Day 58. The Corona virus and the disease it causes, Covid-19, do not discriminate. We are all potential victims. The economic impact of the Corona virus pandemic, however, does discriminate.
The pandemic has wreaked havoc on the economy. From the moment it first hit the shores of the United States its economic impact has been disproportionate. Consider the following: Some businesses, Amazon for example, have thrived thanks to the pandemic so much so that it has hired thousands of new employees. Zoom has become a household world. Lysol and manufacturers of protective gear literally can not keep up with the demand. While other economic sectors, e.g travel, retail, landlords, for example, have been hit hard; so much so that some businesses e.g., your local ma and pop store or restaurant, have been destroyed, never to return.
As we slowly leave our homes and inch our way back to the work place the disparity in the pandemic’s economic harm will continue to become manifest. Some economic sectors, e.g. service industries, will likely more easily initiate necessary changes and more quickly “stabilize”. Others across a wide spectrum, from dentists to gyms, from airlines to landlords, will struggle to recover and suffer financially for months and in some cases struggle for years to come.
The economic disparities are and will be real. Some will prosper and others will not. Some will regain their employment and many will not. It will be a slow and challenging recovery. Plan accordingly.