With at least 3,485 cases and 65 fatalities in the US alone, governments across the country respond with with coronavirus shutdowns.
Some governments mandate the restriction of the number of guests allowed inside restaurants, bars, and recreational establishments. Other states require full closure. And 30 million students across 31 states are ordered to stay home from school, many schools now resorting to online lessons. Stores across the country are closing – Disney and Nike, to name a couple.
So, what’s going to happen to the economy?
There can be no doubt that the economy has and will be affected by the coronavirus outbreak. As Federal Reserve Chairman Jerome Powell said, “These measures, which are essential to contain the outbreak will nonetheless… take a toll on the economy in the near term.”
However, measures are being taken. The federal reserve announced a “An emergency rate cut setting the new benchmark interest rate range between 0% and 0.25%” *
Despite the effort, however, the Federal Reserve alone can’t curb the hit that comes from coronavirus shutdowns.
As Powell said, the economy has been impacted by the coronavirus. *
UPDATE: Trump Administration proposed an $850 billion stimulus package to “reinvigorate the U.S. economy after markets cratered and businesses pause operations as coronavirus spreads across the country, hurting employers and employees alike,” as according to Forbes.
What does this mean for your food and supplies?
Well, we have good news for you here. Or, at least better than bleak news. According to White House Deputy Press Secretary Judd Deere, here’s what came out of a conference call between President Donald Trump and supply chain executives: “Supply chains in the United States are strong, and it is unnecessary for the American public to hoard daily essentials.”
What this means for you is that you don’t have to worry about supplies. Learn more about the supply chain and when toilet paper will be restocked.
Learn more about the coronavirus effect on the supply chain.