As the pandemic seems to reach on top after hitting China, Italy and Iran.US is not getting any relief from the pandemic. The number of reported deaths in the US due to corona virus spiked to nearly double the prior record Thursday to 4591.Situation is getting alarming day by day and possible solution is visible as of now. Trump's administration has released new federal guidelines to reopen their economy as further hindrance in economy can cause extreme economic crisis.
According to Wall Street Journal analysis of data from Johns Hopkins University in 24 hours ending at 8 p.m as per eastern timing ,4591 deaths have been reported due to COVID-19 whereas the prior record was 2569 on Wednesday. In several states lockdown has been extended till May. In the same row on Thursday Governor of New York extended the lockdown till 15 May.
President Donald Trump on Thursday outlined new federal guidelines for opening up the country in three new phases that will put the onus on governors to decide how to restart the economies in their states. As lack of economic activities has almost collapsed the US economy.
Direct cash transfer to the citizens account is also being practiced by US govt. to combat economic crisis by increasing liquidity in the market. Americans are checking their bank accounts for the stimulus payments and some are surprised as how less amount of money they have got from govt. as compared to their need.
Earlier in W.S.J report, it was mentioned that another 5.2 million Americans have filled for unemployment benefits last week. The total of 22 million workers have filled for the unemployment benefit and showing a broad shock for the US labor market.
Most of the economies are adopting direct cash transfer schemes for creating flow of liquidity in the market that would also ensure economic activities for combating economics crisis that would occur due to COVID-19 pandemic. Even India announced an economic stimulus package worth 1.7 trillion rupees ($22.5 billion) on Thursday, designed to help millions of low-income households cope with a 21-day lockdown due to the corona virus outbreak
However for ensuring the lockdown situation it is crucial to take measures by the respective countries to ensure economic activities and flow of liquidity to their countries. It will be interesting to see at what extent Trump’s formula ensures global well being in terms of economics.
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