The pandemic has not been easy on the economy of the United States and the situation is only getting worse. The country is struggling and if something is not done about the relief bill, the economy will cripple.
Many Americans have already lost their jobs because of the coronavirus, and some still fear unemployment as they are on the verge of losing their jobs. America is going to see a crisis bigger than the financial crisis of 2008, because of this pandemic.
It is feared that GDP will keep on falling if the economy does not show any kind of stimuli. It is a difficult time for the people as the economy is at its worst in the history of the US.
The coronavirus cases are on the rise in America as the second wave is already here and it is having more devastating effects than the first wave. It is feared that the country will fall into a recession and there is little that Congress can do for it.
The S&P forecast suggests that the economy will suffer a lot in the last quarter of 2020. This means that the first two quarters of 2021 will also show little to no improvement.
The recession is around the corner and the first two quarters of 2021 will be decisive in this matter. When it comes to defining a recession, at least two quarters are taken into consideration.
The economy was to grow by over 4% in 2021, but the current situation does not seem favorable to achieve this target. If the situation does not improve or the government does not release a relief package, then the economy will not be able to thrive in 2021 as well.
The people will suffer from the economic downturns in 2021; as the 2020 effects will continue in the next year. It all comes down to the relief bill, which Congress must approve so that it can avoid potential recession.
Times have never been tough for America as the election results are being finalized during the pandemic. These are the most difficult elections held in American history so far and people showed determination by coming out to vote.
The amount that can save the country from going into another recession is going to be around 1 trillion USD. This hefty amount is needed for the relief bill and it must be approved by Congress.