How Coronavirus is Impacting the National Economy

It has been a whirlwind in the last week, as Massachusetts Governor Charlie Baker declared a state emergency due to the COVID-19 outbreak. Yesterday, Baker took additional actions to prevent the spread of the virus. All K through 12 public and private schools are closed through April 6 and most colleges have moved to on-line learning. Baker also limited gathering to no more than 25 people, a move which impacts social events. Dining at restaurants is also prohibited for the next three weeks, but take-out is allowed.    

In a statement, the Governor said, “Our administration is taking these rapid steps to protect the health and safety of our residents to mitigate the spread of COVID-19.”  

Nationally, the coronavirus has sent the stock market plunging down from historic highs just a month ago. American International College Economics Professor John Rogers provided his perspective on the long-term economic impact of the virus in the United States and beyond.