The U.S. ranks first in the number of people infected by COVID-19 and correspondingly in the number of deaths. In addition, pandemic causes financial and psychological problems, changing the way people were used to living. Currently, the country is experiencing a dramatic economic slowdown because of the coronavirus and the social distancing policy. However, it is possible to agree that the strategy of social distancing has a positive effect on the economy.
It is an unusual period when just staying at home, people can save the lives of others. Now, at the peak of the pandemic, the number of these lives can be significant. Apart from the moral and health issues, there are, of course, economic ones. One may agree with researchers that a reduction in the number of infections and deaths has a beneficial effect on the U.S. economy. It is hard to deny that overwhelmed hospitals and human losses cost a lot. According to the Forbes article, to prevent one million deaths, the government needs to spend approximately 10 trillion dollars (Hansen para. 7). In this regard, from the economic point of view, it is necessary to reduce further infections.
It is worth discussing how much the strategy of social distancing helps stop the spread of coronavirus. The study, conducted by The New York Times, represents shocking numbers. According to the article, if stop social distancing in the near future, within ten months, 126,5 million people will contract the virus, which may result in 1.3 million deaths (Kristof and Thompson para. 5). Certainly, it does not mean that isolation should last for months. In case social distancing takes a too long period, it may cause even more losses for the economy than the coronavirus itself. However, currently, when many lives are at stake, isolation is the best strategy as numbers show.
Of course, social distancing can have a dramatic effect on the life of a particular person, causing such problems as job loss, depression, domestic violence, and many others. Nationwide, these issues, as well as the problem of businesses stagnation and shutdown, can also have consequences, including economic ones. However, it is possible to agree that, on a large scale, currently, these consequences do not cause such great economic losses in comparison with an increase in infections and deaths.
On a more individual level, in this situation, it is difficult to talk about the economic well-being of people. As it was mentioned, people are experiencing various issues because of isolation. However, in the long term, social distancing can be more beneficial. It is hard to deny that the economic well-being of people depends on the country’s state of the economy. The government needs to strike a balance between coronavirus control and choosing the period when it will be necessary to stop social isolation. When keeping this balance, it will be easier for the country’s economy to return to normal. A faster increase in economic activity can, in turn, result in higher life quality of people. It is necessary to add, however, that while being in social isolation, the U.S. residents need to get possible financial support from the state. Otherwise, one may agree that the economy can face other serious consequences due to the bankruptcy of people and businesses.
Thus, it is possible to conclude that while facing a situation when many lives are at stake, it is reasonable to follow the strategy of social isolation. If reducing the number of infections and deaths, it is more likely to avoid dramatic losses for the U.S. economy. Faster recovery of the economic sector, in turn, will help to reduce further financial issues for people as their economic well-being is connected with the welfare of the country.
Works Cited
Hansen, Sarah. “Here’s How Much It Could Cost If We Stop Social Distancing.”Forbes, 2020. Web.
Kristof, Nicholas and Stuart A. Thompson. “Trump Wants to ‘Reopen America.’ Here’s What Happens if We Do.” The New York Times, 2020. Web.