On the opposition, the United States is doing well and recovering quickly from all the stress that weighed on the economy. According to The American Progress, “The U.S. economy recovered swiftly and strongly from the pandemic-induced downturn, with employment surpassing its pre-pandemic peak in record time. By August 2022, the economy regained all the jobs that had been lost since April 2020” (Ross). After almost four years, the United States has almost gotten rid of every downside to the economy that has been torn down due to the Pandemic. Of many first world countries, the United States has recovered the fastest and brought inflation down lower than other countries. According to the quote, the United States has been able to decrease unemployment and bring the economy back to it’s “pre-pandemic peak”. This begs the question, Will there be an repercussions for recovering so fast?
The repercussions sprung by fast and could lead to another recession. “Overly aggressive action by the Federal Reserve to stem inflation at this point could induce a recession that could reverse the benefits of recent gains and cause greater harm to those who can least afford it. (Ross). Ross compares our relief plan to similar to the recovery the United States had made after the Great Recession. Although the government is trying their hardest to put fix economy , we could be doing more harm than good by swiftly recovering. Ross compares the current situation to the Great Recession and explained how we “pulled the economy out of its free fall and helped spur an economic recovery. However, the infusion of federal funds was short-lived compared with past severe downturns” (Ross). Although, the Economy has made a speedy recovery, the repercussions caused inflation of the U.S dollar, which is similar to what we’re experiencing right now: rise of grocery prices, gas prices, and real estate.
With all the expenses we lost on shutting down our economy, and The U.S government spending was on a max to send out relief in the form of stimulus checks. According to the University of South California, “The COVID-19 pandemic’s economic consequences are unprecedented for the U.S. by any measure. The toll we estimate that it took on the nation’s gross domestic product is twice the size of that of the Great Recession of 2007-2009” (Hlava). In comparison to one of the toughest times in this century, The Great Recession. The United States loss was double of that due to the Covid-19 crisis. This comparsion really shows how much we have lost and how different this situation is from one of the worst we’ve experienced in our lifetime.