If you have been keeping up with the news, you know that the Coronavirus outbreak has been dominating the headlines over the past few months, and needless, it hasn't been pretty. What started out as an international outbreak originating from China has morphed into a global pandemic with nations including the U.S. all across calling for state of emergencies while cities are closing off. The Coroanvirus is indeed a serious health crisis for all nations, but the economic turbulence as a result is an even bigger concern.
As the pandemic continues to grow, the economy has taken a plunge. The stock market has dropped, international trade have been disrupted, and major annual events such as Coachella, SXSW Festival, and E3 to name a few have been cancelled over concern of the virus. Meanwhile, President Trump has proposed a complete cut of payroll taxes in effort to keep social security and medicare intact.
While there is no doubt everyone should be cautious about the health risks at hand, they should really take in consideration to the devastating effect it can have on the global economy. With many businesses closing down, many goods and services are slowly depleting and many are being laid off from their jobs. And with the CDC struggling to contain the pandemic, many believe we could be facing another economic disaster on the scale of the 2008 economic collapse, and that is a valid concern.
The idea is scary, especially for college kids approaching graduation, that is why it is important to take in consideration the economic struggle that is set to come even years after the the virus is contained and the hardships countries will face in trying to repair their economies. No doubt is the virus is serious threat to everyone's health, but the economic threat it poses is even more alarming.