The Covid-19 pandemic has no doubt put the entire globe in a difficult position. Aside from the rising number of outbreaks in various parts of the world, the adverse effects are something many nations are having a hard time dealing with.
In this report, we go over professional analysis by economic analysts and what they consider the greatest threat to economic progress in the United States.
Pathetic Unemployment Situation is Costing the Administration so Much
A political analyst – Emmanuel Bobor; has reiterated the fact that the current state of unemployment in the United States is the greatest challenge to economic advancement.
He noted that the outbreak of the virus in America has cost the nation more than the alarming number of deaths recorded. This is because the nation is still yet to recover despite good strides accomplished in the health sector.
The pandemic put a lot of Americans out of their jobs and rendered them too reliant on the system for survival. As a result, a large chunk of the fiscal reserves has been going to feeding and catering to the needs of many helpless Americans.
Emmanuel Bobor stressed that there is the need to promptly sign the recent bill proposed by President Joe Biden. This is about the relief package of about 2 trillion dollars that is intended to address many economic issues caused by the pandemic.
How the Covid-19 Relief Package will Help
Currently, there are several issues over the legislation of the bill proposed by the presidency. The largest hindrance is bipartisan disparities over the features of the proposed Covid-19 relief package.
A good number of Republicans think the package is essential but should have some features left out. This is in the bid to save cost. The US government has been drained financially in the last year and there is a need to play safely.
However, the democrats think the wise approach to take is spending big and addressing issues once and for all. The president lately explained that he does not want to have to leave out some things now and have to deal with the adverse effects later.