This is another of those shocking charts from VisualCapitalist.Com that shows the economic cost to the U.S. of the Covid-19 Pandemic so far exceeds $16.2 Trillion Dollars— and rising every day. Every bit of news we hear on lockdowns, slowdowns, shutdowns, restaraunt closings, soaring cases, hospitalizations and deaths due to Covid-19 adds to the economic crisis we’re in today.
While vaccines rollout slowly and Washington attempts to push out more stimulus checks with money they don’t have, it has become apparent that there will be no “V” shaped recovery. Recessions, especially deep World recessions like this, will take time to overcome. The disappearance of 100,000+ small businesses and sudden firings of millions of American workers will continue to have a domino effect across 2021. We expect to see a zig-zag economy with rising unemployment around a million workers a week just now losing their jobs and hitting unemployment rolls.
The long-term economic damage due to Covid-19 will continue over the next 3 to 5 years.