The Impact of Covid-19 on the American Economy

Everyone’s way of life has changed as a result of Covid-19. The pandemic has forced everyone to shift during the past year, whether for the better or worse. Businesses have opened, gone out of business, and even lost employees. Covid-19 has significantly impacted the American economy over the past year. The employment-to-population ratio in the United States fell by 51.5% in April 2020, as reported by The United States Census Bureau (Udalova et al., 2021). The impact of Covid-19 has disrupted society affairs within the economy, brought about a serious health problem, and even impacted economic affairs.

The Office of the United States Trade Representative claims that the United States is the world’s largest trading nation. As a result, Covid-19 has resulted in the implementation of numerous measures. Newby claims that “…the recession is more severe in the United States than in some of our trading partners” in an interview with David Dollar and Anna Newby. In general, the recession is harsher here. Thus, the compression of imports is bigger than the fall in exports. However, we can dig into individual trading partners. I would not get thrilled. The trade imbalance decreased by roughly $20 billion in the year’s first half. I would not get very enthusiastic because that is essentially a rounding error in our GDP. The other point is that, given our severe recession, we want the trade imbalance to remain the same. Our trade balance will return to a level similar to where it was as we emerged from the recession. That deficit has been around three percent of GDP for a while. Most economists do not worry too much about that: dollar and Newby and others (2010). Because of the pre-existing circumstances in the country, it was explained in this interview that the United States had been the most adversely affected economically by COVID-19. Another article, “The Dynamics of the U.S. Trade Deficit During COVID-19: The Role of Essential Medical Goods,” claims that the current epidemic has boosted the demand for critical medical commodities, leading to global shortages. These goods include everything from respirators, vaccines, and medications to personal protective equipment, including gloves, masks, and gowns. Most nations rely on the importation of medical supplies, and the production of these commodities is concentrated in a small number of nations. (Leibovici and Santacreu, among others, 2020). In 2018, the domestic consumption of imported items accounted for 36% of these medical products. Then, in 2020, this percentage increased by 9.4%. Other things were needed more, even though some were traded less. (Leibovici and Santacreu, among others, 2020). In 2018, the domestic consumption of items imported accounted for 36% of these medical products. Then, in 2020, this percentage increased by 9.4%. Other things were needed even though some items were traded less.

The health issue brought on by Covid-19 in the U.S. has significantly impacted the economy. The article “Ten facts about COVID-19 and the U.S. economy” claims that the COVID-19 issue has had diverse effects on different racial and ethnic groups. Some racial and ethnic minority groups are more likely to contract and die from COVID-19 due to inequities in the social determinants of health, including income and wealth, healthcare access and utilization, education, occupation, discrimination, and housing (Centers for Disease Control and Prevention [CDC] 2020c]). (Bauer and others, 2021). This article explains how the economy’s health concerns have spawned new ones. As a result, many people have been experiencing income problems, which have also impacted the economy. Inequality in income among Americans has only made the economy’s burden heavier in 2020 (Cingano et al., 2014).

The effects of COVID-19 are felt strongly by all Americans. Everyone has been impacted, regardless of wealth. As a result, the economy has also been impacted. Numerous jobs have been lost due to these socioeconomic constraints, including social isolation, confinement, and even travel restrictions (Nicola et al., 2020). Nobody anticipated how much of a toll this would have on the economy. Nearly all of the restaurants, shops, and schools were shut down. While the number of cases increased, jobs decreased in the U.S. Currently, 33.5 million instances and about 600,00 deaths have been reported in the United States, according to the Worldometer (United States et al., 2021).

People have been staying home to look for work and find an existence. According to Pew Research Center, the COVID-19 economic crisis has made it more difficult for some Americans to pay their regular bills. The April study found that white people (26%) and black adults (48%) were more likely to report that they “cannot pay some bills or can only make partial payments on some of them this month.” This percentage for Hispanics was significantly higher than the 28% who stated they have difficulty paying their monthly bills. 2020 (Lopez et al.). Even though living conditions could have been better due to the economy, tools have been developed to assist U.S. individuals. Two stimulus cheques have been distributed, and other loans have been made to assist families, businesses, and companies during the pandemic. The government has tried to assist its citizens without significantly harming the economy. Some Americans have found it more challenging to pay their monthly bills due to the COVID-19 economic downturn. The April study found that white people (26%) and black adults (48%) were more likely to report that they “cannot pay some bills or can only make partial payments on some of them this month.” This percentage for Hispanics was significantly higher than the 28% who stated they have difficulty paying their monthly bills. 2020 (Lopez et al.). Even though living conditions have not been ideal due to the economy, tools have been developed to assist U.S. individuals. Two stimulus cheques have been distributed, and other loans have been made to assist families, businesses, and companies during the pandemic. The government has tried to assist its citizens without unduly burdening the economy.

COVID-19 has impacted every person living in the United States. The pandemic has forced everyone to shift during the past year, whether for the better or worse.

Businesses have opened, gone out of business, and even lost employees. People have been put under some strain, but it has also been helpful. Due to Covid-19, numerous loans, grants, and even scholarships have been made possible. Covid-19 has significantly impacted the American economy over the past year. The employment-to-population ratio in the United States fell by 51.5% in April 2020, as reported by the United States Census Bureau (Udalova et al., 2021). The impact of Covid-19 has disrupted society affairs within the economy, brought about a serious health problem, and even impacted economic affairs. Positive indications suggest that all will be addressed quickly, given the work everyone has done to help the economy. Positive indications suggest that all will be addressed quickly, given the work everyone has done to help the economy.

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/.

ORDER A PLAGIARISM-FREE PAPER HERE

We’ll write everything from scratch

---

Cause and Effect Toulmin Argument Assignment Instructions 

Overview

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.

^{"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you A results."}