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America, once again, will face a tremendous financial crisis. COVID-19 is a pandemic that is pushing America into a recession.  The Great Recession (2007-2009) had recorded the most massive fiscal package in American history ($831 billion); this record, however, is likely to be beaten by the ongoing pandemic of the coronavirus.

The Great Recession was a period of the severe financial crisis, triggered by the collapsing of a colossal credit bubble; that brought the levels of the economy down and took years to recover a stable economy- then, the levels of employment and general output dropped. This crisis led to increased numbers of a home mortgages, more deaths, loss of jobs, and more of the population becoming homeless. To the economy, the interest rates reduced to a point they reached 0% to encourage investment, and the government also cut taxes and increased limits of loans. These measures, however, did not boost the economy. It then filed that the US government was bankrupt.  After that, the second signing of the stimulus package revived the economy.

Yet again, another cause of a similarly severe tragedy is the covid19. It has occurred as an outbreak, and apart from risking the lives of many has caused other significant problems, for example, the curtailing of economic activities. (Bell, and David, 52-69). Like in the Great Recession, unemployment has become rampant, hence dropping equity prices and complicating supply chains. Again, like in the Great Recession, the Federal Reserve has lowered the interest rates to 0%. In addition to this, our government has seen it right to boost all areas of the economy through measures like; giving food aid to families, keeping employers attached to their firms, sending checks to all households, and more.

The first lesson learned from the Great Recession is not to borrow money until forced by the circumstances to acquire—more borrowing results to an economic downturn. As seen, the government has lowered the rates to 0%; this measure helps many Americans to extend their mortgages and refinance. The government is relying on its savings in our treasury. Yet, again if pushed to borrow, it would become more comfortable for them since billions of dollars in the money market invested in us government debt hence making borrowing more relaxed and allowing this to get done without paying high-interest rates. To discourage the chances of lending, the states have also reduced their spending.

Secondly, the government has taken the initiative to to vulnerable families. It will surely keep the citizens alive during this pandemic period, unlike during the Great Recession, where the economy dropped, leaving many without the capability to feed them. Also, to prevent an increase in deaths, the government is raising public safety and ensuring the health of the citizens by providing the required resources. (Makridis, and Jonathan, 58). Furthermore, the government is also keeping the employed population attached to the firms they work with by and also sending cheques to reachable households. These two measures will ensure that people come out of this pandemic with money in their bank accounts hence having them in a position they are still able to work, earn and bring the economy to stable ground.

Although the government has tried to do all the above, there are failures recorded. For example, the lowering of interest rates; this didn’t work well for the great Recession. This measure appears to be suitable only for the short term since, in the long run, interest rates will need to get raised to slow the economy restrain inflation. It is because there will be more money but fewer goods and services, therefore an imbalance in the marketplace. We are unsure about the term for the pandemic, but if at all the imbalance arises, it will surely be another era of the Great Recession, or even worse.

Similarly, as most expect the stimulus boost, it appears that only those who have met the federal government’s income qualifications are receiving the money in their accounts. In contrast, those with forgivable loan debts are still waiting. It might result in a jobless population after the pandemic since most owners of small businesses will fall under the shadow of ‘forgivable loans. It draws a profound wedge between the upper class and the lower class, just like in (2007-2009).

Even worse, unlike in 2008, where knowledge and credit markets were stale and intact, currently, the economy appears to be in shambles with millions of workers forced to work where they are not comfortable (small business workers). The cause of this is poor leadership at the top. If these humans are not supported rightfully, in this case where the government is sending them out during the pandemic, they will contract the virus, rely on more government expenditure in the hospitals, others might even die. (Revenga, and Jorge, 25). And if these deaths will be on the rise, then very few will be essential workers in the future, meaning there will be trouble bringing the economy back to proper activity. In summary, for equilibrium to get achieved, as national economic inactivity should get practiced until the danger passes. As per now, the economy is secondary; the primary solution is to ensure lives saved.

Works Cited

Bell, David NF, and David G. Blanchflower. “US and UK labor markets before and during the Covid-19 crash.”  National Institute Economic Review 252 (2020): R52-R69.

Makridis, Christos, and Jonathan Hartley. “An Economic Analysis of the COVID-19 Effects on County Real GDP.”  Available at SSRN 3559139 (2020).

Revenga, Ana, and Jorge Galindo. “Responding to global systemic shocks: applying lessons from previous crises to Covid-19.”  Globallist 30 (2020): 25.

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