COVID-19 Death Toll in the US crosses 51,000; Federal Budget Deficit to hit nearly $4 trillion by end of 2020 Fiscal

  • The United States is going through a precarious time with more than 51,000 deaths (51,949) and at the same time 1-in-6 workers out of job. A new Pew Research Center survey has found out that 43% of the US adults now say that they or someone from their households have either lost job or taken a pay cut due to COVID-19 outbreak. This figure has shot up by more than 10% since the last survey in latter half of March 2020. In such a catch-22 situation, several US states including Georgia and Oklahoma have taken tentative steps at reopening businesses on Friday. This decision was taken despite disapproval from the US President Donald Trump and medical experts. Disregarding warnings from public health officials, Georgia Governor Brian Kemp has permitted reopening many non-essential businesses including hair salons, fitness clubs, tattoo parlors, and many other workplaces. While on one hand, the death toll in the US has doubled in the last 10-days and the total COVID-19 infection cases crossing 900,000, on the other the Congressional Budget Office said on Friday that in the 2020 fiscal year the federal budget deficit is expected to be nearly $4 trillion ($3.7 trillion, the largest share of the US economy since WWII). The US officials have also warned that the unemployment rate in the US could reach around 12% and the economy could shrink by 5.6%. Officials expect the national debt of the US to exceed the annual output of the economy (debt-to-GDP ratio at 101%) by close of the 2020 fiscal year (ending in September).