Make “Safety” not “Essential Services” the Test
Ravaged by COVID-19, the American economy is on the precipice of economic free fall. Federal Reserve Bank of St. Louis President James Bullard has forecasted a 30% U.S. unemployment in the second quarter and a possible GDP plunge of 50%. Goldman Sachs has made similar warnings about our economic trajectory.
American businesses are not merely struggling with concerns of employee health and safety, a dramatic drop in demand, and disruptions to their supply chain. Some state and local authorities are shutting down all but remote services business operations, and what they deem to be “essential services” like hospitals, clinics, grocery stores, and take-out restaurants.
By: Doug McCullough, Partner