It’s clear Americans are expecting long-lasting economic hardship out of the coronavirus pandemic. Many believe a number of small businesses may bounce back, but that most will not survive. Is this true? Is the American Economy doomed to Collapse?
With 15 million Americans filing for unemployment, millions of businesses out of commission, and still more hanging on by a thread, it sort of already has collapsed, hasn’t it?
As mentioned in a previous article, When will Lockdown End in the US?, former Obama official warns that we should “be prepared for a meaningful level of deliberate suppression of economic activity for the rest of the year.”
In other words: more lockdown. Limited commerce.
It is agreed that the US Economy is likely to take longer to recover than it did to collapse.
Nariman Behravesh, chief economist at IHS Markit, said, “Anyone who assumes we’re going to get a sharp snapback in activity isn’t thinking about how consumers are going to feel. They’re going to be very cautious. Households and businesses have seen their finances deteriorate. People are buying groceries on their credit cards.”*
The President Remains Optimistic
It seems Trump believes he can rebuild the economy quickly, claiming “measures like the $2.2 trillion rescue package — with more money likely on the way — can send employment and economic growth to new highs.”*
Both the Democrats and Republicans agree that more financial relief is needed. However, the amount needed remains in dispute.
We won’t get into the political arguments here because we do not believe this is the place for partisan bias. Filtering information through party favoritism only keeps you blind from seeing or hearing the essential information you need to make wise decisions.
There is value on both sides.
The truth is, it doesn’t matter what the government does, or if the American economy collapses, but only your response to it.
Well, it matters, but it doesn’t have to be devastating to you.
So, What Does this Mean for us Economically?
As mentioned above, collectively, it will take time to recover from this massive blow. Individually, only you have the power to affect progress in your life.
What if you considered this a time to step up and assume more control over your life? What if you could choose to come out on top? What if it didn’t matter what happened to you, that you can thrive no matter what?
We recommend learning from experts like Dave Ramsey and Tony Robbins, leaders who have mastered money and life. They can show you, each in different ways, how to thrive in this current situation–or in any situation.
Right now Dave Ramsey is giving away a free trial to his Financial Peace University course. We are not affiliated, but we believe it could help you.
Tony Robbins has a timely message that can help you ascend fear in a fearful time. We are not affiliated, but, again we think his message can help you.
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*Content source: Channel 13 WGME