US Facing More Layoffs Than Ever Before As Coronavirus Shutdown Begins

As the US prepares for the worst of the coronavirus, hundreds of thousands of businesses have been forced to close across the country, resulting in a level of job loss that experts are warning will have a devastating impact on the US economy.

While residents are ordered to stay home and practice “social distancing” at all costs, the increasing list of business closures and layoffs are coming at a major cost to the US economy.

From popular clothing stores, to famous restaurants, to historic museums, the national push to halt all gatherings of more than 10, and the boarded-up businesses here in the nation’s capital are a reflection of what is happening across the country.

With stocks falling and unemployment numbers skyrocketing in response to the latest halts to the economy, the president of the St. Louis Federal Reserve is warning that national unemployment could hit 30 percent—higher than it was during “the Great Depression and three times more than the 2007-2009 recession.

Experts are now warning the shutdown from the coronavirus could cause layoffs like the United States has never seen before.

They note that while “the worst month for job losses during the financial crisis was 800,00 in March 2009,” forecasts for April 2020 “range from 500,000 to 5 million.”

While cities across the US are moving to protect residents by expanding eligibility for unemployment insurance, offering financial assistance for businesses, and stopping evictions and utility cut-offs, many Americans warn that won’t be nearly enough as they face life without a paycheck.

Shelter-in-place orders are being put in place across the nation, from Philadelphia to Dallas. Here in Washington DC, the attorney general shared his support for the Dallas, and said he believed the move would “reduce the spread of coronavirus and keep residents safe.”

But with millions of Americans staying home as the closure of all “non-essential businesses” is implemented to combat the impact of the coronavirus, many worry its impact on the economy is only just beginning.

Posted by

Rachel Blevins is a journalist who aspires to break the left/right paradigm in media and politics by pursuing truth and questioning existing narratives.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.