Jeffrey Sparshott highlights the economic decline in the United States that started in March, as well as the skyrocketing unemployment rates and what is currently happening to public institutions. Because of the Coronavirus, many businesses have closed, which has caused them to lay people off in order to stay afloat in a struggling economy. Others have had to shut down their business entirely, adding significantly to the number of people applying for unemployment in the United States. Sparshott states that there are approximately more than 30 million unemployed people in the United States. While unemployment rates skyrocket, there is also a sharp economic decline in the works. Because people are not spending their money, as usual, there is no actual economic growth happening, according to Sparshott. Many are now saving their money in case of emergencies instead of buying and spending as they so please, which would usually spur economic growth. Public institutions are also having a hard time staying afloat amidst the virus shutdowns. Many students are not applying for summer classes in fear that the Coronavirus would still be a significant threat when they would return. Because of this, there is not much funding for specific classes, and according to Sparshott, there have been schools that have frozen staff salaries.
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