Introduction
The COVID-19 pandemic has had a profound impact on the United States economy. The media have always been actively covering the economic situation in the US as a result of the pandemic. It is essential to analyze how the pandemic has affected the US economy, who could win or lose due to its effects, and also discuss why prices have risen to affect the public.
Industries Impacted by the COVID-19 Pandemic: Winners and Losers
Today, the media discusses how the pandemic has affected the operations of various industries, as well as the level of unemployment. On the one hand, the pandemic has led to many companies losing, such as airlines, hotels, restaurants, and many retail stores. Despite trying to keep their businesses running, many were forced to close.
On the other hand, some industries gained huge profits, such as food sales and pharmacies, IT and software development, and online retailing. According to “Advertising at the Edge of the Apocalypse” (2017), “the entire consumer capitalist system … is like a house of cards – built on a foundation of carefully crafted propaganda.” Thus, it can be said that under the pandemic, some people and industries were the winners while others were the losers.
Economic Consequences: Rising Prices and Unemployment
The COVID-19 pandemic has led to prices for products and gas rising in the US. Thus, after the pandemic, many people began purchasing more products to have more stock, causing a high demand for products and a sharp rise in prices. Furthermore, many companies lost income after the pandemic, so they were forced to raise prices to compensate for these losses, which is typical for economies, as Davidson (2020) stated. Thus, everything from products to gas has become more expensive, but many people lost their jobs as many companies were forced to close. Thus, many families have suffered from the increase in prices.
Conclusion
The United States has witnessed profound economic consequences of the COVID-19 pandemic. It has led to the closure of many companies and a significant price increase. Still, while many people suffered from the pandemic, some industries could win. Difficulties faced by people and businesses due to the pandemic are still of great concern.
References
Advertising at the edge of the Apocalypse. (2017). MediaEd. Web.
Davidson, A. (2020). The passion economy: The new rules for thriving in the twenty-first century. Vintage.