The economic damage from the Coronavirus and government shutdowns are starting to wear everyday Americans down. Even though the stock market has recovered, the economy gets worse every day. Many economists are calling for a V-shaped recovery but that is looking less likely the longer the stay at home orders last.
Here is the year over year retail sales data that was released on Friday.
- -22% Retail Sales
- -89% Apparel
- -67% Furniture
- -65% Electronics
- -49% Restaurants/bars
- -43% Gas stations
- -33% Cars
It’s gets worse, as currently, there are more than 36 million people unemployed in the U.S. There are so many unemployed people that the systems are breaking and millions have yet to receive checks despite being laid off in March.
We have to ask ourselves, is the damage to the economy worth it? Is there a better way to stay safe, defeat the virus and not harm so many people? Why aren’t lawmakers coming up with new solutions?
Lawmakers are already seeing a political shift. I found it interesting that Republican Mike Garcia won a special election this week in California. It was the first time the G.O.P was able to win that seat since 1998. This shows the general frustration is starting to mount with leaders in blue states. At this rate, the whole country may be voting republican in November.
It’s time to figure out a different solution and get our economy back on track.
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