In the account statement for the Corona pandemic, a year later

The data shows the extent of the turmoil in the US economy

More than 600 major companies in America filed for bankruptcy last year.

From the source

Last week marked a full year since the World Health Organization declared the new Corona virus a global pandemic.

Since then, it seemed difficult to determine the size of the turmoil the world has witnessed, especially in the United States, which directly affected the global economy, according to the American newspaper, The New York Times.

But the most important figures ever relate to the lives of those who died due to their infection with the virus, as more than 118 million cases were reported worldwide, and more than 2.6 million deaths, while the number of doses of the anti-virus vaccine reached more than 316 million doses around The world yet.

Rescue programs

In the United States alone, there have been more than 29 million cases, and about 530,000 deaths, while more than 94 million vaccine doses have been given, but the United States government is scheduled to spend more than five trillion dollars on rescue programs.

Former US President Donald Trump signed a $ 2.2 trillion economic stimulus bill in late March 2020, then followed suit with another $ 900 billion in December.

The United States continued to stimulate its economy with the approval by Congress of a package worth 1.9 trillion dollars last week, signed by President Joe Biden.

Economic impact

In addition to the fiscal stimulus, the Federal Reserve lowered interest rates and increased the power to print money to stabilize markets and support businesses, doubling the country's budget to more than $ 7.5 trillion.

However, all these steps did not prevent the severe economic impact of the pandemic, especially on the labor market, with the loss of about 9.5 million jobs during the past year.

Overall, however, the US economy has recovered three-quarters of the sharp decline in production at the start of the pandemic, with a full recovery expected later this year.

Financial deficit

The "New York Times" quoted data on the impact of spending on rescue operations, that the fiscal deficit reached a record level of 3.1 trillion dollars in the past fiscal year, which raises concerns about inflation, especially with the presence of a "mountain" of consumer savings, supported by ready-made stimulus checks. To spend when reopening businesses and travel.

Asymmetric effect

Projections of a potential economic boom reflect the disproportionate impact of the pandemic, with some people and businesses booming, while others see their incomes and revenues fading overnight.

Last year, it declared more than 600 major corporate bankruptcies, which is fewer than what was recorded after the relatively moderate financial crisis of 2008, according to Standard & Poor's.

And companies that were on the brink of the abyss early, such as "JC Penney" and "Hertz," retreated, while others managed to withstand.

Travel and stocks

Despite the near stalemate in travel, no major US airline has gone bankrupt, providing three rounds of aid to airlines, amounting to tens of billions of dollars, and stock markets, which tumbled early during the pandemic, rose considerably thereafter. This has raised increasingly specific questions about whether markets are disconnected from economic reality.

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