For a while, some furloughed employees still received checks from their jobs. However, for workers employed by companies like Dick’s Sporting Goods and TJX Companies Inc., the paychecks are coming to a halt.
Due to a lack of revenue, business, and funding, these major outlets simply can’t afford to pay their workers. Additional companies that have furloughed their employees include Disney, Under Armour, Caesar’s Entertainment, and Universal Studios.
The Implications for the U.S. Economy
Having massive amounts of individuals without paychecks will only increase the numbers of unemployment and individuals seeking unemployment benefits. Furthermore, government’s available unemployment aid will quickly dry up with massive amounts of people not working or contributing to monetary velocity. Over the course of three weeks, nearly 17 million Americans lost their jobs; remember, this has taken place only during the beginning of mass shutdowns.
It is time for the American people to return to work. COVID-19 recoveries, by far, outweigh COVID-19 deaths and, contrary to certain beliefs, there are worse threats than coronavirus. Extreme economic decline does not come with a recovery rate of over 90%, unlike this virus.
