As the global corona virus (Covid-19) outbreak the World is slipping into recession. It put acute stress on the U.S. economy as well. In such a tough time the authorities announced no paid leave for workers. This could be bad news for millions of American workers, who may lose jobs due to this pandemic.
To overcome the situation first Coronavirus Response Act was passed this week which was supposed to help workers across the country. They can take care of themselves and their loved ones in this time of national crisis. It will guaranteeing some paid sick leaves to all. President Trump praised the bill on Saturday, citing “good teamwork” between Democrats and Republicans.
“Good teamwork between Republicans & Democrats as the House passes the big Coronavirus Relief Bill. People really pulled together. Nice to see!” – Tweeted by Donald Trump –
Due to recession in America 3.5 million jobs lost
An economic downturn due to the coronavirus would put an abrupt end to the longest-running expansion in U.S. history. If it were like an average recession, it would translate to a roughly 6% unemployment rate, which is near 50-years low.
“I wouldn’t be one bit surprised if when we look back at the data, it is decided that the recession started in March,” Alan Blinder, a former Federal Reserve vice chairman and now a professor at Princeton, told CNBC’s “Squawk Alley.”
Most of the workers don’t have an adequate financial support in layoff situations, experts said. Around 53% of U.S. adults did not have an emergency fund that covers at least three months of expenses, according to a financial planning survey conducted by First National Bank of Omaha in Nebraska.
What do you think on this recession in America? What will be the worst impact of coronavirus? Please share with us in the comments section below.