RoughDraftTarltonPre

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Southern New Hampshire University *

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H7197

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Economics

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May 22, 2024

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Rough Draft 1 Rough Draft Claire E. Tarlton Southern New Hampshire University

Rough Draft 2 Rough Draft The Coronavirus pandemic left many Americans in financial ruin. The government passed legislation for the first stimulus package in March of 2020 (Foran et all, 2020) and it alleviated financial strain for some, but left others in need. Debt collectors were not stopped and offered no warning before leaving some with no stimulus check and overdrawn bank accounts. Prices for medical visits inflated and severe job loss swept through the United States. Families were left with no way to afford groceries. Many Americans have no hope of affording care. The government needs to offer additional financial aid to those affected by the pandemic because of debt collectors, medical bills, and a loss of jobs. The government needs to halt debt collectors and offer the public a second round of stimulus checks to prevent families from losing everything they have. In a time of financial fear, debt collectors are still actively garnishing wages and preventing many from receiving their stimulus checks. Michael Sainato published the story of Veronica Cavalli, a mother who lost her job because of the Coronavirus outbreak and received no warning before her bank account was overdrawn by thousands of dollars. Cavalli called the bank and tried to claim fraud. It was only then that she was informed of a judgement made against her by a creditor because of an unpaid medical bill on her credit card. The unpaid medical bill on her card was from a procedure her husband had to undergo due to a debilitating illness. He is now disabled which makes Cavalli the only person earning an income in the house. The courts are closed which leaves Cavalli with no way of getting her money back. Cavalli said "I have zero funds. I have no money. I'm at the breaking point." One out of every six Americans have an unpaid medical bill on their credit and can be left in the same financial situation with no alert. The government needs to offer financial assistance to those that suffered from debt collectors during a global pandemic.

Rough Draft 3 The United States healthcare system has been criticized for many reasons, and in the time when the public needs it the most the health care system is failing. The Washington Post spoke with Osmel Martinez Azcue who racked up a medical bill of over $3,000 when he went to the doctors for a simple influenza test. Osmel was required to travel to China and Italy for work. Upon returning, Osmel experienced a fever and was forced to see a doctor by his mother that lives with him. Osmel suspected he had a case of the flu but went to a hospital in Miami to make sure he was not suffering from Coronavirus. Osmel was comforted to discover it was the flu but was shocked to receive a bill totaling over $3,000 for what would normally be a common procedure. Osmel was lucky enough to have employer provided health care insurance. Others are not so lucky. The rise of job loss has left nearly 7.7 million people without insurance (Fronstin and Woodbury, 2020). The rising cost of medical bills will leave many that are showing symptoms of the Coronavirus to go untested. If the government released another round of funds for those in financial uncertainty, it could allow many to seek the medical treatment they need. According to Matthew Crayne, the rate of unemployment currently present in the United States is only rivalled by that of the Great Depression. Over 30 million Americans have filed for unemployment and economist are projecting a global recession. Work is a source of motivation and personal values as well as the primary source of social interactions for many adults. According to Crayne, "Given the significant proportion of one's adult life that is spent at work, it is reasonable to suggest that the totality of the work experience meaningfully contributes to overall psychological well-being.". The job loss that resulted from the Coronavirus pandemic is more than just a financial hit; it is a hit to the health of the public as well. Job loss can be traumatic and can lead to a decline in personal life. The standard healing process after job loss is to start looking for new employment opportunities, but those may not return to the United States

