Updated: Mar 30
Our world is in turmoil at the moment as the U.S. is virtually shut down to prevent the spread of COVID-19. Americans are stressed, businesses are closed, and unemployment is rampant as people shelter in place. Health concerns are this country's highest priority. As individuals in all walks of life sacrifice, normalcy in an attempt to stay safe, concern for the country's economy also is a huge concern. When will this crisis end? Where will businesses be when it passes? How quickly will jobs come back? What will the new normalcy be as we begin to recover?
History is a great indicator of what to expect, and predictions for the future can be drawn from what happened in the most recent past. Looking back to 2008, we remember that while unemployment reached 10 percent and the entire country was spooked, the federal government moved quickly to pass the American Recovery and Reinvestment Act (ARRA) that helped end the recession. Although the pace feels slow now, Congress is already in the process of doing the same thing today.
A recovery plan with a price tag as high as $2 trillion will be the first step. Other recovery funding statutes will follow, and the federal government will not stop until there is clear evidence that the American economy is on the way to a full recovery. Put more simply, Congress is committed to making a wartime investment in America's recovery, and it is imperative for businesses and individuals alike to plan now to benefit from the recovery initiatives that will result.
Once COVID-19 is under control or even slowed to some degree, the probability of a V-shaped recovery is extremely high. The rebound will come swiftly for many businesses, and governmental entities will be expected to play a major role in stimulating the economy to create jobs. Congress will push aggressively to ensure economic growth on all fronts ... so preparing now for the recovery is critically important for businesses, individuals and public agencies alike.
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