RADIO.COM's 'Coronavirus Daily' Addresses the US Economy Amid the Outbreak

March 18, 2020

In Italy, doctors are forced to choose who gets a ventilator among the sick due to a lack of supplies. Students traveling abroad don’t have access to the proper testing that would keep them safe from contaminating others.

RADIO.COM’S "Coronavirus Daily" podcast is here to give you daily updates on the ever-changing coronavirus crisis. Episode 2 outlines the economic impact of an outbreak this large.

The government is working to issue checks to people negatively impacted financially by the crisis. The checks will be issued for about $1,000 per person. The government hopes to get the aid out quickly. But unfortunately, the checks are merely a bandaid and may not help community members as much as they need. Governments across the globe are considering paid sick leave for employees.

In the wake of economic turmoil, officials are discussing whether this crisis could lead to a recession, possibly a depression. “We’re expecting a big hit in the first half of this year and a slow recovery in the second half,” Beth Ann Bovino, U.S. Chief Economist at Standard & Poor’s Ratings Services said.

Building confidence, Bovino says, is the first thing that needs to be done to help bounce back from the inevitable recession the country is facing. The entire world is in somewhat of a standstill economically.

She also reveals that the government needs to make a test available and make it free to the community so that people have access to the information they need to stay healthy.

Airlines are among the many businesses suffering from the coronavirus-induced shutdowns. Airlines are asking the government for a $50 billion bailout. “We need to move with force and speed. We need to set aside any notion of debating whether the situation is serious. The time for action along multiple channels is now,” said David Wilcox, Senior Fellow at the Peterson Institute for International Economics.

“The question is not so much what’s happened in the past but minimizing the damage going forward,” Wilcox continued.

Much of the issue grows from the lack of testing available for the coronavirus. Those who are asymptomatic do not have easy access to testing to see if they’re a carrier of the disease.

Additionally, Ford, GM, and FCA will close all factories amid the pandemic, according to WWJ. Along with that, the IRS has postponed April 15th tax payments for 90 days, 1010 WINS reports.

KYW says that Pennsylvania has seen its first coronavirus-related death, and WWJ reports that Michigan has seen the same.

Illinois has also reported their first coronavirus-related death, according to WBBM. Meanwhile, California Governor Newsom says that schools could expect to be closed for months, KCBS reports, while KNX reports that 48 new cases of the virus were reported in LA County.

In New York City, Mayor De Blasio calls for military aid as cases rise to over 1,800, according to WCBS 880. In Texas, Governor Abbott ordered postponement of local elections set for May 2, says KRLD.

Tune in daily to Coronavirus Daily to get the most up-to-date information on this growing global crisis.

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