The article “The Huge Economic Stakes Behind Joe Biden’s Vaccine Mandate” by John Cassidy is about COVID-19 and how it impacted the American economy. The article originated in the New Yorker newsletter and was published on September 13, 2021. COVID-19 outbreak in March 2020 negatively obstructed the USA budget, divulging it to an eccentric flip. The University of Chicago economist Austan Goolsbee, who served as the Obama White House Economic Council Adviser, assured the Americans that the only way to fix their economy was to slow the spread of the virus (Cassidy, 2021). The assurance occurred when Trump and other citizens were against lockdowns that California, New York, and other Democratic nations ran.
In 2021, numerous economists expected mass immunizations would break down the link between the disease and the USA economy, an anticipation that never happened. Trump argued that locking down the nation could punish the economy, making Goolsbee assess approximately 2.25 million businesses to know how they responded to the crisis (Cassidy, 2021). As the virus continued to wreak havoc in the US, people stopped spending, companies stopped employing, and payrolls deteriorated. However, death rates started to decline in February and March 2021 (Cassidy, 2021). Precisely, pandemics impact various nations’ economies since they interfere with a nation’s income generation. Locking down the nations was not the effective way that the economy could be fixed but the containment and control of the spread of the virus.
Summary of the Text
After the outbreak of COVID-19 in the US, the economy began to deteriorate. Researchers, including Austan Goolsbee, encouraged the régime to control COVID-19 to enhance the economy. At that time, the ex-president of the US, Donald Trump and other Republican leaders had started criticizing Democratic-run states such as New York and California, which had imposed lockdowns on their citizens. Trump and other Republicans accused these states of punishing their economies (Cassidy, 2021). To declare this entitlement, Goolsbee and colleagues gathered suggestions on approximately 2.25 million industries crossways the US. The researcher’s related consumer performance across municipalities to diverse lockdown responses (Cassidy, 2021). According to the information, Goolsbee gathered that the spread of the virus affected businesses disproportionately rather than the lockdown. People halted visits to businesses whenever the death rates increased, making the economy fall.
The emergence of the new Delta variant slowed down hiring in firms in August 2021 compared to the previous two months. As the cases of the Delta variant increased, restaurants began to slow down, and major airlines seemed weaker than it was anticipated. The White House announced new policies and new vaccines and promoted them as health measures. The advisers of President Biden shared Goolsbee’s belief that curbing the spread of the virus was the best way to retain the US economy to normalcy (Cassidy, 2021). However, the slow pace of individuals’ vaccination and the emergence of the Delta was an indication that the crisis was not over; and the administration shifted its course. A fast implementation of its new policy was anticipated to be critical. Mass vaccinations would reduce the spread of the virus and restore the public’s confidence in resuming their jobs.
As a substitute, the nation could have opted to control the virus’s spread rather than closing businesses and lowering employee wages while others lost their jobs. Still, it could worsen the economy since the nation could not engage in the activities that earn them income, such as trading with other nations. The Americans could have agreed to Joe Biden’s proposal concerning administering vaccines to control the virus. In the text, the Delta variant outbreak decreased the hiring rate of companies, which again slowed down the economy, an incident that also delayed my securing a different job after I lost my stable job during the COVID-19 lockdown period.
According to the article, the lockdown was not the major reason driving the economy’s economic behavior but the spread of COVID-19. Rendering to the monetarism economic theory, the government should play a vital role in achieving economic stability by monitoring the circulation of money (Cartelier, 2018). Money is the major element that determines a nation’s economic growth. Similarly, I also feel that it is COVID-19 that is declining the economy. Most government revenues were being used in purchasing sanitizers, facemasks, and ventilators, among other elements, since there was a high demand for the elements while the supply was low.
The increased demand for medical interventions increased taxes and government intervention hence declining the economy. The government could have played a significant role in controlling how money circulated (Cartelier, 2018). In the current world, COVID-19 has negatively impacted how various nations engage in activities such as education, sports, and tourism, among other sectors. Most nations have experienced a decline in their economy since most of the activities that help nations earn revenue were postponed due to COVID-19. COVID-19 forced most nations to go under a total lockdown, which affected global trade, including exports that earn most countries income.
The tourism and hotel industries were greatly affected since most nations restricted their citizens against traveling to other countries. Most of the hotels and lockdowns were closed down and restricted from offering their services to contain the spread of the virus. The restrictions made most of the industries experience losses since they could not continue with their operations. Most of the hotel and tourism industry employees lost their jobs during the crisis, affecting their economy because they could not pay taxes without operating their businesses.
Generally, the text relates to the current challenges facing the world since most countries have not agreed on how to awaken their economies. While other nations believe mass vaccinations could awaken the economy, some nations are still against the economy, the major reason why different vaccines have been discovered to protect one against contracting the virus. The article relates to my ideas, feelings, experiences, and life since it has outlined nearly everything I experienced throughout the COVID-19 period, including how the government deducted my payroll. Most of the revenues were being used to contain the virus, which decreased nations’ GDP, negatively impacting their economy.
Tax revenues and external finances decreased, making the low and middle-income nations not receive any financial aid since every nation was struggling financially. The whole article has changed how I view challenges since it has taught me that cooperation and unity should be paramount when an issue arises, and prevention is better than cure. If COVID-19 had been prevented earlier, there could not be interruptions in the economy. The text exhibits language appropriateness, complete ideas, and accuracy since it has chronologically arranged how COVID-19 impacted the US economy and the events that happened to find a solution to the crisis.
Instead of the USA closing the country, other alternative solutions could have been implemented, including early testing of suspected victims to control further spread, conveying supportive treatment, enhancing phone consultation services, and encouraging case isolation. In addition, quarantining the citizens who have been suspected of interacting with a COVID-19 victim could play a vital role in controlling the spread of the virus. The USA could not have closed the country but instead passed strict punishments on the individuals who failed to adhere to the preventive measures. Leaving boundaries open could permit people to conduct their businesses, generate income for the nation, building the economy.
Under the reign of President Trump, the federal government took sluggish action to contain COVID-19 upon its outbreak in the US. Locking down businesses did not the solution for reviving the economy of the US. As Austan Goolsbee found in his research, controlling the spread of the virus was more effective in reviving the economy than imposing lockdowns. The government of the US should have acted swiftly during the outbreak of the Delta variant that emanated from India and the United Kingdom. In addition, mass vaccination against the Delta variant would have helped the economy, but the government had not publicized the event from the initial stages. The government should indulge the public during outbreaks of pandemics such as COVID-19 before enacting measures to curb the spread. Mass vaccination and encouraging businesses to follow the COVID-19 protocols would have sustained the economy of the US.
Cartelier, J. (2018). Money, Markets and Capital: The Case for a Monetary Analysis. Routledge.
Cassidy, J. (2021). The Huge Economic Stakes Behind Joe Biden’s Vaccine Mandate. The New Yorker. Web.