So far, with all of the businesses closing and people asked to stay home, there have been millions of American employees laid off. At least temporarily. With statistics estimated nationally to reach about 2.25 million unemployment claims this week alone, it would be an 8X increase from last week and the highest number in history.
All of this leaves our nation to likely extend beyond the recession that was experienced in 2008. The government will be needed to improve unemployment insurance and provide financial support throughout all American homes in order to prevent collapse to complete depression.
If we were to think about what had happened in the Depression of the 1930s, there is much more to fear than the disease of Coronavirus alone. The economic darkening that has already been brought up over the last week has the potential to continue falling over the coming weeks and months.
At this point, it is incredible to see what Congress will be able to complete on a bipartisan note for the improvement of our national economy. It may be that things were going well before, but with the COVID-19 outbreak and risks for the future, there is so much more to consider for the balance and safety of everyone in the nation.
As of late, the most recent report on the news that came from the Senate proving that the proposed bill is planning to work even more the benefit of individual American citizens than large corporations. We can all keep our fingers crossed that both any direct payments and “unemployment on steroids” will fully support the financial fear and panic that many people are facing right now.