Democratic-governed California and New York have vigorously tackled the spread of the coronavirus disease. They imposed lockdowns and other measures that have incurred a severe impact on their economies. In comparison, Republican-led Texas and Florida followed a more hands-off strategy.
So far, neither tandem has truly succeeded. They all failed in pulling off the tough juggling act of keeping infections in check while promoting a swift and fast economic recovery.
The result is that the U.S. economy is performing badly. This is due to poor performance in four states that contribute to about 35% of the country’s economic production.
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New York achieved a singular win in suppressing the virus. Yet the economy is doing badly despite the fact that it has an unemployment rate of 15.9% higher than the U.S. average.
On the other hand, the other three states continue to battle on both fronts.
New York success in dealing with coronavirus
According to James Stock, “Most of the responses were a huge disappointment.” He is a professor of economics at Harvard University. He argued early on in the epidemic that a “no-fun” world with minimal social interaction, widespread virus testing and mask use provided a way to address the health crisis. Also, he said it would eventually contribute to repairing the economy.
That was a recommendation that even New York, let alone the country with no unified federal response, failed to obey.
Currently, the epidemic is still raging across the country. The state’s coronavirus case rates are under control with just a handful of deaths every day. However, major components of the New York economy, such as hotels and tourism, are yet to recover. Meanwhile, there are more than a hundred daily deaths in each of the three other major states.
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