The Economy and Unemployment During the Pandemic

 The Economy and Unemployment During the Pandemic

The article that I read was about the effect that the unemployment rates are having on the economy during the pandemic and how the government is approaching it. The article predicts that the economy will return to its pre-pandemic size by the middle of the year but that it will take much more time for the unemployment rates will lower back down. This could complicate President Biden’s plans on passing a $1.9 trillion stimulus package. This is because some believe that “too much new federal borrowing could overheat the economy”(Tankersley) or that it will cause inflation. Others believe that the economy could absorb this without an issue and that it would actually help. 

I think that this article is important because it provides possible outcomes and solutions to a problem that is fluctuating during this uncertain time thanks to the pandemic. It addresses many questions that people may have about the effects of the pandemic and unemployment by explaining how the rates can be expected to change in the future. Not only does it bring up current issues but it speaks on how our new administration is expecting to handle it. As well as,  the oppositions they are facing, and could face, from other government officials. I found it well written in the fact that when I had questions on topics they were answered. For example, the stimulus package, the article explained what this would be doing for the economy if it were to work or not. In the case of the stimulus package, it could either feed the economy into positive growth or stoke inflation. This article is relevant to adolescents not only because it is current but because it uses current events to explain broader topics, teaching us as we read it. When the article discusses the $900 billion economic aid that was passed in December, it further explains how the support of the currently unemployed. It then goes on to provide information on how the change in the economy is affected by the change in unemployment rates. I think that it is important to the field because it gives projections for the future and lets us know what to expect for the upcoming years. However, I think that we should take these projections with a grain of salt as the pandemic’s future is going to greatly impact the future of our economy. With the new vaccines coming out we are hoping that the pandemic will come to a close, but without a definitive answer as to when this will begin to happen, I think that we need to be careful about how we approach these issues. Overall, I think that this article was well informed and provided answers to many questions. 










Works Cited

Tankersley, Jim. U.S. Economy Is Healing, but Budget Office Says Workers Have a Long

Way to Go. 1 Feb. 2021,

www.nytimes.com/2021/02/01/business/economy/coronavirus-economy-unemploymentcbo-report.html.

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