Coronavirus pandemics began swiftly and furiously. It was reported in mid-January that the virus was spreading outside of China
And by the end of March, much of the world was in lockdown. As workers stayed at home and businesses were limited to online operations
a stimulus package was finalized to combat the nation's economic woes.
Overall, stimulus funds totaled more than $5 trillion, with direct stimulus checks totaling $817 billion paid
Directly to American consumers. There have been some negative ramifications of its size and scope
Even though an economic stimulus package was considered appropriate at the time. Here are some highlights of both the good and the bad results of the pandemic stimulus checks.
Pros: Saved the economy from deep recession
They prevented the U.S. economy from entering a deep recession, which was the best effect of the pandemic stimulus checks.
It was a time of panic and uncertainty during the early stages of the pandemic. Between January 2020 and March,
The unemployment rate reached 14.8%, the highest level recorded since 1948. Meanwhile,
The Dow Jones Industrial Average fell by 37% in little more than a month.
Economic losses could have been catastrophic without quick action. Deflation and slower economic growth would have been harder to
Manage if there had been no stimulus, the San Francisco Federal Reserve said.