Think of all of the businesses that have been affected by
the coronavirus. Most of the factories in China have been shut down for weeks.
Any product or part that comes from China either is or will be in short supply.
Some of these include toys, automobiles, soy sauce, video-game consoles, almost
everything in your local Hobby Lobby and Michaels, umbrellas, baby carriages,
and strollers. Even sales of Corona beer are off.
With people not traveling, any business that depends on
tourism is suffering. These include airlines, hotels, restaurants, theaters, Broadway
shows, taxi companies, taxi drivers, and even going to the top of the Empire
State Building. Costa Rica and Italy are just two of the many countries whose
economy is dependant on tourism. The economy of Hawaii and New York City depends
on tourism. Tourism is a significant component of the economy of many cities
and states. We had a company coming to speak at the university that canceled.
The company put a freeze on all travel.
Also, with reduced or almost no shipments from China, the
shipping companies are affected, not only ocean freight but companies like the
USPS, UPS, and FedEx. The only parts of the economy that has not been harmed are
the face mask and hand sanitizer manufacturers. Is it any surprise that the stock
markets have fallen almost 20%? Are we headed to a recession? Or are we already
there?
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