US economy faces deepest crisis since Great Depression amid COVID-19

As COVID-19 strengns its grip with a fresh outbreak surge in parts of US, country’s ecomy has plunged into deepest crisis since Great Depression, a news ncy reported. US citizens, pessimistic about leership, fear worst turning point for American ecomy that shrank furr at an estimated 32.9 percent annual rate from April through June, according to  Bureau of Ecomic Analysis report. US brocasters, citing a Pew Research report indicated that US’ response to pandemic and several or loopholes has driven nation “officially” into ecomic recession. 

Business owners have abandoned ir establishments, customers are near nil, and federal government aid for small scale businesses and unemployed has expired, among many or challenges in US’ COVID-19 crisis. To top it all, Republicans have dramatically failed to reach a consensus on stimulus aids as Republicans and GOP senators stand divided with a deepening rift created by democrats, according to reports. White House chief of staff Mark Meows said at a live-streamed conference that President Donald Trump will dress unemployment insurance and an eviction moratorium by executive action, it, however, remains unclear if it is in President’s authority to take such a measure, piling to a lo of uncertainties.  

Households and businesses are really fragile right w. This is t a recovery that we should be confident in, Wendy Edelberg, director of Hamilton Project at  Brookings Institution and former he of commission that investigated into 2008 financial crisis was quoted as saying by a news ncy.

Government policy is t making it better right w. policy is exacerbating uncertainty, he ded.

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20 million American jobs vanished 

A leing US brocaster reported annual business investments to have plunged to lowest level in 68 years due to nearly stalled consumer spending. Despite in April, reports stated that over 20 million American jobs vanished with closure of businesses, Trump ministration claimed that job creation skyrocketed. On August 7, Republicans touted return of 1.8 million jobs in July, however, US media reports stated orwise. Nearly 60 percent of jobs that were lost amid COVID-19 pandemic have t returned, a news ncy reported. While US recently accounted for 5.4 million job openings, it wasn’t eugh for more than 30 million on  unemployment benefits, as per report.  

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(Im Credit: AP)

(With ncy Inputs)