As scientists around the world are struggling to come up with a COVID-19 vaccine and treatment, the virus is still spreading across the globe. According to the latest stats, the world has recorded millions of coronavirus cases with the United States having over 2 million cases. The virus has claimed a lot of lives as more are recovering from the deadly enemy. Face mask mandate might be of great the only way to save the US economy. Let us see how;
Coronavirus in the United States
Early this year, the United States faced a hard time in dealing with the coronavirus. The Trump administration imposed a stay at home order making millions of Americans to lose their jobs. By April, millions of Americans had filed for unemployment claims. The Federal Reserve was planning on distributing the unemployment benefits as other Americans may enjoy the released relief funds.
Later on, President Donald Trump announced a lockdown in the country. This was the start of an economic recession in the US. Despite the lockdown helping to save lives by limiting the spread of the virus, it caused other damages. Many Americans from small scale business people to those owning large companies lost businesses and money. Recently, as the stock market is doing badly many companies are experiencing bankruptcy as the Federal Reserve is trying to handle the crisis.
As the United States was undergoing this hard time, most of the African countries that depend on it have been experiencing financial challenges too. This is because the African continent depends on some exports from the US.
Reopening of the US Economy
President Donald Trump discussed at a deep length with his associates concerning the reopening of the economy. This is after the country took rapid actions to help slow down the rate of infections thereby calling for relaxed measures. Most of the US states are already planning on how to reopen as they roll out new restriction measures. Just like the United States, other countries have been strategizing on how to gradually open up their overall economy.
So, the challenge here is how to maintain the slow rate of coronavirus infections without imposing another lockdown. The lockdown in the US is the one that cost its economy success during this time. Some people in Trump’s government say that by wearing face masks, the economy might be saved from further distress.
Goldman Sachs’s View On The US Economy
Goldman says that by wearing protective face masks, the rate of coronavirus infection would be lower. The face masks prevent infected fluids such as saliva from landing on another uninfected person. Therefore, fewer deaths and more savings for the economy in the GDP. GDP is the monetary value of finished goods and services that people make within a country at a period. Goldman did a research and found out that the lockdown measures lowered over 10% from the US GDP early January-April.
Benefits Of The National Mask Order
Despite the importance of wearing a mask, the president has not yet made the action mandatory, starting from himself not wearing a mask. Moreover, many Americans do not wear masks intentionally. Mike Pence, the VP, encourages and advises the Americans to wear masks to lower the rate of infections. The Goldman company says the face mask order would reduce the growth rate of coronavirus cases and save the economy 5% in GDP. It also prefers wearing masks to imposing lockdowns.
Jan Hatzius, Goldman chief economist, says the National Mask Order would increase the number of people wearing masks by over 12%. The order would also reduce the growth rate of cases to less than 1%.
It makes so much sense that if a larger population decides to wear masks then the virus might disappear and even help save the economy. Americans need to change their perspective concerning wearing of masks. This is because wearing a mask not only keeps one safe but also helps prevent economic collapse.
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