From the very beginning of the coronavirus pandemic, the optimists among us were clamoring about the “roaring twenties”: A period of American economic prosperity and decadence that came on the heel of a global pandemic.
And while this may sound counterintuitive, (fiscal success thanks to a pandemic), there are several reasons why this can occur.
First and foremost, Americans who remained employed during the pandemic were forced to save money. They weren’t going out to bars, restaurants, sporting events, or concerts very often, meaning that this disposable income is still in their possession.
Second of all, and this is a it depressing, the way in which the coronavirus created complications for the elderly and the immunocompromised created a trickle-down economy effect when it comes to inheritance. There are tens of thousands of Americans who took a heartbreaking windfall over the last year.
And, of course, there is the emotional toll that solitude and isolation take on us, and our natural reaction will be to go boldly back into public life as soon as we feel safe.
All that’s needed to unlock this cashola cheat code is for businesses to reopen and the service industries to get back up and running.
The number of Americans filing for first-time jobless aid last week fell to its lowest level since the COVID-19 pandemic erupted in 2020, a sign layoffs are easing as the economy recovers.
Some 547,000 people applied for unemployment benefits in the week ended April 17, the Labor Department said Thursday. That’s 39,000 fewer than the previous week and the lowest weekly number since March 14, 2020. About 133,000 others applied for Pandemic Unemployment Assistance, a federal program for self-employed and gig workers.
The latest jobless claims figure is far below the roughly 1 million weekly applications the nation saw in January. But it remains more than twice its pre-pandemic level of about 250,000, showing how much further the recovery has to go.
If this is any indication of where we’re headed, lets just hope we get there as quickly as possible.