Say the Covid-19 coronavirus comes to the US with the same fury with which it’s hit China. Would you be prepared, particularly financially prepared? From Daisy Luther at theorganicprepper.com:
As the world tries frantically to contain a rapidly spreading outbreak of Covid-19, schools, public venues, tourist attractions, and workplaces are being closed in an attempt to keep even more people from contracting the illness. Quarantines and self-isolation protocols are also being instituted across the globe for those who may have been exposed.
Of course, everyone knows that millions of people in China have been in lockdown for more than a month. People are told to stay home, many businesses have ceased to operate, and Chinese New Year celebrations simply didn’t happen this year. China’s debts are all coming due now, at the worst possible time as the financial loss for the country has been astronomical. For example, car sales are down 92% and Lunar New Year celebrations and travel that usually earn a billion dollars were canceled.
And that tourism hit affects far more than just China. In 2017, Chinese outbound tourists spent $258 billion around the world. The airline industry is bracing for a $29 billion dollar hit. All in all, this virus could end up costing the global economy more than 1.1 trillion dollars, a number that is practically unfathomable.
While the numbers cited here are outrageously large, obviously, these losses aren’t only going to affect “the economy” and “the businesses.” They’re going to have devastating effects on normal folks who just want to go to work, pay their bills, and keep living their lives normally.