worried about that.” (Dollar & Newby et al., 2020). Within this interview, it was explained that the United States had been the most economically affected by Covid-19 because of the conditions that the country was already in. In another article, “The Dynamics of the U.S. Trade Deficit During COVID-19: The Role of Essential Medical Goods,” states that, “On the other hand, the current pandemic has increased the demand for essential medical goods to combat it, causing shortages worldwide. These products range from personal protective equipment, such as gloves, masks, and gowns, to respirators, vaccines, and medicines. Production of these goods is concentrated in a few countries, and most countries depend heavily on imports of medical products.” (Leibovici & Santacreu et al., 2020). In 2018, these medical products were 36 percent of the domestic consumption of goods imported. Then, in 2020 this percentage went up 9.4 percent. Although some things weren’t being traded as much, other things were needed more. ” (Leibovici & Santacreu et al., 2020). In 2018, these medical products were 36 percent of the domestic consumption of goods imported. Then, in 2020 this percentage went up 9.4 percent. Although some things weren’t being traded as much, other things were needed more.

Covid-19 has created a health crisis within the United States, and this has affected the economy greatly. According to the “Ten facts about COVID-19 and the U.S. economy” article, “The COVID-19 crisis has also had differential impacts among various racial and ethnic groups. Inequities in the social determinants of health—income and wealth, healthcare access and utilization, education, occupation, discrimination, and housing—are interrelated and put some racial and ethnic minority groups at increased risk of contracting and dying from COVID-19 (Centers for Disease Control and Prevention [CDC] 2020c).” (Bauer et al., 2021). This article explains how health issues have created their own problems within the economy. Because of this, many people have been suffering from their income and it has also affected the economy. Due to many Americans’ income inequalities in 2020, it has only put a greater burden upon the economy (Cingano et al. 2014)., et al. 2014).

The United States citizens have all greatly been affected by Covid-19. Rich or poor, everyone has been affected in some type of way. Because of this, the economy has been affected as well. These socioeconomic restraints, such as social distancing, quarantining, and even travel restrictions, have concluded in the loss of many jobs (Nicola et al., 2020). This took a huge toll on the economy than anyone expected. Almost all schools, restaurants, and even stores were closed down. The number of jobs in the United States was going down while the number of cases was going up. According to the Worldometer, as of today, there has been a total of 33.5 million cases and almost 600,00 deaths reported in the United States (United States et al., 2021). People have been at home searching for jobs and scrapping for money to survive. Pew Research Center states that “The COVID-19 economic downturn has made it harder for some Americans to pay their monthly bills. Black (48%) and Hispanic adults (44%) were more likely than white adults (26%) to say they “cannot pay some bills or can only make partial payments on some of them this month,” according to the April survey. For Hispanics, this was a considerably greater share than the 28% who said they have trouble paying their bills in a typical month”. (Lopez et al., 2020). Although living conditions within the economy, haven’t been the greatest, there have been implements created to help the citizens of the US. During the pandemic, there have been two stimulus checks given and many loans created to help families, businesses, and companies. The government has tried it is very best to help its people without greatly straining the economy. The COVID-19 economic downturn has made it harder for some Americans to pay their monthly bills. Black (48%) and Hispanic adults (44%) were more likely than white adults (26%) to say they “cannot pay some bills or can only make partial payments on some of them this month,” according to the April survey. For Hispanics, this was a considerably greater share than the 28% who said they have trouble paying their bills in a typical month”. (Lopez et al., 2020). Although living conditions within the economy haven’t been the greatest, there have been implements created to help the citizens of the US. During the pandemic, there have been two stimulus checks given and many loans created to help families, businesses, and companies. The government has tried it’s very best to help its people without greatly straining the economy.

Covid-19 has had an impact on every United States citizen. Whether positive or negative, every person has had to make changes over the past year due to the pandemic.

