Here's how the coronavirus can impact your job and savings:
Hiring will cease. Management won’t want to bring on new people—unless it's an incredibly important need—as they become fearful of the future. There is no need to add new employees when business conditions are deteriorating, they’ll say.
Many corporate executives will contemplate large layoffs. They’ll figure that it's cost effective to lighten the load and save costs by jettisoning people. It's cold-hearted, but top executives need to protect the interests of the company and have enough money left for their large bonuses. The cascade of downsizings and pullbacks in new business ventures will grow as the media amplifies fear. As it's the presidential election season, politicians will invariably point to the worst-case scenario and blame their opponents for either causing the problem or allowing it to grow.
The toxic combination of media peddling fear and politicians looking to score political points by exaggerating matters to stoke anger at their rivals will exacerbate the already-tenuous stock market, economy and job market. Hold on tight. It may be frightening for a while. However, we’ve demonstrated time after time in this country that we can overcome adversity and prevail. This situation may last a few weeks, several months or longer. Stay strong. History shows that Americans are smart, industrious and inventive when our backs are up against the wall. We’ve always managed to find the ways and means to combat deadly diseases, outbreaks and epidemics.
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