In July, the unemployment rate sunk, despite spikes in COVID numbers, according to Fox News. Instead of unemployment rising, the numbers have gone down.
When the Coronavirus started, many businesses wondered how they would stay afloat. Despite concerns and fears about whether the economy would survive, it has done exceedingly well. In June the unemployment rate was 11.1% and by the end of July the numbers slid down even further to an unemployment rate of 10.2%, by adding 1.8 million jobs to the economy.
Though opening businesses has been linked to a spike in COVID, Managing Director of Citizens Bank, Tony Bedikian believes we shouldn’t be worried.
“We have seen a very troubling increase in COVID-19 cases in many states that had reopened for business, but we continue to be cautiously optimistic that the overall U.S. economy has turned a corner, and that the solid job gains announced today will be sustained,” Bedikian said, according to Fox.
I’ve tried to have an open mind about everything dealing with COVID, and when everything shut down, I quickly became worried about the state of the economy- like many of my conservative friends. How is shutting down the economy going to help anything? Well, apparently it didn’t help. Besides, it only makes sense that there would be a spike as everyone that had been staying in their houses suddenly came out. It’s common sense.
Why do kids in school end up with common colds every year? They’re in a new germ pool. But before COVID hit, we didn’t allow the fear of a cold or flu to keep us from sending our kids to get an education. It’s only natural that when everyone got out of hibernation there would be a spike.
But fortunately, there wasn’t just a spike in COVID, but jobs, success, and unemployment.
As soon as the country began to shut down, millions of people soon flocked to unemployment. Businesses had to apply for loans and many ended up closing for good because they couldn’t withstand the financial hit. The massive lowering of unemployment rates simply shows that closing the economy when bad things happen is not what we need.
Instead of the government dishing out the massive amount of money they had to for unemployment, extra business relief loans, and stimulus checks, they could have kept it in reserve.
How much easier everything would have been had governors and leaders not chosen to shut down their cities in a move that felt like the end times. I get that they wanted to stop the spread, that’s great, but it’s like they just hit the “drop everything and panic” button and didn’t use their brains.
You’ve probably seen plenty of commercials for medicines that will help one thing, but give you 15 awful side effects, many worse than the initial problem.
Sound a bit familiar?
Shutting down the economy was perhaps the worst way to help make things better. Couldn’t there have been a better solution to keeping people safe that didn’t include ruining people’s businesses and livelihoods?
You don’t have to be a politician to know the answer to that. The drop in unemployment and the rise in jobs is proof.