U.S. Economy

It will take years before the economy is at pre-pandemic levels again.

The U.S. economy is contracting sharply because of the coronavirus pandemic and millions of Americans are out of work.

"There would be a lot of hoops to jump through and constitutional considerations to get out of way to even consider state bankruptcy," one expert said.

Governor Greg Abbott announce the next phase of of his plan to slowly reopen businesses in Texas while continuing to curb the spread of COVID-19 with social distancing and testing.

More than half of small business owners said the Paycheck Protection Program should be extended for three months.

"Everything I've done has been about saving lives," Governor Whitmer told Politico.

Yang pushed a version of UBI that would set up a permanent system for paying every American adult $1,000 per month: an idea that seemed naive but is now in the mainstream political debate.

Two out of three employers surveyed said that maintaining employee morale amid the coronavirus pandemic has been a challenge.

Some states plan to open back up for business in the coming weeks, while others are organizing committees and task forces to determine the path forward.

The computer analysis showed that as restrictions loosen, the coronavirus will make a comeback; social distancing rules would have to go into effect a second time.. and a third, and so on. And it might not even work.

"We are doing enormous damage every week that goes by where people are not allowed to work," Senator Pat Toomey said.

In a Gallup poll in early April, just 20 percent of Americans said they would readily resume normal activities once allowed to do so.

"You know how they say never waste a crisis? We need to not waste this moment to fix the structural problems that women face," Sandberg said.

"Our country's highest priority must be to address this public health crisis, providing care for the ill and limiting the further spread of the virus," Federal Reserve Chairman Jerome Powell said in a statement.

Supermarkets, hospitals, gas stations and banks are some of the businesses that have been deemed too critical to be closed.

One in five workers said they'd be unable to meet those basic financial needs in less than one week under quarantine.

The federal government is lined up to borrow and spend trillions of dollars to combat the economic crisis triggered by the coronavirus pandemic.

In Virginia, one struggling restaurant owner faces losing his business because of the coronavirus pandemic, but he is doing what he can to help the staff he had to lay off.

"Without vigorous steps, the CDC estimates the COVID-19 will infect 70 to 150 million Americans," Michael Hicks tells Newsweek. "This would have enormous economic costs."

Fewer sick people should be the best ethical choice, right? But what about the question we're not allowed to ask?

As the blow to the economy from the spread of COVID-19 becomes apparent, it's important to take steps now to protect your family's finances and prepare for what lies ahead. Here's what you need to know and do now.

"The numbers are changing on almost an hourly basis," said Chip Rogers, CEO of the American Hotel & Lodging Association.

Treasury Secretary Steven Mnuchin has suggested individuals would receive a one-time payment of $1,000, although details are still in the works.

Hopes are now pinned on fiscal policy to soften the blow of a deep recession caused by the coronavirus pandemic.

The COVID-19 pandemic is horrific, but the weaknesses in our economy aren't new. The economy never was the stock market. The economy is all of us.

As the coronavirus undid the economic gains of the past three years, financial professionals told Newsweek what President Trump should do.

The president is a keen watcher of stock markets and has made a point of noting record highs. Now they are in sharp decline during an election year.

"The vast costs associated with health care represent one of the most important and contentious issues facing Americans today," said researcher Joseph Dieleman.

The Dow Jones, S&P and Nasdaq correction reflects investors re-assessing the potential economic damage caused by the coronavirus.

The Conference Board's Consumer Confidence Survey released its first monthly report since the end of President Donald Trump's impeachment trial in the U.S. Senate.