We have 21 million millionaires and 600 billionaires but a large number of Americans are simply trying to survive.
45 million unemployed living off savings and insurance checks. Tens of thousands have nothing and are homeless.
If America falls apart economically, and our big and small businesses continue to close down, it will affect many countries so it’s not just an American problem, it’s a global problem. If consumer spending and confidence tanks, the losses will be historical.
If money is saved for gas, food essentials and for fear of tomorrow, non essential businesses are doomed.
Think about all the technology you use right now that’s made in America. Imagine if we all lost that plus travel and tourism, investments and trade.
Most of the world would fall apart also. We are all in this together. We are victims or a virus (crisis and situation) that we didn’t originate. Whether it is by design, manipulations, machinations, secret combinations or accidental, the whole world is suffering now over something bad that did not come from you or from the USA!
So is the U.S. economy doomed to fail? What’s the country’s total debt and who is it owed to? I don’t think the entire economy is doomed to fail but many sections of it will struggle and eventually die despite all hopeful resuscitation efforts and possible government assistance.
One concern is the airline industry, especially international travel. If Europe keeps announcing and changing opening dates, it will kill transatlantic tourism and lose millions of not billions in tourist spending.
Higher international airline ticket prices will discouraged travel and airlines will seek bankruptcy protections and layoff thousands of employees.
The U.S. is resilient and will survive, even with a black eye.