According to an article published on https://www.bbc.com, millions of people have become jobless, financial markets ruffled, as well as supply chains disrupted in manufacturing centers in the US and the world amid the pandemic. It calls for some effective solutions to recover the US economy during this crisis hour: Here is how:
Marcus Joseph Debaise thinks skill development is necessary
The US government needs to shell out money, a significant amount for education and skill development to help the citizens of the nation. For instance, if anyone has lost his or her employment, he or she must be provided with effective training in other areas so that they can be employed in any other firm. The common population, especially the middle-class families of the US should have more purchasing power and need not worry about an expense of $400-$500.
People should have the option to apply for a small business loan, improve on their digital marketing skills, soft skill development, and things like that. Again, professional skill development resources are need of the hour as far as boosting the nation’s human capital is concerned. Marcus Debaise opines that these baby steps may seem insignificant initially but will help the country’s economy later once the pandemic is gone.
Focus on structural growth
The economy needs sustainable growth amid the pandemic and therefore, the US government should implement structural reforms to improve productivity, reduce income inequality, and boost resilience. These reforms amid the corona crisis will become effective in the country provided efficient governance is in place.
Temporary loss of employment
With the coronavirus and the infection spread devastating the US economy with lockdowns, approx 20 million citizens of the country faced unemployment in a short period. Then, many of these layoffs are not permanent, but temporary. It is a good measure because people can return to their shops and offices once the effect of the pandemic wanes and lockdowns are restricted. With the discovery of corona vaccination, businesses will resume normal and the economy will recover. The process might be gradual but will improve the current situation.
With businesses and trade centers reopening, the US government can take the right steps to ensure there are no more problems after the corona epidemic. Unemployment may be a problem for a few months but should not last long.
Relief packages for the middle-class
The government should announce relief packages for the low-income group and the middle-class of the country. It will help them to buy commodities that will help businesses in turn. When the common people of the country have jobs, they can buy products or services to boost businesses as well as the economy.
Once these solutions are in effect, their implementation will recover the American economy to save people and their jobs.