Report: These losses are expected for the US economy due to Corona

A report in the American "National Interest" magazine said that the United States may face a potential economic storm, which could push the country into a recession, whenever the effects of the Corona virus outbreak appear.

The report added that while things may increase in the near term, the risks that the country may face in the long run are likely to be much worse.

The report's author, Daniel Davis, suggested that the Corona virus and the social disorder it could cause in the short term for millions of Americans are dangerous and severe.

In his report released a few days ago, the author quoted experts as saying that it is possible that the United States may eventually be forced to take tough measures, such as isolating entire communities or states.

The author stated that Dr. Richard Hatchett, CEO of the Alliance for Epidemiological Innovations, who has been appointed by the British government to help develop a vaccine, is more concerned than at any other time in his busy career.

During a British news program, last Friday, Hatchett stated that he "worked in the epidemiological preparatory system for twenty years ... and this is the most terrifying disease I have ever faced in my career."

Exorbitant cost
According to the author, researchers from the Australian National University went further and anticipated the threat to the United States in a recent study that looked at the potential costs in human and financial terms.

The authors of this study indicated that the expected cost of wasted money could reach $ 1.7 trillion in 2020, due to the outbreak of the Coruna virus.

And with the Centers for Disease Control and Prevention in Washington already inviting Americans to consider precautionary measures such as suspension of lessons, deregulation of many events, and social divergence, this could seriously affect a whole range of industries in the United States, the author said.

The writer stated that the outbreak of the Corona virus is not the only crisis the United States suffers from, as there are many other major threats facing it, including losses incurred by US stocks, along with a significant drop in oil prices.

War and setbacks
The writer pointed out that the failure of Saudi Arabia and Russia to reach an agreement on a deeper reduction in levels of oil production ignited a "price war" between the two countries, which negatively affected oil markets.

The writer said: Because of the anxiety of the two oil-producing powers, both seek to harm US shale oil production as the price of oil falls.

He noted that the economic output that has been obliterated as a result of the anti-Corona virus measures and the strike by oil producers in the United States will result in additional setbacks for the American economy, which many experts have reported as fragile and at risk of recession.

The writer said, "It has become increasingly possible that this and other unforeseen shocks will leave decades of failure by US leaders to address the growing financial problem." In other words, the costs to the United States of America may be devastating.

Debt
The writer said: In the event that this storm storm hit the American economy, and put it in a state of stagnation, as is increasingly likely, spending on debt and the budget deficit can rise to levels that are unsustainable. He added that by 2025, the payment of debt alone could equal the entire budget of the Ministry of Defense.

The writer pointed out that because of the failure of officials to confront the accumulation of debt, Americans may cause crises to erupt for themselves.

The author pointed out that when Obama took office, the debt amounted to ten trillion dollars, and reached twenty trillion dollars when Donald Trump came to the presidency, while the public debt ratio is currently 23 trillion dollars, constituting 107% of the ratio to GDP.

The author said that both Republicans and Democrats continued to refuse to address these growing challenges.

The writer added that at a time when many groups were presenting clear and harsh warnings every year, politicians were following the path of least resistance so that their chances of re-election were not damaged.

The writer added, "With the emergence of a storm of impending economic crises and the threat of the Corona Virus to the outbreak of a complete crisis, the costs of dealing with this situation will amount to a dangerous escalation and turmoil."