The current Pandemic has pushed to the limit our Economic and Health Care systems. Our Economic system began to go into freefall starting February 24, 2020. This freefall started with the extreme drop of the stock market on February 24. This occured when global markets stuttered upon hearing the potential impact a spread of COVID-19 and it’s effect on world economies.
Upon the continuing increase in positive cases, spreading of testing and deaths, the US economy started to slow.
As the month of March started it saw a huge response to COVID-19 by implementing Social Distancing and slow closing of businesses the exponential increase of persons staying home, we saw unemployment increase as well.
As many understand that unemployment benefits pertains to those that are underemployed, less than 30 hrs a week. There was a report in Texas between March 1 – 14 the total amount of unemployed topped 40,000. That number includes those persons first applying for Unemployment.
As the need to contain this outbreak, the great side effect is loss of income.
Whether you are a business, employer or employee, there will be a lack of income. The persons now have to deal with a new normal of possible lack of or no income for these months. For a large amount of workers the luxury of remote access to work is not applicable. The implementation of remote access to work may cost more than the ability to keep workers. We may see large amounts of small business close and not able to hire until after the situation improves.
So how do we provide an income to small business or at least relief? What about pay for the workers who were cut hours or laid off? Enter the Stimulus Package. This package will and should provide relief checks to the middle class and workers, along with allow bailout packages to small business. Idealogical concerns about the possible “Slush Funds” provided to particular Large Businesses provided for a point where one set of persons on one side of the political spectrum accuse the other of not looking out for the workers.
Locally, we see the Social Distancing affect local businesses in how they do business and how measures to protect their very customers affect their bottom line. We are however in a conundrum protect the customers or protect our pocketbooks.
As these persons in the middle class who have the income to purchase are now caught without income and having to prioritize necessities over bills. We hope to allay the issues of “how will I pay?” We also hope there can be a bailout for we the middle class as our disposable income and bills continue to mount and the light at the end of the tunnel is a possible financial calimity as well as a healthcare calamity.