As the economic toll from the pandemic grows, so do the uncertainties regarding just how we plan to move forward as a nation. COVID-19 has severely slowed down many sectors of our economy while grinding others to a near halt. Worse, what should be an entirely data-driven response to a global health crisis has devolved into an opportunity for seemingly endless political maneuvering and virtue-signaling. Behind all the smoke and mirrors, the impact on the economy remains very real and may prove even more costly down the road. Below are five ways the pandemic has severely impacted our economy.
1. Small businesses continue to bear the brunt of the pandemic
According to an initial study for the Proceedings of the National Academy of Sciences done before the CARES Act was implemented, Covid-19 was expected to create a “major economic shock” affecting small businesses in an unprecedented manner. Almost half of all small businesses across the nation were forced to