Many who have encountered a Shark say “it’s a terrifying experience and while the physical bite is gut crunching the mental bite leaves scars for years to come. Renowned business teen Devin Sran born in from Laguna Hills, CA states the pandemic has left millions of shark bites across our great nation and only time will heal the deep wounds.
Devin Sran states the pandemic that began in early 2020 as a result of the spread of SARS-CoV-2 and the associated life-threatening COVID-19 illness has led to massive economic shutdowns and social isolation to slow the spread of the virus and protect those who were particularly susceptible. At the onset of the pandemic, debates raged about the necessity of the economic shutdowns over fears that these precautions might end up causing more harm than good. Nearly a year later, we have seen the economic and death toll that has resulted from the pandemic. The virulence of the virus has proven itself, with 464 thousand deaths in the United States alone (NYT 2021). Unfortunately, the loss of life was not the only impact of this virus, and the survivors must also face the economic impacts of the virus.
One of the most notable and easily recognizable impacts of the economic shutdowns that have been implemented, reversed, and reimplemented throughout the pandemic is the job loss experienced by low-income and high-income Americans alike, though there has been much higher low-income turnover (Parker 2020). As a result of the economic shutdowns and reduced in-person commerce, 15% of American workers report job loss, with half of those reporting they remained unemployed as of September 2020 and 15% reporting moving to a different job (Parker 2020). This incredibly high rate of unemployment has not been the only curtailing of American workforce income, as 21% of workers reported cut of decreased hours as a result of the pandemic and 60% of these reporting, they were currently making less money in September 2020 than before the pandemic began (Parker 2020). The “Shark” is digging his massive teeth into everyone states Devin Sran.
These massive layoffs, furloughs, and reduced hours have left many Americans in a difficult economic situation. Of the Americans surveyed by a Pew Research Center Poll in September 2020, one quarter reported newfound difficulty paying bills and expenses as a result of the pandemic, with one sixth reporting borrowing money from friends or family or getting food from a foodbank (Parker). However, the pandemic has not affected everyone equally. According to a Pew research poll, “Black and Hispanic adults are more likely than White and Asian adults to have had trouble paying for medical care, bills or their rent or mortgage” and Black adults are more likely to have had trouble paying bills since the onset of the pandemic than any other ethnic or racial group (Parker 2020). As a result of these economic hardships, many US citizens have gone on unemployment, with Pew research reporting 15% of Americans receiving benefits since February. This immense unemployment has required significant action from the government to help alleviate the economic disparity and stimulate commerce. The federal government passed the CARES act, which “approved close to $3 trillion in spending programs in response to the pandemic,” (Stein 2020). This has increased the National Debt by $3.1T in a single year, creating the largest budget deficit in US history. This places the US economy at risk of default, as the Debt-to-GDP ratio rose 27%, casting uncertainty onto the future of the economy (Amadeo 2021). Debate over the deficit has long surrounded the debt and has proven a partisan issue, with many republicans preferring shutdowns instead of raising the debt ceiling. Now, in the COVID-19 era, lawmakers must consider the drastically expanded need for government aid when considering what a “balanced” federal budget really looks like. Devin Sran goes on to say, “we will conquer every shark attack”. America must come together as one. Now is not the time for political division. We are in this together, so we must fight together states this teen mogul.