The Economic Ups and Downs of a Virus

by Danica Boyce

Out of all the things, the Corona Virus has affected this year the Economy is one of the most important. How your country runs is based on its economy. Many people especially if they’re young and can’t understand haven’t paid enough attention to this drastic change. On March 11, 2020, the Pandemic started and was declared by the World Health Organization. What happened after that? The World Bank writes the following about the shock of Covid-19 to the economy “The largest economic shock the world has experienced in decades' ' (Worldbank.org). It is clear that the numbers have drastically changed in the stock market. Exactly how was the stock market number changed? People are left wondering how they’re going to go on when their way of life has been taken.

I asked Jessica Boyce some questions and opinions on the economy during the pandemic and these are her words. I asked Do stimulus checks make sense? She replied with “Yes, but in my opinion, people who didn’t have a job prior to the crash of the economy should not have received the stimulus money”. Have you had an impact or difficulty from economic change? “Yes, as a used car dealer the 3rd week of march all the car auctions from my area were closed due to COVID-19 so I was unable to restock my inventory. As a result, I was unable to make money and ultimately had to close my business”. What are your thoughts on the government’s decisions on this? “I personally feel that the closure of business was unnecessary and detrimental to our economy”.

A similar Economic crisis started on September 15th, 2008. The 2008 financial crisis has similarities to the 1929 stock market crash. It lasted eight months so it ended in June of 2009. Yet again the stock market has crashed due to the Worldwide COVID-19 pandemic. The market dropped by 7.79% the Dow's worst single-day point drop in U.S. market history. There was also a flu pandemic in 1918, but this has been the most impactful since then. This really isn’t all that new matter of fact this time around the government has taken more extreme measures to avoid a full-blown financial crisis.

It can take up to 2 years to come back from the bear market, stock market but it is possible and has been done in shorter time periods. There are plenty of ways and predictions of the stock market growth and getting better over time. There are so many people working on the situation coming up with multiple solutions such examples are on CNN.com. Just like Anneken has written, “The labor market is healthy and consumer spending remains strong, which bodes well for economic growth” (Tappe). Teri Whitcraft, Bill Hutchinson, Nadine Shubailat wrote, “Test producers will need to deliver 5 million tests per day by early June to safely open parts of the economy by late July” (ABC News). If these guidelines and ideas are all taken care of and watched over closely I believe that we can overcome this and return to 100% economy.

So yes, the Coronavirus has affected a lot financially but things can be turned around. People are making it out to be the worst thing but this has happened before. It has affected so many people but we all just need to follow the guidelines being given to us and hopefully return back to normal very soon.