As jobless numbers spike, a question rises: When can economy reopen?
Jobless Benefits,Coronavirus,Economy And Jobs
Tame the coronavirus, then tackle the economy? A difficult and sensitive debate is emerging over how to get back to “open for business.”
Some Americans are beginning to chafe under the coronavirus restrictions that authorities have put into place – not least of them President Donald Trump, who this week suggested lifting restrictions at least partially by Easter on April 12 to start revving up the economy.
It’s an ambitious timetable and, to many, a callous one. How dare a president, or anyone, put the health of the economy ahead of the safety of citizens? But the president’s statement highlights another reality that conservatives especially have been grumbling about: The extraordinary stay-at-home orders that 21 states will have in place by the end of this week represent a blunt instrument, which may keep the virus from spreading but is also pounding the economy in unprecedented ways.
The latest evidence came Thursday, when the U.S. Labor Department reported that 3.3 million Americans filed initial jobless claims last week, a record in more than 50 years of data and more than four times the previous record.
A recession is likely, if not already underway. The restrictions on the economy are so far-reaching that businesses have been forced to close, throwing millions out of work, and keeping consumers, a mainstay of the economy, from shopping.
Some analysts are predicting that economic activity could shrink by up to a quarter this spring, a terrifying drop that, were there no recovery the rest of the year, would mean economic dislocation on a scale that would outstrip any single year of the Great Depression.
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