COVID-19 Has Permanently Changed U.S. Economy

Have You Been Effected?

Learning to Live With Change

COVID-19 has permanently changed the U.S. economy.  People have been forced to learn to live differently out of necessity.  “We’re recovering, but to a different economy,” was recently expressed by U.S. Federal Reserve Chairman Jerome Powell.  So, how has life changed?

Parents Quit Jobs to Provide Child Care

“Women have been forced to quit their jobs due to child care responsibilities during this crisis, and children aren’t getting the education they deserve,”  Powell said.  Unlike the Secretary of the Federal Reserve, we are aware that both men and women have been forced to quit a job in order to provide child care.  Those folks need the option to work from home. How has our actual economy changed?

Vaccine Will Not Likely Jumpstart Our Economy

“Even after the unemployment rate goes down and there’s a vaccine, there’s going to be a probably substantial group of workers who are going to need support as they’re finding their way in the post-pandemic economy, because it’s going to be different in some fundamental ways,” Powell said. 

Jobs requiring face-to-face interactions, such as retail or restaurant workers, will shoulder most of the burden from these economic changes. COVID-19 has permanently changed U.S. Economy, but that’s not all. People will be slow to have confidence in participating safely in economic activities of all kinds. Jobs that were once plentiful will no longer even be available. Which jobs will go first?

Unsafe Jobs Will Be Automated First

In addition to the Pandemic, our economy is going through a technology boom that will sideline additional workers due to extensive automation.  Those jobs that are both unsafe due to COVID and ripe for automation will certainly see that very fate.  Restaurants are testing robotic chefs just as cars can now drive themselves.  Many Americans will need to re-train.

Many Americans Must Re-Train

Only time will tell how deep automation will tunnel into our economy.  This may be the ideal time for many to change careers.  The below free eBook describes a career path working remotely that does not require a college degree and has unlimited earning potential. 

How to Work Fewer Than 100 Days Per Year,

While Making More Money than Most People

Who Work 365 Days Per Year