2020 Was the Worst Year for Economic Growth Since World War II

 Alice Korkin


Mr. Roddy


IHSS

February 3, 2021


2020 Was the Worst Year for Economic Growth Since World War II


The economy has not seen this type of low since World War II in 1946. It shrank by 3.5 percent. People have lost their jobs and daily life activities due to the Coronavirus. Spending on daily services like public transportation, gyms, restaurants, and bars took a huge crash. Small businesses started to close which caused even more people to lose their jobs. 23.8 adults in America are currently struggling to put food on their family's table. 9.8 million jobs are still nonexistent. The market that did go up was more of the products that we can use at home. This includes home appliances, gardening tools, and home office spaces. This caused a very big unbalance. Government officials are saying the best thing for the economy is to get vaccinated and wear masks. This is the only way that the coronavirus will die down and life can go somewhat back to normal. One big thing that has helped the economy is stimulus checks and packages. Biden proposed a 1.9 trillion dollar stimulus package to help Americans. The Republicans really didn't like this idea. They said it is “unnecessary.” The group of people that is struggling the most are Women, People of Color, and people with a high school diploma. They said they had no idea when vaccines will start distributing faster and life will return to somewhat normal.

We still do not know when the economy will completely recover. People still do not know when they will get their jobs back. I think that this article covered many things. The authors gave a black woman's point of view in the article. I think that this is very important because a lot of people don't know how the economy impacted others. They also talked about how keeping safe can really boost the economy. This completely made sense because the fewer cases we have the more people can go back to work. I also heard on NPR on Monday evening that people did get stimulus packages, but some people have failed to receive checks in weeks. These people are sitting at home unemployed with no source of income. Eventually, one very big check will go their way but, nobody knows when this day will come. At the end of this article, they gave us some hope. It is shown that more businesses reopened in December. That means that the economy is slowly healing.


Siegel, Rachel, Andrew Van Dam, and Erica Werner. “2020 was the worst year for economic growth since World War II.” The Washington Post, 28, Jan. 2021. https://www.washingtonpost.com/business/2021/01/28/gdp-2020-economy-recession/.




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