Since Covid-19 broke out, many events were canceled and schools closed. The imminent layoffs and curfew are leading the economy to another record recession. The estimate of the second quarter's economic growth shrank to 5%. Small businesses are the tip of the spear. They can’t afford to cushion the recession, because they still have to pay rent, employees, vendors, and suppliers. Big businesses might have dipper pockets but they cannot avoid this as well. As things have changed from record flight profit, tax cuts, and stock buyback, airlines are hoping for $50 billion in aid from the government. According to an industry source, airports are seeking $10 billion assistants to offset losses. The Federal Reserve slashed benchmark short-term interest rates to near zero to help the banking system by buying $700 billion of securities.
The stimulus needs to come together. But, all of this commotion is 10 years after the bailout divided the nation.
*Vocabularies; amendment, imminent, the tip of the spear, cushion, deep pockets, buyback, record, offset, source, slash, benchmark, securities, stimulus, come together, bail-out
REFERENCE
Since Covid-19 broke out, many events were canceled and schools closed. The imminent layoffs and curfew are leading the economy to another record recession. The estimate of the second quarter's economic growth shrank to 5%. Small businesses are the tip of the spear. They can’t afford to cushion the recession, because they still have to pay rent, employees, vendors, and suppliers. Big businesses might have dipper pockets but they cannot avoid this as well. As things have changed from record flight profit, tax cuts, and stock buyback, airlines are hoping for $50 billion in aid from the government. According to an industry source, airports are seeking $10 billion assistants to offset losses. The Federal Reserve slashed benchmark short-term interest rates to near zero to help the banking system by buying $700 billion of securities.The stimulus needs to come together. But, all of this commotion is 10 years after the bailout divided the nation.
*Vocabularies; amendment, imminent, the tip of the spear, cushion, deep pockets, buyback, record, offset, source, slash, benchmark, securities, stimulus, come together, bail-out
REFERENCE
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