Posted on 03/19/2020 7:18:31 AM PDT by Kaslin
Over the last few weeks, the United States has been grappling with the challenges of the global coronavirus pandemic. But the devastating effects have only just begun to surface for the average citizen. While COVID-19 is a very real and dire threat to the health and lives of the elderly and our most vulnerable, its unprecedented impact on the wider economy places us all at risk.
The American way of life as we know it could be forever changed unless critical action is taken immediately.
Although the U.S. economy has been performing at record highs over the last several years, it is not enough to absorb the shockwaves of this virus. The nation has come to a grinding halt with cities taking drastic measures to contain the disease's spread -- shutting down schools, businesses and public places across the country.
Virtually every industry has been affected, with some such as the airline and casino industries requesting urgent government assistance to remain solvent. And while there are talks within the halls of Congress and the White House about a potential stimulus package to keep businesses on life support, the vast majority of Americans simply cannot rely on government bailouts. That is especially true for small businesses and their workers.
Nearly half of all Americans work for small businesses, and unlike large corporations, small businesses simply do not have large cash reserves on hand to sustain a sudden halt in operations. It is these businesses and hardworking Americans who will bear the brunt of the impending fallout. Sadly, most are woefully unprepared.
Just last year, a survey found that nearly 70% of Americans have less than $1,000 in savings at any given time, and around 45% have nothing saved at all. Facing the possibility of nationwide layoffs and business failures occurring on a mass scale, these same Americans now must find a way to pay their rent, critical bills and living expenses without the means to do so.
White House officials have warned that without action the unemployment level may reach as high as 20%. Simply put -- in the coming weeks, we may witness the single largest wave of personal bankruptcies in our lifetimes and the creation of an enormous class of newly impoverished Americans.
The point of this column is not to cause more fear or to add to the hysteria of an already desperate situation. Instead, we must openly acknowledge the severe reality that our nation is facing and make the necessary preparations for tough times to come. COVID-19 has gotten a lot of attention for its dangers to public health, but we have to take the dangers to the economy just as seriously. This is a wakeup call.
Business owners must immediately ready themselves to weather the storm as best they can. They should put into place plans for operating with a reduced workforce and therefore reduced payroll.
Business owners should forecast budgets based upon various levels of income reduction, and they should look to trim unnecessary expenses wherever possible.
Small businesses should also immediately transition to remote videoconferencing to help keep employees safe and healthy. Retailers should expect supply chain interruptions and adjust accordingly. Many owners should consider opening up lines of credit for emergency loans and take advantage of historically low interest rates.
Entrepreneurs also should look to tap into any federal and state programs that can provide financial aid. Whatever your individual business needs to survive, do it now.
Workers must also prepare themselves and their families for potentially catastrophic circumstances. They must consider the reality of having no income for the next several weeks or months. They should formulate a household budget for the most severe conditions and have a plan of action in place should the worst-case scenario occur.
Only time will tell just how devastating this pandemic will be for the well-being of our vulnerable citizens, our economy and our country. This is a once-in-a-century event, and we are all in uncharted waters.
Once we have physically survived, then we will need to financially survive what's upon us. We must band together and take care of each other. And while we may not see an exorbitant death toll from this virus, we are all but guaranteed to see mass casualties when it comes to American small business.
This is one reason why ruthless and drastic action will be taken.
The Fake News and Democrats have a vested interest in milking this virus for all it’s worth! The Dems are perfectly fine with destroying our nations economy if it means getting their power back! That’s why I do NOT trust the Fake News narrative on this virus!
Just as the Fake News covered up Swine Flu for Obama, they are helping to foment fear with Coronavirus!
This is a true crisis but the solution of socialism and government surveillance and control is not a “cure.” We cannot give away our freedom.
Although Dems and young people would welcome that atrocious response.
We are living through a “Black swan” event. We don’t know what the ultimate outcome will be. Huge economic dislocations may well occur. Erosion of our civil liberties may happen. Martial law could be declared if we see rioting or other civil disturbances.
It will be a bumpy ride. Stay safe and buckle up.
I don’t know how they are going to put this fire out.
In the mean-time, those of us who are still working might think about visiting local small businesses. And over-tipping.
Maybe the government should just stop the clock on all business contracts, loans, and payments, and demands. Everything. Start again when this is all over.
I haven’t seen one thing they’ve talked about that will help small business. Their expanded welfare programs will help the people the businesses lay off but not the small biz itself. I shut my small biz down Friday. Can’t reopen until the venues for concerts, sports, etc. come back. I haven’t seen one thing that will help us.
The small business guy doesn’t get paid to stay home like government employee’s do. The small business guys generate the tax revenue to pay for the government employee’s to stay home with pay and benefits..
You can help small businesses by purchasing their gift cards, if they have them.. then redeem them after things become stable again.
The actions I am talking about are of a different nature. The cancer must be excised first.
It’s a perfect storm. The timing, all of it. If this happened after the election Trump could have handled it completely differently and the economy would not have been destroyed.
instead the MSM/DNC had him in a vice and you see the wreckage.
COVID, or democrat governors?Bring Out Your Dead
Post to me or FReep mail to be on/off the Bring Out Your Dead ping list.
The purpose of the “Bring Out Your Dead” ping list (formerly the “Ebola” ping list) is very early warning of emerging pandemics, as such it has a high false positive rate.
The false positive rate was 100%.
At some point we may well have a high mortality pandemic, and likely as not the “Bring Out Your Dead” threads will miss the beginning entirely.
*sigh* Such is life, and death...
If a quarantine saves just one child's or one old fart’s life, it's worth it.
Same here. My family owns and operates 6 small businesses with a total of 100 employees. Our doors are totally closed for all but one real small one. Our incompetent, statist government has done nothing to help ... and given their track record doubtful they will. I think Trump has the right idea but Pelosi and Co. keep injecting poison bills, pork and lite-gov take overs. We will survive, the old fashion way, through our own resourcefulness.
I thank God for giving us President Trump and his wonderful family. He has given up everything for you and me.
In case anyone doubts you, here's what Wikipedia has about the Swine Flu during the Obama administration:
It was spread to a large population with about 150,000–575,000 fatalities.[4] A follow-up study done in September 2010 showed that the risk of serious illness resulting from the 2009 H1N1 flu was no higher than that of the yearly seasonal flu.
In a 3 mile area we have 5 chinese junk Dollar General stores, Fred’s, Family $$ to boot. What we don’t have is 1 manufacturer.
Pelosi begins drive to BLOCK TRUMP’S ER DECLARATION
I have a radical idea. Let people and small businesses forego 2019 income tax payments. Not just temporarily but wipe the tax slate clean. Counties and cities should also waive collecting annual fees levied on businesses for 2020. Some states have sales tax holidays at certain times of the year. Implement one for the last 6 months of 2020. Reduce tag and title and annual registration fees for vehicles.
If banks get $$$$ during this crisis it better be with the understanding that they be real forgiving over payment delays due to hardship caused by the virus.
I know this no help. But that really stinks and I am sorry you are faced with this.
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