Nearly 50 million Americans have filed for unemployment—here’s what’s really happening:
New York City is a major destination for tourists—both from within the United States and around the world. With the mandated shutdowns,their shows. Broadway is a big business and grossed $1.8 billion last season and attracted a record 15 million people. It's been reported that the theaters will be forced to stay closed until January 2021.
It's questionable if schools and daycare centers will fully reopen in September. If they don’t, it may cause a childcare crisis for millions of American workers. The school-closing issue has been brutally. Parents had to manage their own work, homeschool the kids and desperately try to keep things normal all at the same time. Many parents are going to have to choose whether to keep their jobs or take care of their kids.
Nonessential businesses were ordered to close and citizens were told to stay home. This had a huge impact on the economy. Most businesses either didn’t earn anything since they were closed or only saw a trickle of revenue. With the lack of earnings, there’s less tax revenue flowing into state coffers. This translates into less money for the states.
There is one bright spot. Joe Biden, the presumptive Democratic presidential nominee, announced a bold, new economic and job-creation initiative, backed with $700 billion. The goal is to invest in America and get people back to work.
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