As many know, COVID-19 has negatively impacted many countries across the globe. In the U.S., these effects include a myriad of deaths, the complete halt of large social gatherings, and an economic recession. Some economists may argue that "we are recovering" or "beating this virus". And they may not be completely wrong given hiring increased again in August, consumer spending has been steady, manufacturers are still on an upswing and demand for homes and new cars has been surprisingly strong. Yet I have to wonder if all Americans are feeling this recovery equally.
The Bureau of Labor Statistics reported "The unemployment rate among banks, insurers, Wall Street brokerages and other companies involved in the handling of money was just 4.2% in August". In contrast, "the unemployment rate for companies involved in travel, hotels, dining out and other forms of leisure and hospitality stood at a stunning 21.3% last month." This is just one comparison but I fear it may be indicative of a larger problem. There seems to be a trend during recessionary periods; the government prioritizes large business while leaving its citizens to almost fend for themselves.
In my opinion, a one-time check of $1200 dollars is not satisfactory during a pandemic. And the recovery we have made has not been seen equally by all. This is a problem that arises with solely focusing on metrics to determine the state of our economy. It does not always account for the small nuisances and potentially lurking variables that could weigh on these numbers. Unfortunately, this discrepancy will persist until the concept of aide is seen as a bipartisan issue rather than a tool for re-election or for defeating the incumbent chair.
https://www.marketwatch.com/story/the-numbers-tell-us-the-economy-is-better-but-millions-of-americans-arent-feeling-it-2020-09-12
4 comments:
I understand your viewpoint, and I do agree that a check of $1200 is not necessarily helpful. I like to compare it to the story where if you give a man a fish, he'll have a meal, but if you teach him to fish, he'll have meals for a lifetime. This check is almost like that fish. However, I don't have other ideas of what the government should do instead. I feel like the $1200 is more like a band-aid to keep up going before we have a treatment/cure for the wound. It's difficult for anyone to help/reach individuals, small businesses, and small organizations on such a large scale, so I feel like they are continuing to do this just to do something. Yet, it definitely should not be used as a political tool.
I think you brought up a major point here Kofi, the bipartisan issue. And like Maia said, I don't think this matter should be used as a political tool. I know that currently, both parties are debating on how much aid will be provided and are looking forward to voting on the next financial-aid package. Democrats want to provide more aid and republicans want to decrease the amount of aid provided by the government. This is purely reflective of the parties' usual political stances. However, I do think that given the recessionary period we are in, the government definitely shouldn't be leaving its citizens to fend for themselves. But then again this goes back to the discussions we are having in class about the role of government. Some might argue that the government has done enough and others will say the contrary.
It is sad to see everything being made into a political issue, but sadly that is where we are in todays world. I agree that a one time $1200 check is not enough during a pandemic such as this one and believe there should have been more aid. I also know that it is unequal in many ways considering some people did not even get that check. Personally, I was able to work at a golf course during the pandemic so I did not have access to this check. I felt a little upset as I had to work for less than that and still actually had to work. Having the government provide more and more could be dangerous to incentivizing workers. Thankfully, I am not the one that has to make that decision!
I definitely agree that the one time $1200 was not enough for the damage this pandemic has caused or how long it has drug out. At the same time you also have to think about the total amount of stimulus money that was given out altogether. Is more stimulus money now worth it in the long run? How much difference is more going to make in the recovery? The government is just trying to keep the economy afloat and not necessarily fix it. Consumers need certainty to help truly fix the economy and I believe that finding a cure is going to be the only way to do that.
Post a Comment