Obviously, the most horrifying effects of this horrific pandemic, were the pubic health implications, both, in this country, as well as the rest of the world. In the United States, we have experienced over 3.5 million cases, and over 574, 000 deaths (as of today’s writing), and the overall, world’s statistics, are, approximately, five times that number, in – total. However, as a result of the economic shutdowns, which were imposed, for health reasons, we have, and continue to, experience, significant, economic challenges, etc. Although, there are many of these, this article will attempt to, briefly, consider, examine, review, and discuss, 5 potential challenges, in the shorter – term, which have resulted.
1. Supply chain: Throughout the world, and within this nation, there have been significant, supply chain interruptions, and challenges! This, initially, created issues, related to locating certain products, especially, PPE – type items, such as facial masks, gloves, cleaning products, paper products, etc. It also created, issues, related to key components, used in manufacturing, many common products, such as automobiles, mobile phones, computers, building products, etc.
2. Microchip shortages: We are still, experiencing, significant shortages, in the supply of microchips, and, this, has, and will continue, effecting the automobile industry, cell – phones, computer – related products, etc. The challenge, to a large – degree, is, the vast majority of these chips, are manufactured, in, only a few nations, including China, and, when, travel was significantly reduced, created shortages!
3. Copper/ other minerals: The supply of many products/ building – construction supplies, etc, including, copper, lumber, and a variety of other minerals, etc, has, also, fallen – victim, to the ramifications of this pandemic, and the long, time – period, involved!
4. Uncertain future (pandemic): Many experts believe, the best way, to ensure, a significant recovery, from this pandemic, would be, if we achieved, what is referred to, as, herd immunity, which occurs, when a significant percentage, have received the vaccinations, etc. However, for a variety of reasons, including, the absurd, partisan political reasoning, and, apparent, conspiracy theorists, etc, it appears, a significant minority of Americas, will not get vaccinated! This creates an uncertain future, because, this refusal, expands the possibilities/ potential, for, additional phases, of infection!
5. Inflation/ actions/ priorities: Conditions, etc, caused public officials, to impose, artificially, low, interest rates, which, helped create a much – needed, stimulus, for the economy. However, the continuous maintenance of this, may risk, a period of undesirable inflation, as a result! How the economy is handled, balanced, and priorities, and the actions, taken, will have short – term (and, perhaps, longer – ones, too), for the nations, and world economies.
How will we proceed, from an economic perspective, into the future? We have already, witnessed, ramifications, including: higher food prices, building supplies, home prices, etc. What will the shorter – term future, bring?