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Home / Tips and Tricks / Coronavirus recession: How bad it can get and what it means to you

Coronavirus recession: How bad it can get and what it means to you



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Americans reduce spending when they plan for a recession that may not end until the coronavirus pandemic is over.

Angela Lang / CNET

Visit the WHO website for the latest updates and information on the coronavirus pandemic.

Also with next stimulus bill and second incentive payment at the horizon, bouncing back from coronavirus The recession, considered the fastest recession in U.S. history, “will not be quick or easy. The U.S. economy broke records when it fell 32.9% in the second quarter, according to the Department of Commerce (PDF) this week.

Among the factors that contribute to the problem are new force of coronavirus cases which erupted when states temporarily reopened after being locked up. Government governments across the country then pressed pauses on their plans to reopen and many even turned the course, temporarily stopping companies such as restaurants and bars just weeks after they reopened.

If you are among the millions of Americans who have experienced financial hardship as a result of the coronavirus pandemic, many of the economic safeguards introduced at the beginning of the shutdown have either dried or coming soon, which makes things exponentially worse. A renewal of improved unemployment benefits and exclusion prohibition is mainly among the issues discussed in a second incentive payment.

So what does the road to economic recovery look like from here? We have compiled the latest news about the recession, where to find help, what makes a recession and the government’s response. Please note that this story is intended to provide an overview, not to serve as financial advice. It is often updated as the situation develops.

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Latest news about recession






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If you have experienced financial difficulties due to the recession in the coronavirus, here are some tools to help you regain your financial balance.

    030 Money-dollars-banknotes-roll-stack cash

The United States’ decade of growth is over. Now we are facing an economic step.

Sarah Tew / CNET

When will the recession end?

Unfortunately, we have no answer to that question. From the economist’s point of view, a recession ends when certain market requirements are met. From a personal point of view, you may be wondering most about your ability to work, pay your bills and secure your financial future.

Economists and experts agree that the economy will not recover until the coronavirus pandemic is contained – but triggers another wave of infections when locking measures are released. It will happen either way herd immunity, an effective treatment for covid-19, a coronavirus vaccine or any combination of all three.

Several vaccine candidates have shown promise in human trials. Despite this, it may still take a year or longer before something is approved for widespread use. The development of a coronavirus vaccine is rapid and the details are changing daily.

How the government has tried to strengthen the economy

The $ 2 trillion stimulus package adopted as part of the CARES law in March represents the US government’s first attempt to counter a recession. The law on economic liberation included incentive payments of up to $ 1,200 for most U.S. taxpayers, as well as a loan program for companies to continue to pay their employees.

A debate about a second stimulus control currently working through Congress, but still seems weeks away from being completed. At the same time, the Federal Reserve has stated that it will continue to keep interest rates close to 0% for the foreseeable future, which often has the effect of encouraging more loans, leading to more spending – and more spending generally improves the economy.

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Spending money on locally owned businesses (while wearing a mask and maintaining social distancing) can help keep your finances afloat during the recession.

Jessica Dolcourt / CNET

How can I help?

It is easy to feel helpless, but if you feel financially secure or have time to give, there are ways to make a difference. My CNET colleague Katie Conner has some excellent recommendations for things you can do to help your local community and business, including free grants such as volunteering online or donating blood, as well as ordering collection or delivery and purchasing gift certificates for the restaurant.

Other local businesses such as bookstores, garden centers, toy stores and stores may have a website where you can support them with a twist if they remain closed.

The best advice I have heard so far on how you can individually help support the economy is this: Spend to the best of your ability and within your means.






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