In just under four months, the novel coronavirus (COVID-19) has left the global economy wrecked, upending countless lives in its wake.
The economic effects of the virus are staggering and expected to get worse. U.S. stock indexes have dropped by more than 20%, erasing all the gains made over the past four years, and unemployment filings are at a historic high as jobless claims see a 3,000% jump since early March.
The government had put the U.S. in a precarious position when entering this battle: over a trillion dollars in deficits, and an interest rate of nearly zero. With immediate actions triggered to little effect, Congress recently passed a $2 trillion stimulus package (phase three of the government’s relief funding) and is already prepping for phase four.