Even as preliminary results from two highly effective COVID-19 vaccine candidates boost hopes of an end to the pandemic in the relatively near future, several economists warn that the United States still has a “daunting path” to economic recovery. That’s according to an article in The Hill Tuesday.
With the country in the midst of an unprecedented surge in COVID-19 cases and hospitalizations, unemployed workers and struggling businesses, including many long-term care operators soon are likely to run out of ways to stay afloat between now and widespread distribution of a vaccine, they said. Several crucial government aid programs also are set to expire at the end of December, setting up a potential flood of foreclosures, evictions and bankruptcies. Unless the White House and Congress are able to release more aid, millions of Americans could suffer before the pandemic and economy turn around.
“If they don’t do much more, then we could be looking at a lot more businesses going under, the recovery backtracking and heading in reverse, and a bigger economic hole to dig our way out of,” Adam Ozimek, chief economist at Upwork, told The Hill.