It has been almost two months since my last update. Bottom line upfront: we are not winning this battle against the Coronavirus, and the near term prospect does not look good.
The CARES (Coronavirus Aid, Relief, and Economic Stability) Act passed in March did what it was supposed to do: kept many American from sliding into poverty meanwhile bought time for the the country to get the outbreak under control by the summer.
While it is summer, and the COVID-19 is not under control. Number of infections exceeded 4 million today with the State of California taking over New York’s record, and number of deaths nationwide exceeded 147 thousands [source].
And what worse is the borrowed time from the CARES Act is running out. The extra $600 per week of unemployment insurance benefits for the 33 million workers is to expire at the end of the month, or in about a week. And yet, a national plan on the the pandemic front is nowhere to be found.
As a result, the states are left to fend for themselves. Some who re-opened their economy prematurely, namely Arizona, California, Florida, and Texas, are paying the price and seeing their COVID-19 numbers surge. Looming large is also the issue of school re-opening in the Fall.
Unfortunately the failing in our response to the public health crisis has a domino effect on business, school, and other social safety nets. Given the track record of the US government thus far, I am afraid the worst is yet to come.
Apology for the pessimistic outlook. But do you see any light at the end of the tunnel?