Question

The coronavirus outbreak so far is a human tragedy with the soaring numbers of cases that are tested positive. It has affected the lives of hundreds of thousands of people and millions of small businesses as well as multinational companies like Disney and airlines. Now, I would ask you to think proactively. What do you think the short term and long term impact of the outbreak will have on our today's economy and globalization? Please use concrete examples to support your argument by citing the articles from the internet or other sources.?

Answer 1

SOLUTION :

During the past two weeks, the COVID-19 pandemic has intensified and expanded in terms of its global reach, with huge impacts on public health and unprecedented shocks to economies and labour markets. It is the worst global crisis since the Second World War.The recently passed Cares Act is an important step in honoring that commitment, providing $2.2 trillion in relief to those who have lost their jobs, to low- and middle-income households, to employers of all sizes, to hospitals and health-care providers, and to state and local governments. And there are reports of additional legislation in the works. The critical task of delivering financial support directly to those most affected falls to elected officials, who use their powers of taxation and spending to make decisions about where we, as a society, should direct our collective resources.These unprecedented challenges are having economic ripple effects across the country as thousands of Americans unexpectedly find themsleves out of work with the potential for significant increases in unemployment. States are taking action to address the employment concerns facing Americans and to protect those who are no longer able to work. Some immediate issues on the minds of policymakers include expanding paid leave for workers, preparing state unemployment insurance benefit programs for surges in demand and helping businesses transition to full-time teleworking.The Federal-State Unemployment Insurance Program provides temporary unemployment benefits to eligible unemployed workers. As states work to slow the spread of COVID-19, thousands of workers are finding themselves unemployed leading to a surge in applications for unemployment benefits. States are responding to this employment crisis including expediting the application process for unemployment insurance benefits and expanding eligibility to those under quarantine. NCSL's Unemployment Benefits webpage provides specific examples of the actions states are taking.