Marcus Debaise on Reviving the American Economy after COVID-19

The US economy is in a devastating position as a direct result of the corona crisis. However, there are strategies to recover from the impacts if the appropriate measures are taken at the right time. Though many criticized Trump’s offer to provide incentives to companies moving from China to the US, a leading economist in the country supported the President’s idea.

According to an article published on https://www.cnbc.com, parts of America are taking the small necessary steps to return to normalcy. For example, New York is reopening portions of the state, as well as Mississippi, who has lifted their rigid restrictions in attempts to revive the economy. Here are some ways the economy can rebound after the pandemic:

Marcus Debaise talks about temporary job termination

Studies show that the unemployment rate has increased due to the pandemic; at least 20 million US people have lost their jobs. However, the good news is that the majority of the losses are short-term layoffs rather than permanent ones. This fact implies that people will resume to their jobs once the pandemic has been controlled and there has been a development of a vaccination or cure. Developing a solution like a vaccine or cure may take some time, however, there is hope.

When businesses reopen, the government will take the appropriate measures to ensure that there will be no additional problems after the pandemic. Though job losses may continue for the next few months, it will not become permanent and the challenging times are beginning to pass.

Empowering the middle-class of the country

Though the relief packages that the government provides are crucial for the citizens, there still remains the need to devise a long-term, self-sustaining plan that has the capacity to permanently lift the economy out of the devastated state. According to Marcus Debaise, this strategy must focus on areas such as lifting the conditions of the nation’s middle-class in order to improve their purchasing power.

The middle-class plays a key role in the country and therefore, their conditions require improvement after the pandemic. When the average middle-class family is employed, they possess a purchasing power that will allow them to buy products or services, which consequently, will boost business and the overall economy. When companies return to normal operations, they will make a profit; therefore enhancing America’s overall economy after the pandemic is no longer a threat.

There are a small number of rich individuals. Therefore, the middle-class population mush move the country’s economy forward, provided they do not lose employment.

Investment in education and skill development

The government should spend money on education and skill development in order to empower the people. If someone has lost his or her job, he should receive training in some other areas in order to receive employment in another job.

Providing federal income tax savings to teachers permanently, improving the scope of STEM education, improving soft skills, and making allowances for cost-effective professional development resources are crucial when it comes to improving the country’s human capital. These small steps will make a difference in America’s economy. The process may come off with a slow start; however, circumstances will improve after the pandemic.

Conclusion Both short-term and long-term economic packages are crucial for restoring the country’s economy to its normal state after the corona crisis is no longer a threat. It is essential to address America’s key vulnerabilities

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