Essay on Unemployment Soars: 22 Million Americans File Aid Amid Coronavirus Crisis

The declared national emergency by President Trump due to the coronavirus pandemic has caused about 22 million Americans unemployed. These Americans have recently filed aid due to the unemployment state since the pandemic has wiped out employment gains making most of the families line up in food banks asking the government to help them. The level of jobless right in the United States is quite high; it cannot even be compared with than Great depression. The United States government is trying to reply first to the fatal health crisis of the coronavirus due to the prevalent economic agony it has caused.

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Businesses have been enforced to close due to layoffs that have been mounted in almost all sectors with the effort of preventing the spread of COVID-19. The sales of huge companies have drastically dropped due to decreased production. The Federal Reserve Bank of Philadelphia president has stated that the number of jobless is below 20%. Government aid has not reached many Americans faster due to the economic recession. The Small Business Administration has declined loan requests as it has run out of capital in the key program, which is meant to aid business rain workers and stay afloat (Long, 2020). Most people are still expecting payments some weeks later despite that they are unemployed, which has made the unemployed state offices to be overwhelmed. The federal government has released stimulus checks to many workers so far. In regular trading, the stocks were little changed since the Wall Street traders were mainly focused on mass job losses. Some news on COVID-19 treatment had imposed positive reactions among many investors, and the rally of the stock market during April increased the hopes on the global economy platform to reopen. Donald Trump refers to rally as proof of his good job towards managing the crisis despite a reduced average of the industrial production. Trump, if it were not for his government effort, the economy would not be where it.

The current event of filing employment in the United States is important since the government is capable of tracking down everything during this period of the COVID-19 health crisis. The critical takeaways include increased unemployment rates in all states in America. Job losses have been highly experienced, and recent research shows how it is increased day by day. Millions of people have tried to apply for jobs during this period, but it is quite difficult to get one. Most industries, such as tourism departments, have totally been devastated due to the lockdowns (Long, 2020). The United States d drastically deteriorating, but Trump is still optimistic about the situation and reassures the people that they are soon getting out of the lockdown. He also expects people to work to keep the United States economy thriving within a short period of time. The current event, based on the federal government's overall discussion, does not fit well based on the COVID-19 health crisis. As much as the economy should be kept working, the lives of people are more important to protect. It sounds too soon to release people back to their working environment when the crisis is at a peak, resulting in mass deaths of people.

Conclusion

In my view, I strongly disagree with the current overall federal discussion based on ending the lockdown when the COVID-19 health crisis is yet to be contained. The possible outcome would end the economy abruptly based on how the virus is spreading. This current event should not be advocated at all, and the lockdown should still continue until the pandemic is contained.

References

Long, H. (2020). The U.S. now has 22 million unemployed, wiping out a decade of job gains. Retrieved 20 April 2020, from https://www.washingtonpost.com/business/2020/04/16/unemployment-claims-coronavirus/