It is the foundation of the US economy given its landmarks such as wall street and its portrayal in films.
Therefore, it worries me that there is an entire street dedicated to keeping up with stocks, but 1.2 million New York residents haven't received their unemployment claims.
How do you think this will change the hustle and bustle of New York life once they open back up?
https://www.nytimes.com/2020/04/17/nyregion/coronavirus-pandemic-unemployment-assistance-ny-delays.html
4 comments:
I think this event will definitely have some permanent damage to the state of New York due to the gravity of the matter. I know that unemployment claims nationwide have not been provided, nor is the PPP by the SBA providing more funding for small business. This will definitely increase the time it will take for the economy and business' to recover.
I agree with Sophia. With the absence of the needed money being given out, people will definitely be struggling on a day to day basis after this. Especially in New York where the virus hit hard, I think the hustle and bustle will be laying low as well. I think that since so many people have lost their jobs and morale is low, New York City will be a changed place, and there is no sign of it returning to normal anytime soon.
I think that this coronavirus in places like New York City will add to the already huge class warfare that is already going on. This virus has taken its toll on the lower class, and has hit hardest in NYC due to people being so close together. People will cause more problems than before because the animosity has had time to grow and fester in quarantine and once everyone gets out, I am sure both sides of the class struggle will have no love lost, especially with the damage that has been done to the lower class.
My sister lives and works on Wall Street, so I have been getting updates about the current state on this. Originally there would be certain streets that people could walk around, but would be asked to maintain distance. Now most people are inside and there are places of tape on the sidewalks outside grocery stores so that people stand on them and maintain a forced distance. While her job is mostly a digital one and has been able to keep up with work from home, I think that since there are so many buildings that are packed with people this will be tricky to reopen. My guess is that the city will allow workers to come in to business but only so many based on the firms size. For example if there is an office with 50 workers, only 10 will be able to return at first, and firms with 500 can have 100 return at first. The problem with New York is that as soon as businesses reopen the streets will be flooded instantly, so I see it being one of the last cities in the world to reopen again.
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