Hey guys, Today I’m going to look at the economic implications of the pandemic and long term effects. Many people have already seen the stock market dipped at the beginning of the outbreak as was projected. The economy dips and swells every decade or so due to how capitalism and our economic system works. The 2020 economic blip was anticipated by many but the appearance of the virus will only aggravate the recession more. As Americans have already seen flight prices are dropping, small business are closing, as well as large businesses. Corporations like the NCAA, NBA, MLB, etc. have been forced to close during some of the busiest times. March Madness made $867.5 million from television and marketing rights alone. The NBA had the playoffs and finals approaching which bring in about $13 million per team involved. My family and I are big sports fans and my dad is going mad right now with no sports to watch on TV. CBS has resorted to playing past NCAA March Madness games. This time for Vegas is the biggest moneymaker of the year due to Chinese New Year, sports events like March Madness and the Draft, and spring break.
Many people have halted their lives due to the pandemic but the economy can not afford it. The TSA screened just over 146,000 passengers at U.S. airports, a 94 percent plunge from 2.4 million on the same day last year this past Tuesday. The airline industry projects revenue plummeting by $252 billion. The stock market plummets must be helped in other areas. While most Americans can not fly at the moment, we can order food from local businesses, go to the grocery store (with precautions), and shop online. If we do not start to replenish our economy the long term effects of COVID-19 will not just be health-wise. If you have any questions feel free to comment or email me. Also, reach out if you have a topic you would like me to discuss.
See you guys next time,