Companies have shut down, businesses have been birthed, and even jobs have been lost. Although it has put some strains on people, it has also been quite beneficial. Many loans, grants, and even scholarships have been created due to Covid-19. Over the past year, Covid-19 has played a huge role in the American economy. According to the United States Census Bureau, there has been a 51.5% decrease in the employment-to-population ratio in the United States in April 2020 (Udalova et al., 2021). The effect of Covid-19 has disturbed economic affairs, created a critical health crisis, and even created societal disturbances within the economy. With all the work that each person has done to benefit the economy, there have been positive signs that everything should be resolved very soon. With all the work that each person has done to benefit the economy, there have been positive signs that everything should be resolved very soon.

References

 Bauer, L., Broady, K. E., Edelberg, W., & O’Donnell, J. (2021, February 2). Ten facts about COVID-19 and the U.S. economy. Brookings. https://www.brookings.edu/research/ten- facts-about-covid-19-and-the-u-s-economy/.

Cingano, F. (2014), “Trends in Income Inequality and its Impact on Economic Growth,” OECD Social, Employment and Migration Working Papers, No. 163, OECD Publishing. http://dx.doi.org/10.1787/5jxrjncwxv6j-en

Dollar, D., & Newby, A. (2020, August 10). How is COVID-19 affecting US trade? Brookings. https://www.brookings.edu/podcast-episode/how-is-covid-19-affecting-us-trade/.

Leibovici, F., & Santacreu, A. M. (2020, September 9). The Dynamics of the U.S. Trade Deficit During COVID-19: The Role of Essential Medical Goods. Economic Research – Federal Reserve Bank of St. Louis. https://research.stlouisfed.org/publications/economic- synopses/2020/09/16/the-dynamics-of-the-u-s-trade-deficit-during-covid-19-the-role-of- essential-medical-goods.

Lopez, M. H., Rainie, L., & Budiman, A. (2020, September 3). The financial and health impacts of COVID-19 vary widely by race and ethnicity. Pew Research Center. https://www.pewresearch.org/fact-tank/2020/05/05/financial-and-health-impacts-of-covid- 19-vary-widely-by-race-and-ethnicity/.

Nicola, M., Alsafi, Z., Sohrabi, C., Kerwan, A., Al-Jabir, A., Iosifidis, C., … Agha, R. (2020, June). The socio-economic implications of the coronavirus pandemic (COVID-19): A review. International journal of Surgery (London, England). https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7162753/#:~:text=Social%20distancing

%2C%20self%2Disolation%20and,medical%20supplies%20has%20significantly%20increased.

Udalova, V. (2021, March 10). Initial Impact of COVID-19 on U.S. Economy More Widespread Than on Mortality. The United States Census Bureau. https://www.census.gov/library/stories/2021/03/initial-impact-covid-19-on-united-states- economy-more-widespread-than-on-mortality.html#:~:text=Historical%20trends%20predicted%20a%2061.3,April%202020%20(Figure%201).

The United States. (1997). Countries & Regions. United States Trade Representative. https://ustr.gov/countries-regions#:~:text=The%20United%20States%20is%20the,goods%20and%20services%20in%202019.

The United States. (2021, May 11). The United States. Worldometer. https://www.worldometers.info/coronavirus/country/us/.

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Cause and Effect Toulmin Argument Assignment Instructions 

Overview

The Impact of Covid-19 on the American Economy

In Module 7, you will write a cause-and-effect Toulmin argument summary from the Cause and Effect Toulmin Argument thesis.  In this final summary of the course, you will synthesize the skills you have learned to form a strong argument and incorporate them into the Toulmin model cause and effect summary.  This assignment will allow you to demonstrate how you have developed in your documentation style usage and critical thinking skills. This final assignment in the course can be an indicator of what you have learned and areas in which you may still need to grow as you work to complete your academic requirements and reach your professional goals.

Instructions

Use the Toulmin model of argument in which you address the questioning in the prompt. All sources that you use must be credible academic sources, and they have to be within the last five years. You may include biblical support, but your biblical support does not count in the required citations.

• Prompt: What is the impact of Covid-19 on the American economy?

• Document your sources correctly according to your documentation style (Current APA, MLA, or Turabian).

• Integrate at least 4 quotations, 1 summary, and 1 paraphrase (6 total) into your summary from at least 3 credible sources to support your thesis statement and provide opposing arguments. Articles must be within the last five years.