According to Goldman Sachs, small businesses are disappearing, unemployment claims remain high, state and local budgets are imploding. Still, Congress is likely to skip town this month without providing additional emergency aid to the economy. "At this point, a major stimulus package before the election looks like a long shot," Goldman Sachs.
For example, another 860,000 Americans filed for first-time
unemployment benefits last week, retail sales growth slowed in August, more than
half of the business that closed during the pandemic will never reopen, bankruptcy
filings are increasing, including Brooks Brothers and California Pizza.
Valliere writes that: "Without a stimulus package, more
small businesses will close, state and local governments will lay off thousands
of workers, and evictions will increase."
The question comes to mind why isn't Congress doing something?
https://www.cnn.com/2020/09/18/business/stimulus-goldman-sachs-economy-gdp/index.html
2 comments:
Many minorities tend to work in sectors that were most affected due to COVID. We're seeing many more minorities being laid off because they tend to work in sectors like hospitality or leisure, and these two sectors were probably hit the worst due to the pandemic.
On the other hand Americans who are within the top earing percentile have bounced back from the economic downfall caused by the pandemic. It at this point is almost like the recession never happened to those Americans, as they are completely blinded by the hardships most Americans are now facing.
Post a Comment