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Rough Draft 4 market for years. The government needs to offer another round of stimulus checks to help businesses afford payroll to keep Americans employed for their personal and financial health. Congressman Justin Amash calls the stimulus checks “corporate welfare” that keeps businesses afloat when only consumers should have that power. Amash believes that by giving businesses money, the government is interfering with the natural cycle of consumerism and offering a lifeline to businesses that would otherwise fail. Small businesses and new businesses alike did not have a financial plan that covered their expenses for nearly a year. Without the savings and with the reduced shopping by consumers, the stimulus check is the only thing that kept many from losing the businesses they worked so hard to open. Amash believes this is strictly the fault of the business owners and is in no way the responsibility of the American government. John Cochrane, an economist and writer for the Wall Street Journal, also argues that the stimulus checks are doing more harm than good. Cochrane offers that the government should be lending money instead of passing it out, and he offered a plan for doing so. In Cochrane's plan, people would be able to borrow against their future taxes and then pay it back at a later date. It does not address those that owe money when tax season rolls around. While this plan sounds beneficial, it does not offer help to small businesses that may need a push to keep employees paid. On the business side of things, Congressman Justin Amash calls the stimulus checks a “socialist bailout for corporate cronies” that keeps businesses afloat when only consumers should have that power. For families that have many mouths to feed, this would not provide enough financial aid to keep food on the table and keep bills manageable. With the fear of further debt down the line, families in desperate need may not take the offer for a loan. A second stimulus check with no pressure to pay it back later would help families without applying more stress to an already difficult situation.

Rough Draft 5 The Coronavirus pandemic left Americans feeling hopeless and overwhelmed. The first stimulus check offered temporary relief for some. Debt collectors continued despite the pandemic and left some Americans with overdrawn accounts and no access to stimulus checks. Millions of people lost their jobs and have no source of income. Parents cannot afford to feed their children, and medical costs are climbing. While some experts have called the stimulus check an unfair bailout, however they have yet to offer a better plan. The plans that have been suggested will leave families in debt later and do not provide enough money to alleviate the strain caused by the pandemic. A second stimulus check is the only chance to help struggling Americans survive this time of uncertainty.

Rough Draft 6 Resources Brown, E. N. (2020). The Coronavirus Stimulus Is a Crony Capitalist Dream. Retrieved November 02, 2020, from https://bi-gale-com.ezproxy.snhu.edu/global/article/GALE %7CA625500219?u=nhc_main Crayne, M. P. (2020, June 01). The Traumatic Impact of Job Loss and Job Search in the Aftermath of COVID-19. Retrieved November 28, 2020, from https://eds-a-ebscohost- com.ezproxy.snhu.edu/eds/pdfviewer/pdfviewer?vid=6&sid=1cfabc48-83b8-40f8-9ded- 2abf2398820c%40sdc-v-sessmgr02 Foran, C., Raju, M., Byrd, H., & Barrett, T. (2020, March 27). Trump signs historic $2 trillion stimulus after Congress passes it Friday. Retrieved November 27, 2020, from https://www.cnn.com/2020/03/27/politics/coronavirus-stimulus-house-vote/index.html Goldstein, A. (2020). Medical bills, lost pay may hamper coronavirus efforts. Retrieved November 01, 2020, from https://bi-gale-com.ezproxy.snhu.edu/global/article/GALE %7CA616004575?u=nhc_main&sid=ebsco Sainato, M. (2020). 'I have no money': Debt collection continues despite pandemic. Retrieved November 02, 2020, from https://go-gale-com.ezproxy.snhu.edu/ps/i.do? p=OVIC&u=nhc_main&id=GALE| NZZAAH521911351&v=2.1&it=r&sid=OVIC&asid=f7ada1bc Senik, T., & Cochrane, J. (2020, Spring). Hazardous Handouts: Hoover fellow John H. Cochrane argues that large doses of "stimu-lend," rather than stimulus, will get workers and businesses back on their feet without incubating a second disease: Moral hazard. Retrieved November 28, 2020, from https://go-gale-com.ezproxy.snhu.edu/ps/retrieve.do? tabID=Journals&resultListType=RESULT_LIST&searchResultsType=MultiTab&hitCoun t=39&searchType=BasicSearchForm¤tPosition=2&docId=GALE %7CA633468952&docType=Article&sort=Relevance&contentSegment=ZXAY- MOD1&prodId=OVIC&pageNum=1&contentSet=GALE %7CA633468952&searchId=R3&userGroupName=nhc_main&inPS=true

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