How COVID-19 Will Change the World by Steven Mulford-Vargas

How COVID-19 Will Change the World by Steven Mulford-Vargas

Covid-19 has affected the economy and has consequently impacted small business with 20 percent closed which mean there is no income flowing in to offset the costs. More than half of the population believe that the pandemic and the conditions it has created will last for six months. About 30 percent of small businesses report that the economy in their locality is doing well. This effect on small businesses impacts the economy greatly because 99.7 percent of all businesses in the United States are small. These also mean they are responsible for creating 64 percent of jobs between 1993 and 2011.

The troubled economy has not impacted on large corporations such as Amazon, Walmart, Apple, and Microsoft. They are planning to diversify their revenue by investing excesses in different sectors. The pandemic has also created an opportunity for them to advance artificial intelligence technology since the jobs that have been vacated by people to avoid the disease will be automated among other reasons.

The government will be obligated to consider UBI when these technology jobs translate to losses for the population. The UBI will be calculated from a five-year average of the Permanent Fund’s performance that is influenced by the stock market and other factors. The likely automation of repetitive jobs will exacerbate the emotional and financial stress the American population is experiencing due to the pandemic.

Governments are also working to bring back manufacturing home by creating incentives and encouraging people to purchase locally to avoid a chain supply snarl-up like the one caused by Covid-19. Covid-19 will also change the world by increasing the number of people attending college. This is because, when there is a recession, the number of jobs decreases dramatically. Besides, the chances of losing a job increase, and getting a promotion becomes as hard as finding a placement. So most people that would not consider attending college would opt to because they have plenty of time on their hands and it remains the most desirable way to make use of time and invest in the future when circumstances change. Also, automation would mean the lack of skills will put a person at a disadvantage in the job market so acquiring a skill would be a must to remain competitive. Automation will begin replacing low-level workers who work back-breaking jobs before the technology advances even further to take on more complex tasks.