COVID-19: A New Kind of Economic Challenge
COVID-19–the highly contagious respiratory illness–has rapidly become a global pandemic, with countries closing borders, restricting domestic and international travel, closing businesses, and even enforcing national quarantines. While the top priority of every country is to treat the ill, develop a cure, and ultimately distribute a vaccine for the virus, the U.S. government is also taking action to address the economic crisis caused by the Coronavirus.
In a short period, the pandemic is already having a devastating effect on the U.S. economy. Jan Hatzius, chief economist at Goldman Sachs, has predicted an unprecedented 34% decrease in Gross Domestic Product (GDP) for the second quarter of 2020. Furthermore, between the period of February 23rd to March 23rd the Dow Jones Indus...