A large portion of people in the US is concerned about the economy collapsing due to restrictions placed on businesses during the coronavirus pandemic. A poll from Axios/Ipsos says, 89% of both Republicans and Democrats have some concern that the coronavirus may trigger an economic collapse.
While the Trump administration has predicted the economy will recover quickly, senior economic adviser Kevin Hassett suggested that this is the worst hit the economy has taken since the Great Depression.
During the entire financial crisis around 2008, the US lost 8.7 million jobs. At the moment the labour market is crashing by about the same number every 10 days!
The positive view is not shared by the public. Additionally, the stimulus program does not seem to work either. The US federal government injected money into the economy by giving most adults a stimulus check of up to $1,200 for an individual and $500 for dependents. According to the poll, 38% put the check into savings, 26% used it to pay off debt, and 18% planned to spend it but hadn’t yet. The patterns show about 82% that of the stimulus funds have not been spent on new purchases from businesses.
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